Russian President Vladimir Putin has given crypto enthusiasts a glimmer of hope for the future o...
Russian President Vladimir Putin has given crypto enthusiasts a glimmer of hope for the future of digital assets in the country, which has been threatened by a recent push to ban cryptocurrencies and mining.
The leader of the strongman opened a video conference call with members of the Russian government on Jan 26.
While saying that he "would like to start with an issue that's currently in the spotlight: cryptocurrency regulation." Of course, we also have certain competitive advantages here, especially in so-called mining.
"I am referring to the surplus of electricity and the well-trained staff that exists in the country."
According to analysts, in the spring of 2021, the price of electricity in Russia was $0.06 per kilowatt-hour for home use and $0.08 for business.
For comparison, in France, one kWh of electricity costs $0.2 for households and $0.14 for businesses, which is four times more expensive than in Russia.
He also asked the country's central bank to meet with his government in the near future so they can reach a consensus on the use of cryptocurrencies.
| Hot News: Crypto Investor Fears As Bitcoin Falls 50% From Record Highs! |
Last Thursday, the Central Bank of Russia released a report proposing a nationwide blanket ban on cryptocurrency trading and mining.
The report noted that cryptocurrency risks are “much higher for emerging markets, including Russia.”
The Central Bank of Russia has been raising concerns about cryptocurrencies (BTC) for some time.
Investing in Cryptocurrencies” Yesterday, Russian Finance Minister Ivan Chebeskov responded by opposing the proposed blanket ban and calling for regulation rather than restriction.
He stressed that a ban on cryptocurrencies would put the country behind in the tech world.” must give these technologies a chance to develop.
Meanwhile, Putin assured his parliamentarians that “the central bank does not stand in the way of us technical programs and is making the necessary efforts to introduce the latest technologies in this sphere of activity.
Despite these guarantees, Putin acknowledged that expanding the use of cryptocurrencies "poses certain risks" given their "high volatility." Noted that cryptocurrencies “are not backed by anything, the volatility is colossal.
In 2020, the central bank announced that it was exploring the possibility of a digital ruble, with prototype tests planned for this month.
In a recent post about On his messaging platform, Telegram CEO Pavel Durov wrote that the proposed cryptocurrency ban “would destroy a number of high-tech sectors of the economy.
