Putin pumps the brakes on Russian Central Bank's push to ban crypto, sees future in mining
January 26, 2022, 10:30AM EST
1 min read
Russian President Vladimir Putin is not totally on board with the Central Bank of Russia's recent call to ban cryptocurrency in the country.
In a January 26 video conference, Putin asked officials in his government to hold talks, including the central bank, on the subject of cryptocurrencies. While he acknowledged "certain risks, first and foremost to citizens of the country, given significant volatility," he directed his agencies not to neglect the advantages that Russia has in the area.
"We also have here certain competitive advantages, especially in so-called crypto-mining. I mean surplus in electricity and well-trained teams present in the country," said Putin.
Russia, after the US and Kazakhstan, has become the third-largest source of Bitcoin's hash rate in the world over the past year, as miners left China amid a similar blanket ban. Given that neighboring Kazakhstan has been rocked by energy shortages, instability and government shutdowns of internet, the fate of the hash rate in the region remains an open question.
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