President Vladimir Putin has called the nation’s legislative government and central bank to work out a common position on their regulation, instead of restrictions, the Russian leader also noted that Russia has the opportunity to become a crypto mining destination.
Russian President Vladimir Putin has weighed-in on the ongoing discussion on how to put Russia’s growing crypto space in order. At the start of a video conference with the members of the Russian government, Putin gave his take on “an issue that is currently in the spotlight – the regulation of cryptocurrencies.”
The Russian president also highlighted his country’s “competitive advantages” as far as crypto mining is concerned. Putin pointed to the surplus of electricity in energy-rich Russia as well as the availability of a qualified workforce. Russia’s significance on the bitcoin mining map has increased since China launched a crackdown on the industry last year
The Central Bank of Russia has its own stand, Putin said, acknowledging some of the concerns expressed by the monetary and regulatory authority. The head of state noted that the bank’s experts believe the expansion of crypto-related activities carries certain risks, first of all for Russian citizens, given the high volatility and other aspects.
President Putin also pointed out that Bank of Russia does not stand in the way of progress and is making the necessary efforts to introduce the latest technologies in this field. His remarks come after the CBR recently launched the pilot phase of its digital ruble project.
Addressing members of the Russian cabinet, Vladimir Putin also stated:
“I would ask both the Government of Russia and the Central Bank to come to some kind of unanimous opinion during the discussion, and I would ask you to hold this discussion in the near future, and then report on the results that will be achieved.”
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