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It was big news recently when Russia contemplated a ban on cryptocurrency. Now President Vladimir Putin is reportedly backing plans for regulating crypto mining in the country, reports Yahoo Finance!
On Wednesday, Putin countered calls by the central bank for a blanket ban on cryptocurrencies
Speaking at a video conference with government ministers on Wednesday, he said the country has “competitive advantages” in crypto mining.
‘Putin for Tax and regulate rather than banning
The President suggested that they “tax and regulate” cryptocurrency mining rather than banning the practice. Bloomberg quoted the Russian President saying, “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.”
The President comments came in line considering the fact that Russia ranks only third on the list of crypto mining countries based on hash rate distribution. The US and Kazakhstan are ranked first and second respectively.
The post Crypto Mining: Putin Says Russia Has a ‘Competitive Advantage’ – Wants to ‘Tax and Regulate,’ Not Ban It appeared first on CoinGape.
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