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Putin Opposes Against Central Bank of Russia’s Crypto Ban Movement

putin Market News
  • President Vladimir Putin supports government’s proposal to tax and regulate crypto mining in Russia.
  • This gives an assumption that Putin will reportedly reject the central bank’s complete ban on crypto.

Russia’s incumbent President Vladimir Putin supports a proposal by the government to tax and regulate crypto mining instead of imposing a complete ban. This reportedly suggests that Putin has a mindset to reject the central bank’s crypto ban proposal in the country. Putin prefers a crypto proposal that restricts mining activities to regions with a surplus of electricity, according to the report.

Kremlin spokesman, Dmitry Peskov thinks that Putin is examining the government and the central bank’s differences in the crypto ban crisis. On the other hand, Putin’s stance in the crypto ban proposal sensation is a fair play to the crypto industry.

Additionally, with Putin’s current profile in the crypto space, there’s a likelihood that the proposals are yet to be approved. He has ordered the government and the central bank on a verdict to agree and come up with a structured decision to regulate crypto in Russia.

He said,

We also have certain competitive advantages here, especially in the so-called mining. I mean the surplus of electricity and well-trained personnel available in the country.

Co-Founder of Russian miner BitCluster, Vitaliy Borschenko mentioned that miners were invited to work together with government groups after the central bank’s announced to ban crypto completely. He said that “most ministries and agencies are against radical measures.”

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Karikari Daniel is a writer who follows the crypto industry closely. He loves fish stew and Real Madrid. He believes in cryptocurrency’s potential to transform the money landscape in his native country Ghana.