Putin Prefers Crypto Regulation Over Total Ban: Report
Main page News, Russia, Mining, Crypto Market, Regulations

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.

Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.

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.

Bank of Russia Proposes to Ban the Use and Mining of Cryptocurrencies

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.

Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.

Read also:
Please describe the error