Russia Targets Illegal Crypto Miners While India Promotes CBDC Ecosystem

Russia Intensifies Fight Against Illegal Cryptocurrency Miners

The Russian Ministry of Justice has proposed new fines for unregistered cryptocurrency miners in response to growing concerns raised by the Finance Minister regarding unauthorized mining activities. A draft law initiated by the ministry includes a penalty of 1.5 million rubles (approximately $19,000) and up to two years in a labor colony. Illegal mining generating excessive profits could lead to a maximum sentence of five years in prison, accompanied by 480 hours of forced labor and a fine of up to 2.5 million rubles. As of June 19, only 30% of miners in Russia have registered, according to statements by Ivan Chebeskov, State Secretary of the Ministry of Finance.

India Advocates Development of Central Bank Digital Currencies (CBDCs)

The Reserve Bank of India (RBI) has urged other countries to focus on the development of CBDCs. In a recent financial stability report, the RBI argued that maintaining a "single currency and the integrity of the financial system" is essential. This contradicts the vision of stablecoin issuers, who would prefer various versions of fiat-based digital assets to compete with one another. The RBI contended that CBDCs offer the same benefits as stablecoins, such as programmability and efficient settlement times, but with the security backed by the central bank.

US Congress Legislative Stalemate on Cryptocurrency Issues

Cryptocurrency-supporting lawmakers in the United States Congress have attempted to pass legislation regarding the structure of the crypto market, but have faced failure at the end of 2025. The Senate Banking Committee plans to advance the legislation in the second week of January, marking a crucial step prior to the voting process. The distraction caused by internal elections for 2026 has complicated progress on the cryptocurrency front.