Russian President Vladimir Putin has said he is aware of the discussion around the regulation of cryptocurrencies.
At a meeting with the government, he has noted the country’s central bank does not stand in the way of technological progress, but introduces digital technologies itself. He has added:
“As for cryptocurrencies, the central bank has its own position. It is connected with the fact that, according to the experts of the central bank, the expansion of this type of activity carries certain risks, and, above all, for the citizens of the country, given the high volatility and some other components of this topic.”
At the same time, he has noted the country has competitive advantages in mining – a surplus of electricity and well-trained personnel.
Putin has asked the government and the Bank of Russia to come to a consensus on the regulation of the industry and report on the results.
The Central Bank of Russia has proposed to ban the circulation of cryptocurrencies and mining in the country.