Russia will impose fines on illegal cryptocurrency miners and confiscate cryptocurrencies According to Cryptonews, the Russian Ministry of Digital Development is drafting new regulations to crack down on illegal cryptocurrency mining. The draft stipulates that individuals who engage in illegal mining will face a fine of 100000 to 200000 rubles, and companies can be fined up to 2 million rubles. Cryptocurrencies involved in the case will be confiscated. The proposal is currently in the cross departmental review stage. The new regulations explicitly prohibit the use of cryptocurrency for payment and settlement, and violators will be fined up to 1 million rubles. Mining operators are required to report mining data and wallet addresses to the Financial Supervisory Bureau. The current policy in Russia allows household mining (with monthly electricity consumption not exceeding 6000 kWh), but restrictions are implemented in 10 regions. The central bank has stated that confiscating cryptocurrency assets will be the most effective deterrent.