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April 19th - According to CNN, U.S. Energy Secretary Frank Wright stated in an interview on Sunday that Americans may have to wait until next year to escape gasoline prices exceeding $3 per gallon. Wright said that while the ongoing war with Iran has caused gasoline prices to soar, he is unsure when prices will fall below $3 again. "It could be later this year, or it could be next year," Wright said. "But prices have likely peaked and will start to decline, especially if the conflict is resolved." He also stated that ending the 47-year conflict and preventing Iran from acquiring nuclear weapons will certainly bring short-term disruption. However, he believes the U.S. has handled the situation exceptionally well. The U.S. is currently experiencing the largest energy flow disruption in history, and gasoline prices peaked a week ago, about $1 lower than the peak during the Biden administration.On April 19th, local time, the head of the security department in Gombad Kavus, Iran, stated that a fire broke out at a factory in the city around 2 PM local time. It is understood that the black smoke billowing from the scene was caused by the burning of materials inside the factory. The factory is located far from the city center and oil and gas facilities, and relevant departments have preliminarily determined that the fire does not pose a direct threat to the surrounding area. The report stated that the cause of the fire is still under investigation, and there are no reports of casualties.According to Al Jazeera: According to data cited by US media, at least 13 oil tankers turned back to the Persian Gulf on April 18.On April 19th, it was learned from the National Development and Reform Commission (NDRC) that the NDRC, together with relevant departments, recently issued the second batch of "major and key" construction projects for 2026, allocating a total of 216.8 billion yuan in ultra-long-term special treasury bonds to support 336 major projects. These projects cover key areas such as artificial intelligence, urban underground pipeline construction and renovation, transportation infrastructure in the Yangtze River Economic Belt, high-standard farmland, upgrading of higher education, and the "Three-North" project (Northeast, North, and Northwest China). Adding to the previously allocated 389.7 billion yuan, the total allocation for "major and key" construction projects this year reaches 606.5 billion yuan, accounting for 76% of the total 800 billion yuan for the year, a significantly faster pace than last year.According to The Information, Google is in talks with Marvell Technology Group (MRVL.O) to develop a new type of artificial intelligence chip for inference.

The Russian Ministry of Finance Has Completed A Bill To Regulate Cryptocurrency Mining

Cory Russell

Apr 18, 2022 10:54

The draft legislation of the crypto bill "On Digital Currency" by the Ministry of Finance (MoF) emphasizes mining and trading laws.


Operators of exchanges and digital trading platforms will be licensed and regulated by a Russian government entity.


The new rule comes as a result of a rising desire for mining among Russian ministers.


Russia's new crypto regulatory law, according to information supplied by Russian news source Kommersant, would be rigorous in its approach.


The most current version of the draft legislation covers the new trading and mining laws for cryptocurrencies (Bitcoin, Ethereum, Litecoin, and others) introduced under the bill "On Digital Currency."

Russia Creates New Crypto Bill

The bill's additional standards for exchange and digital trading platform providers were one of the bill's centerpieces. According to Kommersant, these operators will now work as a team.


The exchange operators will be the ones to buy and sell cryptocurrencies on their own behalf and at their own cost, while the operators of digital trading platforms will be in charge of the organized bidding.


Additionally, these operators will be required to establish a distinct structural unit, produce yearly reports, meet the needs of new management bodies, perform internal control and auditing, and more.


They will also need to be classified as an AML/CFT organization, and their operations will be regulated and licensed by a Russian government authority.


Finally, for the first time, the measure will concentrate on the crypto mining process and companies. After registering with the appropriate authorities, legal companies, and individual miners, the law specified that crypto mining might be done.


These operations will be taxed individually, and data centers will be made available for mining if the owner is a Russian legal company.

Mining is in high demand

While the Russian government was planning to take cryptocurrency in January, things started to pick up pace once the Russian-Ukraine conflict erupted. Not only was the demand for cryptocurrencies increasing, but so was the need for mining.


Russia's Deputy Energy Minister, Evgeny Grabchak, stressed that the legal void around crypto mining must be filled as quickly as possible, with a clear set of laws and regulations in place.


To make the process more efficient, he advised decentralizing it by choosing mining locations on a more regional level rather than at the federal level.


With these rules about to take effect in the near future, it seems that the transition from calling for a mining ban to accepting controls is more of a necessity than a natural shift of attitude.

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