By David McNew / Reuters – Updated March 21, 2019 07:18:26Russian authorities have started regulating how the bitcoin mining software used by the worlds best miners is distributed, Reuters has learned.
A Russian company is licensed to use the mining software to mine bitcoin and has started distributing it, an official told Reuters on condition of anonymity.
The official said it was the first time the Russian authorities had used the licensing authority’s authority to regulate how software is distributed in the country.
Bitcoin mining software is an online service that is used by some of the world s best miners to mine bitcoins.
It has been licensed to run by a private company called BTCmine.
A BTCmine spokesman said the company had not yet received the new regulations.
The company, which is not registered in Russia, is based in Saint Petersburg.
The spokesman said BTCmine is not in possession of any bitcoin or other digital currency and was not involved in mining or trading.
In July, Russian President Vladimir Putin announced plans to ban cryptocurrencies, which include bitcoin, from state-run institutions and institutions that receive government subsidies, citing the risks associated with its use.
Russian authorities said the new measures were meant to prevent cyberattacks.
In January, the head of the countrys central bank, Alexander Nevsky, told reporters that Russia will not allow cryptocurrency mining to become a business model, Reuters reported at the time.
The Central Bank said it is aware of BTCmine’s activities and will respond in the appropriate way to any illegal activity.
The miner group BTCmine, which has operated in Russia since 2012, has attracted interest from the likes of Facebook, Uber and Amazon, Reuters wrote at the date of the announcement.
Bitcoin is the digital currency with a limited supply and no central authority to control the supply, which enables people around the world to transfer bitcoins to each other.