Some businesses have begun using crypto, including bitcoin, to make international payments, Russia's finance minister said.

The Russian government has banned crypto mining in ten regions for a period of six years, according to reporting by the state-owned news agency Tass. Russia has cited the industry’s high power consumption rates as the primary reason behind the ban.

The Russian government has approved restrictions on cryptocurrency mining operations across multiple regions, which will take effect on January 1, 2025. The resolution, reported by Russia’s TASS, outlines total bans in several territories and seasonal restrictions in others,

Cryptocurrency miners in Russia will face restrictions across multiple regions as the government has decided to impose a ban on mining activities in 10 territories. According to a December 24 report from the state-owned news agency TASS,