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There is hope for the Russian crypto community as President Vladimir Putin likes to see consensus between his country’s government and the central bank after the institution recently suggested an outright ban on crypto.
The president has given his “two cents” 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 spoke about “an issue that is currently in the spotlight, the regulation of cryptocurrencies.”
Acknowledging some of the concerns expressed by the Russian monetary authority, Putin said:
“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.”
Speaking to the members of the Russian cabinet, the head of state also noted:
“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.”
Furthermore, Putin highlighted his country’s “competitive advantages” as far as crypto mining is concerned, due to the country’s surplus of electricity and “well-trained personnel.”
According to research from the University of Cambridge’s Center of Alternative Finance, Russia was the world’s third-largest bitcoin mining country behind the U.S. and China, as of August of last year. Since then Russia’s significance on the bitcoin mining map has only increased after China went full force against the crypto industry last year.