Let's put this simply and summarize what it means...
🇷🇺 Russia announced a six-year ban on $BTC mining in ten key regions, starting from Jan 1. They said this decision was made due to concerns over energy consumption and shortages... affecting both mining pool activities and individual miners.
The ban will extend until March 15, *2031... yes you read this right... 2031. With seasonal restrictions from November 15 to March 15 each year in certain Siberian regions during peak energy usage periods.

What's next??
Now, you might think, "Oh crap, Bitcoin's going down!" But here's the twist - the global hash rate might just shrug it off. Miners could be packing their rigs to countries that still got love for crypto, maybe to chill in Kazakhstan or party in Texas.

This could stir up some wild price swings in the short run, like a roller coaster at a crypto carnival. But long-term? Bitcoin's been through WORSE, and unless the world decides to follow Russia's lead, it might just be another day at the blockchain office.

So, keep your eyes peeled for where those miners set up shop next. It's like watching a game of musical chairs, but with supercomputers and a lot more at stake. Will Bitcoin adapt, or will this be the plot twist that changes everything? Stay tuned, because the crypto world loves a good challenge.

Follow me for more updates
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#BTCRebounds95K
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🔔 #USDT will be delisted from EU exchanges on December 30th
🔔 Russia said it's using Bitcoin to evade sanctions and international payments
🔔 MicroStrategy bought another 5,262 #Bitcoin for $561 million
🔔 🇺🇸 IRS said crypto staking is taxable
🔔 North Korean hackers stole $1,300,000,000 this year
🔔 🇺🇸 #TRUMP named Bo Hines Executive Director of Crypto Council in his administration
🔔 #MichaelSaylor suggested Amazon founder Jeff Bezos buy $600 million worth of Bitcoin
🔔 US Congress expected to prioritize #crypto legislation in 2025
🔔 KULR Technology, a publicly traded company purchased 217 BTC worth $21 million for its Bitcoin Treasury
🔔 Terra Luna Founder Do Kwon to be extradited to the United States
🔔 Squid Game Season 2 featured a crypto scammer
🔔 Russia announced 6-year ban on crypto mining in 10 regions, citing energy shortages
🔔 #Bitget  announced the merger of $BWB (Bitget wallet token) and $BGB

Uganda is set to officially become a BRICS partner state on January 1 2025, according to Yury Ushakov, an aide to Russian President, Vladimir Putin.

Earlier in 2024, Ugandan President said the country has the option of non-Bretton Woods institutions if it has to borrow loans. This followed a move by the World Bank to suspend funding for projects in Uganda citing human rights violations from the enactment of the anti-homosexuality law.

‘The World Bank and Other Actors Are Our Problem and Really Under-Estimate All Africans,’ Says President of Uganda

The above comment comes in response to the recent move by the World Bank to suspend any future funding for projects in Uganda citing human rights violations… pic.twitter.com/VWzkXjjwL5

— BitKE (@BitcoinKE) August 12, 2023

The BRICS New Development bank (NDB) provides loans based solely on economic need and repayment terms without linking them to political conditions. In contrast, the IMF often includes requirements such as democratic reforms, human rights considerations, and preferential trade agreements with Western countries as part of its lending conditions.

BRICS | Zimbabwe Professor Argues for BRICS New Development Bank Over IMF Due to Its Flexibility and Supportive Terms

The BRICS bank provides loans based solely on economic need and repayment terms without linking them to other demandshttps://t.co/XD0naXxdp5 @BRICSinfo pic.twitter.com/aEJxzSsHLS

— BitKE (@BitcoinKE) October 21, 2024

In August 2023, the BRICS bank issued a maiden South African ZAR bond of 1.5 billion ZAR (equivalent to $79 million) becoming the highest rated issuer since 2015.

BRICS | The BRICS Bank Issues Maiden South African ZAR Bond Becoming the Highest Rated Issuer Since 2015

The New Development Bank, established by the BRICS group of emerging economies, has successfully raised 1.5 billion ZAR (equivalent to $79 million) during its inaugural… pic.twitter.com/wfG2cv88KN

— BitKE (@BitcoinKE) August 19, 2023

The BRICS ‘partner country’ category, introduced during the group’s October 2024 summit hosted in the Russia city of Kazan, offers an alternative to full membership for the more than 30 nations that have applied to join.

Countries with this status can participate permanently in special BRICS summit sessions, ministerial meetings, and other high-level events. Additionally, partners are allowed to contribute to the group’s outcome documents.

 

“One of the important results of the summit [in Kazan] was the establishment of the category of BRICS partner countries and agreement on a list of 13 states. Appropriate invitations were sent to these states,” Ushakov said at a press briefing.

“Confirmations of readiness to become a BRICS partner state have been received by today from Belarus, Bolivia, Indonesia, Kazakhstan, Cuba, Malaysia, Thailand, Uganda, and Uzbekistan,” he announced.

 

He noted that four additional countries are expected to confirm their participation soon.

BRICS, originally consisting of Brazil, Russia, India, China, and South Africa, expanded earlier this year [2024] to include:

Egypt

Iran

Ethiopia, and

The United Arab Emirates (UAE)

BRICS | Ethiopia and Egypt Among 6 New Nations Joining BRICS Starting January 2024

Broadening the scope of the coalition is a component of BRICS strategy to establish influence and restructure worldwide governance into a ‘multipolar’ global arrangement that prioritizes the… pic.twitter.com/JpDt44pJjt

— BitKE (@BitcoinKE) August 25, 2023

In recent years, several African nations have shown interest in joining BRICS as they look to expand their partnerships beyond traditional Western allies and diversify their trade and economic relationships.

In December 2024, Nigeria requested South Africa’s support for its bid to join the group of leading and emerging economies, while Zimbabwe and Algeria are also pursuing membership.

According to Ushakov, over two dozen countries, including 8 African, are currently expressing interest in cooperating with BRICS.

These countries include:

Azerbaijan

Bangladesh

Bahrain

Burkina Faso

Venezuela

Honduras

Zimbabwe

Cambodia

Colombia

The Republic of Congo (DRC)

Laos

Kuwait

Morocco

Myanmar

Nicaragua

Pakistan

Palestine

Senegal

Syria

Chad

Sri Lanka

Equatorial Guinea

South Sudan

 

 

 

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India’s economy is spiraling. The rupee is sinking like a stone, dragging with it a mix of trade deficits, shrinking capital inflows, and uncertainty. The country’s economy has quickly become so important that if it plummets, the global economy will be at stake.

Thursday is the seventh straight session of bad news, with the rupee plummeting to 85.2525 per U.S. dollar, which was an all-time low.

The currency has already lost 1.74% of its value since October and is on track for its worst quarterly performance since late 2022. Behind this collapse is a sobering reality. India’s trade deficit expanded by 18.4% from April to November.

Capital markets have not been kind either, with $10.3 billion in outflows this quarter compared to $20 billion in inflows just three months ago. Economists predict the balance of payments will hit a deficit of $20 billion to $30 billion this fiscal year, a sharp decline from last year’s $60 billion surplus.

The dollar is crushing everything in its path

Donald Trump’s election victory has supercharged the dollar, with markets expecting his policies to fuel growth and inflation.

The dollar index is riding high, and Federal Reserve officials have already announced fewer rate cuts next year. Investors are flocking to the dollar, leaving currencies like the rupee gasping for air.

India is particularly vulnerable. IDFC First Bank estimates the rupee will weaken further to 86 per dollar by September 2025. The Reserve Bank of India (RBI) has tried to stem the bleeding with interest rate hikes since May 2022, but inflation and a slowing economy are keeping the central bank’s hands tied. 

Economic growth is projected at 6.8% this fiscal year, a drop from last year’s higher base. And while that number might still sound decent, the cracks are visible.

India’s investment crisis is a ticking time bomb

Government spending on infrastructure has been a lifeline for India’s economy. Roads, housing projects, and energy infrastructure are all getting a boost. But here’s the problem: private investments, which are supposed to carry the torch, are stuck at the starting line.

They make up about 37% of India’s total investment but haven’t rebounded as expected. The reasons are complicated. Corporate tax cuts and the government’s Production Linked Incentive (PLI) scheme have given companies the tools to expand, though the momentum hasn’t spread across sectors.

Electronics and pharmaceuticals are thriving, but broader industries are lagging. Solar panel manufacturing and advanced battery technologies are expected to join the winners, but those gains are still years away.

India’s government debt is sky-high—86% of GDP—leaving little room for more public spending. The Union Budget for 2024–25 allocated a 17.1% increase in capital expenditures.

Import duties on essential raw materials have been slashed to encourage domestic production. But these measures won’t solve the larger problem: private investors are still hesitant to put their money on the line.

Without stronger private investment, the government’s efforts might not be enough to pull the economy out of its slump.

Global risks are piling up

India is incredibly important to the global economy. The country is set to double in size economically, from $3.6 trillion in 2023–24 to over $7 trillion by 2030–31, making it the third-largest economy in the world. At the same time, its share of global GDP is projected to climb from 3.6% to 4.5%.

But these numbers don’t mean much if the foundation crumbles. Right now, India is standing between being a global powerhouse and a massive liability. The country’s integration into global supply chains has grown over the years, with huge exports in services, pharmaceuticals, and manufacturing.

For instance, its pharmaceutical industry plays a key role in global healthcare, while tech services power companies far beyond its borders.

A severe slowdown or policy misstep in India will affect these industries, raising costs and creating bottlenecks worldwide.

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