Putin backs crypto mining despite Russian Central Bank’s call for ban
Says Russia has a "competitive advantage"
Russian President Vladimir Putin is not on board with the Central Bank of Russia's recent call to regulate the mining of cryptocurrencies, as well as its proposal to ban it completely.
In a video conference on January 26th with members of the Russian government, Putin asked to hold talks on the subject of banning cryptocurrencies. While he acknowledged "certain risks, first and foremost to citizens of the country, given significant volatility," he reminded everyone not to neglect the advantages Russia has in crypto mining.
"We also have here certain competitive advantages, especially in so-called crypto-mining. I mean the surplus of electricity and the well-trained personnel available in the country,” said Putin.
Last week in a report, Russia’s central bank proposed to completely ban the use and mining of cryptocurrencies on Russian territory. The report stated that the financial stability risks of crypto are “much higher for emerging markets, including in Russia.”
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