Russia's president Vladimir Putin is in favor of regulating cryptocurrencies instead of totally banning them, Bloomberg has learned, citing sources close to the matter. The Russian president has also agreed with the proposal of the Cabinet of Ministers on cryptocurrency mining taxation and regulation.
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According to the sources, the president also supports the proposal to restrict cryptocurrency mining to regions with a surplus of electricity, including Irkutsk, Krasnoyarsk and Karelia. However, Dmitry Peskov, Putin's spokesman, denied reports that Putin agreed with crypto mining legalization. According to Peskov, such ideas "have not yet been formulated at all."
Last week, the Bank of Russia proposed to completely ban not only mining but also the turnover of cryptocurrencies in the country.
Later, the president called on the government to coordinate this issue with the central bank and report on the result soon. He also admitted that Russia has a competitive advantage with crypto mining due to the abundance of energy resources.
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