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Russia’s President Putin Orders Regulators to Deal with Crypto Regulation

ByLouis Adams

Jan 27, 2022 #Bitcoin, #Russia
Reading time: < 1 minute

Vladimir Putin has said in a meeting that Russia has a competitive advantage in mining and has stressed the country has a surplus of electricity and trained personnel. He added:

“I asked both the Government of Russia and the Central Bank to come to some kind of unanimous opinion during the discussion. I would ask you to hold this discussion in the near future and then report on the results that will be achieved during this discussion.”

The Central Bank released last week a report in which it proposed to ban the mining and organization of the circulation of cryptos in Russia. Putin has noted the Bank of Russia “does not stand in the way of progress and is making efforts to introduce the latest technologies in this area of ​​activity.” He has added:

“As for cryptocurrencies, the Central Bank has its own position. It is connected with the fact that, according to experts of the Central Bank, the expansion of this type of activity carries certain risks, primarily for the citizens of the country, given the high volatility and some other components.”