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President Vladimir Putin has joined the controversy over Russia’s long-standing cryptocurrency, the business of government. and central banks to find out their typical stance on regulation. The Russian leader also highlighted the advantages of Russia as a cryptocurrency mining destination.
The Russian president has added his comments to the continued discussion of how Russia’s growing crypto house should be viewed. At the start of the video conference with members of the Russian government, Solon raised “an issue that is currently of great concern — the regulation of cryptocurrencies.”
Putin said the Russian central bank had its own position and acknowledged some of the problems expressed by the financial authorities. Top of the Nation noted that the bank’s advisors believe that the growth in crypto-related activity poses certain risks given the high volatility and different aspects, first and foremost for Russian voters.
The president also found that the Bank of Russia will not change the way of development and is working hard to introduce the latest technology in the field. His remarks came back once the Cosmic Background Radiation recently launched a pilot portion of its digital ruble project.
A week ago, the Central Bank of Russia planned to completely ban businesses involving different digital coins and the issuance, use, investment, trading and mining of cryptocurrencies such as Bitcoin. Its rigid stance, set out in a consultation paper on the matter, was opposed by members of the government. and the Moscow Parliament.
This week, the Treasury Department joined the front lines in the fight against cosmic background radiation. The top leader of its monetary policy department, Ivan Chebeskov, insists that the crypto market must be regulated, not banned. In his reading, the most important task is to protect the interests of investors and voters who use cryptocurrencies, which requires regulation, not prohibition.
According to a report by news portal Red Blood on Thursday, the Treasury Department has prepared its own proposals for regulation of cryptocurrencies, but has not banned them. The department recommends that all cryptocurrency-related transactions should be managed through Russian banks. It also needs to introduce identity verification for Russians with crypto wallets and divide investors into two teams – qualified and unqualified.
Vladimir Putin also said in his address to members of the Russian cabinet:
I will raise every government. Russia and the central bank came back to some fairly consistent views throughout the discussion, and I suggest you have this discussion in the near future and report back on what will be achieved.
The Russian president also highlighted his country’s “competitive advantage” in the form of cryptocurrency mining. Another reason for the surplus of electricity in energy-rich Russia, Solon pointed out, is the convenience of professionals. Russia’s importance on the bitcoin mining map has magnified since China launched its crackdown on bitcoin trading last year.
post Putin asks ministers and bankers to report on consensus on cryptocurrency first appeared in bitcoin wire.
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