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March 22 - According to Ukrainian sources on the 21st, Ukrainian National Security and Defense Council Secretary Umerov stated that the Ukrainian delegation met with US officials in Florida that day to discuss "key issues" in the Ukraine-Ukraine peace talks and next steps.On March 22, Elon Musk held a press conference to announce Project Terafab, a grand plan aimed at eventually manufacturing its own chips for robotics, artificial intelligence, and space data centers. The project will be based in Austin and jointly operated by Tesla and SpaceX. Musk stated that he will first build an "advanced technology wafer fab" in Austin, equipped with the full suite of equipment needed to manufacture and test various types of chips. Musk said that although the semiconductor industry is increasing production, its pace of development is still not meeting his anticipated chip demand. "This pace is far below our expectations," Musk said. "Either we build a terawatt-scale factory, or we dont have any chips available, and we need these chips, so were building a terawatt-scale factory." Musks project aims to support 1 terawatt of computing power annually in the future.According to Al Jazeera: The Israeli military reports a new round of missile attacks by Iran.On March 22, Apple CEO Tim Cook, in an interview with the media in Beijing, said that the development of Chinas robotics industry is impressive. Speaking about the opportunities in China during the 15th Five-Year Plan period, he expressed great anticipation for artificial intelligence (AI) and eagerly awaited the next developments in the field.March 22nd - A new round of refined oil price adjustments will take place in China at midnight on March 23rd. According to Longzhong Information, the expected increase is around 2000 yuan/ton. For a 70-liter fuel tank, filling up a car will cost approximately 106 yuan more. For a 50-liter tank, the increase is expected to be around 75 yuan more. This will mark the fifth consecutive price increase this year, potentially the largest increase this year. However, the final adjustment amount will depend on the official data released by the National Development and Reform Commission that evening.

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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