Vladimir Putin called for the implementation of cryptocurrency regulation

With his statement, the President of the Russian Federation summed up the dispute between the central bank and the government

27.01.2022 - 07:15

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1 min

What’s new? On Wednesday, January 26, Russia’s President Vladimir Putin held a video conference with the country’s government. Among other important topics, the situation with cryptocurrencies and mining was also discussed. Recall that earlier the Central Bank proposed to impose restrictions on this type of activity, while the State Duma deputies and the Ministry of Finance opposed the initiative.

Link to the full recording of the meeting

What statements were made? The main message is that cryptocurrencies should be regulated, not banned. According to Putin, about 6 million Russian citizens own cryptocurrency worth several trillion Russian rubles, and this money should remain with them. The president stressed that the field of digital assets attracts young and promising professionals, and Russia should create a favorable microclimate for such innovative projects.

As for mining, Russia currently ranks third in the world, and this position cannot be lost either. Putin stressed that the country has a surplus of electricity, which can be used to mine cryptocurrencies on a competitive basis. Commenting on the dispute between the central bank, the Ministry of Finance, and the State Duma regarding the ban on cryptocurrencies and mining, Vladimir Putin instructed all parties to reach a consensus and come to joint unified market regulation rules.

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