last week The Central Bank of Russia announced that Bitcoin (BTC) in a Cryptocurrency wants to be banned. But Vladimir Putin, the president of Russia, is opposing the central bank’s decision and speaking against it. Putin refers, among other things, to Russia’s leadership Bitcoin Mining.
The Russian Central Bank released a report last week concluding that Bitcoin should be banned in Russia. High volatility and the presence of cryptocurrencies in the illegal cycle are among the main reasons. President Putin does not fully agree with this, however, he admitted video conference I know. It acknowledges the risks that Bitcoin poses. He says that volatility can be dangerous for Russian citizens. However, Putin also sees the benefits of cryptocurrencies. So he asks the Central Bank not to neglect only the advantages that Russia enjoys.
“We also have certain competitive advantages here, especially in the so-called crypto-mining. I mean the surplus electricity and the well-trained teams that are in the country.”
Russia is the country with the highest bitcoin hash rate after the United States and Kazakhstan. However, Kazakhstan is experiencing turmoil and lack of energy, which means that Other countries see opportunities. Russia may also be able to overtake the neighboring country in the long run, provided there is no ban on bitcoin.
By the way, Vladimir Putin is not alone in speaking out against the complete ban of cryptocurrencies. This was already defended by Ivan Chepskov, a representative of the Russian Ministry of Finance Bitcoin regulation. Chipskov says that high-tech technologies, such as encryption, should not leave the country, but should be developed further. For this reason, the Ministry of Finance will soon come up with a new bill related to cryptocurrency. Moreover, he noted that the central bank is not the party that decides what can and cannot be banned.
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