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putin: russia has ‘advantages’ in bitcoin mining

Putin also asked the central bank and the government to come to a consensus on bitcoin regulation.

Russian President Vladimir Putin on Wednesday said the country has different features that allow it to benefit from bitcoin mining while its central bank last week called for a complete ban on work in the country as it worries crypto currency could cause its citizens risks.

Putin also called on the Bank of Russia to reach an agreement with the country’s Treasury Department, which on Tuesday lifted a total ban on bitcoin and mining in the country, explaining how such a move could hurt Russia’s competitiveness in the technology sector.

putin russia has ‘advantages’ in bitcoin mining

“The Central Bank does not stand in the way of our technological development and makes the necessary efforts to use the latest technology in this area,” Putin said in a meeting on Wednesday with members of the Russian government, discussing various views held by the federal government. and a large bank.

The position of the central bank in relation to cryptocurrensets is based on the concern that “the expansion of this type of activity has some risks, and above all for the citizens of the country, due to the high volatility and other components of this article,” Putin said. .

“Although, of course, we have some competitive advantages here, especially in so-called mines,” Putin added, referring to the country’s “power surplus” and “well-trained workers” who could use the thriving bitcoin mines. industry there.

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Russia climbed to third place in the list of countries with the highest share of hashrate on the Bitcoin network last year after China banned its assets and its primary mining industry in the summer. The migration of bitcoin miners from Chinese soil led to the establishment of mining farms in the U.S., Kazakhstan, and Russia. The relatively inexpensive energy of the Eastern European country and the cold climate make it attractive to miners as it creates high profits and huge hashrate outflows.

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