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Putin wants cryptocurrency mining to be regulated
Putin is apparently in favour of crypto restrictions rather than a ban.
According to media reports, Russian President Vladimir Putin supports crypto mining regulation.
Putin is in favour of mining regulations
According to a recent Bloomberg story, Russian President Vladimir Putin may be in favour of taxing and regulating crypto mining in the country. This is in contrast to the Bank of Russia's suggestion last week for a blanket ban on cryptocurrency mining and trade.
According to anonymous sources acquainted with the situation, Putin is supporting a new government proposal to control mining—an energy-intensive activity that requires specialised computing processors to process transactions on a Proof-of-Work blockchain like Bitcoin.
The allegation comes only one day after President Putin was cited as suggesting Russia has "advantages" in cryptocurrency mining. Putin stated during a government meeting on Wednesday that "we also have significant competitive advantages here, especially in the so-called mining." Putin alluded to the country's surplus in electricity generation, which can be used to boost cryptocurrency mining.
As a result, according to Bloomberg, a new President-backed proposal may allow crypto mining activities to take place in Russia's energy-rich regions such as Irkutsk, Krasnoyarsk, and Karelia. Neither the government nor the central bank have issued an official statement on the subject.
Russia is the third-largest country in terms of Bitcoin mining, based on its proportion of the Bitcoin hashrate, a unit of processing power on the network.
According to Cambridge University data as of the end of August 2021, the United States holds the largest share of the worldwide Bitcoin hashrate. China, which had previously led the mining sector, put a blanket ban on cryptocurrency last year, prompting larger mining operators to depart and allowing American enterprises to seize the lead.
In the same Cambridge analysis, Kazakhstan was classified as the second-largest Bitcoin mining nation; however, the situation may have altered in the recent week, after its government temporarily prohibited mining due to an ongoing energy crisis.
If the current claim is correct, Putin's support may help to develop regulations that will legalise Russia's crypto mining business. It can also help to boost the country's global position in the mining sector, which is now headed by the United States.
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By Crypto PiratesPutin is apparently in favour of crypto restrictions rather than a ban.
According to media reports, Russian President Vladimir Putin supports crypto mining regulation.
Putin is in favour of mining regulations
According to a recent Bloomberg story, Russian President Vladimir Putin may be in favour of taxing and regulating crypto mining in the country. This is in contrast to the Bank of Russia's suggestion last week for a blanket ban on cryptocurrency mining and trade.
According to anonymous sources acquainted with the situation, Putin is supporting a new government proposal to control mining—an energy-intensive activity that requires specialised computing processors to process transactions on a Proof-of-Work blockchain like Bitcoin.
The allegation comes only one day after President Putin was cited as suggesting Russia has "advantages" in cryptocurrency mining. Putin stated during a government meeting on Wednesday that "we also have significant competitive advantages here, especially in the so-called mining." Putin alluded to the country's surplus in electricity generation, which can be used to boost cryptocurrency mining.
As a result, according to Bloomberg, a new President-backed proposal may allow crypto mining activities to take place in Russia's energy-rich regions such as Irkutsk, Krasnoyarsk, and Karelia. Neither the government nor the central bank have issued an official statement on the subject.
Russia is the third-largest country in terms of Bitcoin mining, based on its proportion of the Bitcoin hashrate, a unit of processing power on the network.
According to Cambridge University data as of the end of August 2021, the United States holds the largest share of the worldwide Bitcoin hashrate. China, which had previously led the mining sector, put a blanket ban on cryptocurrency last year, prompting larger mining operators to depart and allowing American enterprises to seize the lead.
In the same Cambridge analysis, Kazakhstan was classified as the second-largest Bitcoin mining nation; however, the situation may have altered in the recent week, after its government temporarily prohibited mining due to an ongoing energy crisis.
If the current claim is correct, Putin's support may help to develop regulations that will legalise Russia's crypto mining business. It can also help to boost the country's global position in the mining sector, which is now headed by the United States.
Support us!