Russia not banning crypto, mining has benefits: Putin
Russia recently entered the club of the crypto ban as the central bank proposed a blanket ban on cryptocurrencies and mining-related activities. However, it was just a proposal and not an actual rule. Speaking on the matter, President Vladimir Putin said that the country is not planning to ban cryptocurrencies.
Russia not banning crypto
Putin talked about cryptocurrencies in a Jan 26 video conference and how Russia would tackle the issue. In his statement, the strongman leader said that "the Central Bank has its own position" and said that the experts of the Central Bank are looking at the risks that the expansion of crypto-based activities poses, like high volatility.Putin also added in his statement that Russia is benefitting from crypto in some ways.
"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."
A united discussion
Putin said in the conference that he would like to see "the Government of Russia and the Central Bank to come to some kind of unanimous opinion during the discussion." He called for a meeting between the government and the Central Bank sometime in the near future.On the other hand, as per the recent report which was presented by Cryptonary, the Russia ban on crypto was not a reality but only a part of it. The news led to a widespread FUD in the market, which dropped the price of Bitcoin. The country has seen a surge in crypto-based activities recently, and the Russian bank Sber partnered introduced the first blockchain-based ETF or exchange-traded fund.
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