Russian President Vladimir Putin has demanded an agreement between the government and his country’s central bank following the latter’s recent call for a direct ban on crypto.
- Speaker in a video conference with government ministers on Wednesday, Putin called for “some unanimous opinion” between his government and the Bank of Russia to be formed through discussions in the near future.
- Russia’s central bank called for a complete ban on crypto in a report last week, citing its volatility and use for illegal activities.
- The Bank of Russia’s cryptocurrency ban has been opposed by the country’s finance ministry on the grounds that it would undermine the industry’s technological development.
- “The central bank has its own position. It is linked to the fact that the expansion of this type of activity carries some risks, and above all for the citizens of the country, due to the high volatility and some other components of this “Putin said.
- This, however, should be offset by the “certain competitive advantages” that Russia has when it comes to mining, due to the country’s excess of electricity and “well-trained personnel,” according to the Russian head of state.
- In August last year, Russia was the third largest bitcoin mining country in the world behind the United States and China, according to the Cambridge University Center for Alternative Finance.
Read more: Russian Ministries, Duma Want to Legalize Crypt Mining: Report