Putin announced that Russia has advantages in cryptocurrency mining

by time news

Russia has advantages in the field of cryptocurrency mining due to the presence of specialists in this field and a surplus of electricity, President Vladimir Putin said during a meeting with the government.

“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,” he said.

The head of state noted that he was familiar with the discussion on the topic of cryptocurrencies. The Central Bank has its own position on this: the regulator believes that activities associated with such highly volatile assets carry certain risks, primarily for citizens, the president explained.

Putin noted that the Central Bank is independently making efforts to introduce the latest technologies in this area of ​​activity. The President asked the regulator and the government to come to a common decision regarding the regulation of cryptocurrencies in Russia in the near future and report on the results of the discussion.

On January 20, the Central Bank released a report for public consultations, which talks about the risks for citizens, financial stability and economic security of Russia due to the spread of cryptocurrencies. The regulator proposed to ban the mining, issue, circulation and exchange of such assets, including bitcoin, by any Russian players, crypto exchanges, crypto exchanges and P2P platforms. It is proposed to introduce liability for violation of the ban, but the exact measure has not been developed. At the same time, the Central Bank clarified that they do not plan to prohibit the ownership of such assets.

The regulator has repeatedly pointed out the risks from operations with cryptocurrencies. In particular, he said that due to their decentralized nature, such assets are used in criminal activities – for money laundering and drug trafficking. In addition, they are highly volatile. In addition, mining leads to increased electricity consumption, the Central Bank pointed out. In August, former First Deputy Chairman of the Central Bank Sergey Shvetsov compared the acquisition of cryptocurrency with entering a minefield, explaining that such funds are not protected by law, which means that if they are stolen, the state will not be able to help.

At the same time, on January 25, the director of the financial policy department of the Ministry of Finance, Ivan Chebeskov, said that the ministry does not support the introduction of a ban on cryptocurrencies in Russia, but advocates the regulation of this market. The department is involved in the development of relevant bills, the official said.

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