Russia Cracks Down on Illegal Miners, India Pushes CBDCs
Russia proposed heavy fines for unregistered crypto miners while India's central bank advocated for prioritizing CBDCs over stablecoins.Summary
Russia's Ministry of Justice has proposed significant fines, including up to two years in a labor colony or five years in prison for illegal cryptocurrency mining operations that yield large profits, as only 30% of miners are currently registered. Separately, India's Reserve Bank of India (RBI) urged global focus on Central Bank Digital Currencies (CBDCs), arguing they offer the benefits of stablecoins (programmability, fast settlement) with the safety of central bank backing, while warning about the monetary risks posed by private stablecoins. In other global crypto news, US lawmakers are reportedly moving to mark up a crypto market structure bill in January; Ugandan opposition leader Bobi Wine encouraged constituents to use the decentralized messaging app Bitchat ahead of elections; South Korea stalled progress on its stablecoin bill due to regulatory disagreements; and China's central bank now permits commercial banks to pay interest on e-CNY (digital yuan) deposits, shifting it toward a digital deposit currency. Finally, Turkmenistan legalized crypto trading and mining under new regulations.
(Source：Cointelegraph)