Russia Cracks Down On Illegal Crypto Miners, India Lobbies For...
India is urging other countries to develop CBDCs, and China is expanding the use of its digital yuan, allowing banks to offer interest on e-CNY wallets.
Russia’s Ministry of Justice has proposed new fines for unregistered cryptocurrency miners. This comes after the finance minister raised concerns about the rise in unauthorized mining activities.
A draft bill proposed by the ministry would impose a fine of 1.5 million rubles (about $19,000) and up to two years in a labor colony. Illegal mining involving “outsized profits” could see a maximum of five years in prison, 480 hours of forced labor and a fine of up to 2.5 million rubles.
Unregistered miners are a growing problem in Russia, where only 30% have registered their operations as of June 19, according to Deputy Minister of Finance Ivan Chebeskov.
According to Minister of Finance Anton Siluanov, there were over 1,300 registered crypto miners in Russia at the end of October 2025.
India’s central bank, the Reserve Bank of India (RBI), urged other countries to focus on developing central bank digital currencies (CBDCs). In a recent financial stability report, the RBI argued for preserving the “singleness of money and the integrity of the financial system.”
This contrasts with the monetary vision of stablecoin issuers, who would see multiple versions of fiat-backed digital assets competing with one another. In this vein, the RBI argued that stablecoins present new monetary risks, particularly when the market is under stress.
It said that governments must “carefully assess the attendant risks and determine policy responses appropriate to its financial system.”
RBI claimed that CBDCs offer the same benefits of stablecoins, namely programmability and efficient and near-instant settlement times, but offer the safety of central bank backing.
Pro-crypto lawmakers within the US Congress made a concerted effort to pass a crypto market structure bill but ended 2025 without passing the Responsible Financial Innovation Act into law.
Source: CoinTelegraph
