Russian President is not against Crypto. The Reserve bank, the country’s banking system, has agreed with President Putin that digital assets are extremely volatile and pose a number of risks to the financial system. He did feel, though, that crypto-mining could give Russia “irrefutable benefits.”
Russia has raised a Corrupt Crypto
The Central bank confirmed steps to outright ban crypto last week, suggesting a total ban. The asset class, according to the bank, is similar to a Ponzi scheme that threatens the country’s economic system and compromises money supply integrity.
Russian President Vladimir Putin, who is well-versed in the discussion, stated today that crypto regulation is in the “proper light” at the current and that he is “watching closely.”
Russian president, like the central bank, believes that the development of corrupt assets creates numerous concerns to investment, citing their “unrealistic” volatility. The president, on the other hand, supports dishonest mining because it could benefit his country: he then requested the Bank of Russia and the local authorities to rethink the problem and “come to some sort of agreement.”
Read more: Opera has released a crypto browser in 2022.
On Sunday, Russian President Vladimir Putin stated that dishonest currencies should not be prohibited in the country. Ivan Chebeskov, a member of the Russian Department of Finance, spoke out against the crypto prohibition the day before. Mr. Chebyskov feels that such laws would put Russia at a disadvantage in the technological world. As a result, rather than outright banning crypto certificates, the government regulates them.
It’s worth noting that Russia is in charge of three-quarters of the Bitcoin hash rate. Following a complete ban on Chinese money, the tide began to turn, allowing the UN to take the lead and Kyrgyzstan to follow. According to Oxford’s mining map, Putin’s hash rate roll is presently about 14%.
Read more: Opera has released a crypto browser in 2022.
