Russia’s Putin says crypto mining has benefits, calls for consensus on regulations

Recent remarks by Russian President Vladimir Putin have come with a beacon of hope for crypto enthusiasts that the country might not just see a ban on cryptocurrencies just yet.

In a January 26 video conference with government ministers, Putin called for a unanimous decision on the regulation of cryptocurrencies as the country’s central bank and ministry of finance continue to have opposite views on the same.

Russia’s central bank recently called for a complete ban on the use and mining of cryptocurrencies in the country, citing terror financing and illicit activities as the reason behind the move.

However, the legislation was opposed by Russia’s finance ministry, which has called for regulations and not restrictions since a total ban can result in hampering technological development in the area.

Starting with the discussion, President Putin noted at the conference Wednesday:

“The central bank has its own position. It is connected with the fact that the expansion of this type of activity carries certain risks, and first of all for the citizens of the country, given the high volatility and some other components of this topic.”

“Although, of course, we also have certain competitive advantages here, especially in the so-called mining. I mean the surplus of electricity and the well-trained personnel available in the country,” Putin said, adding that the Government of Russia and the Central Bank need to come to a consensus by holding discussions.

Russia is currently the world’s third-largest mining power after the United States and Kazakhstan, according to the University of Cambridge’s Center of Alternative Finance. Although Russia has already banned cryptocurrencies as a means of payments, owning and mining Bitcoin is legal in the country as of now.

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