Skip to content

Putin urges government and the Russian Central Bank to find consensus on crypto

Putin urges government and the Russian Central Bank to find consensus on crypto
Jordan Major

Russian President Vladimir Putin has requested that the nation’s government and Central Bank come to an agreement on cryptocurrencies.

At a videoconference meeting with members of the government on January 26, Putin said that he was acquainted with the discussions around cryptocurrency legislation.

“The Central Bank does not stand in our way of technological progress and is making the necessary efforts to introduce the latest technologies into this area of activity,” the Russian head of state said.

According to the Russian President, the regulator’s stance is motivated by the fact that expansion of this sort of business poses risks to Russians, given the extreme volatility of cryptocurrencies.

“Although, of course, we have certain competitive advantages here, especially in the so-called mining, referring to the electricity surplus and well-trained, available personnel in the country,” Putin declared.

Russia needs to agree on the issue

In addition, the President continued by stating that he had urged the administration and the Central Bank to reach an agreement on this matter and report back to him on the outcome.

The Bank of Russia published a report last week which called for a ban on cryptocurrency mining in the nation, the use of the Russian financial market’s infrastructure for cryptocurrency transactions, and financial institutions’ investments in cryptocurrencies and associated products. 

In particular, the regulator estimates that the state controls at least 11% of the world’s processing power utilized for Bitcoin mining.

Best Crypto Exchange for Intermediate Traders and Investors

  • Invest in cryptocurrencies and 3,000+ other assets including stocks and precious metals.

  • 0% commission on stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit etoro.com/trading/fees.

  • Copy top-performing traders in real time, automatically.

  • eToro USA is registered with FINRA for securities trading.

30+ million Users
Securities trading offered by eToro USA Securities, Inc. (“the BD”), member of FINRA and SIPC. Cryptocurrency offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. Finbold.com is not an affiliate and may be compensated if you access certain products or services offered by the MSB and/or the BD

Read Next:

Finance Digest

By subscribing you agree with Finbold T&C’s & Privacy Policy

Related posts

Sign Up

or

By submitting my information, I agree to the Privacy Policy and Terms of Service.

Already have an account? Sign In

Services

IMPORTANT NOTICE

Finbold is a news and information website. This Site may contain sponsored content, advertisements, and third-party materials, for which Finbold expressly disclaims any liability.

RISK WARNING: Cryptocurrencies are high-risk investments and you should not expect to be protected if something goes wrong. Don’t invest unless you’re prepared to lose all the money you invest. (Click here to learn more about cryptocurrency risks.)

By accessing this Site, you acknowledge that you understand these risks and that Finbold bears no responsibility for any losses, damages, or consequences resulting from your use of the Site or reliance on its content. Click here to learn more.