Last week, the Bank of Russia published a report, in which he outlined his position regarding the situation with cryptocurrencies in Russia. A very tough position, which even mentioned a ban on mining, was immediately criticized in the industry itself, and then in the government. According to Bloomberg now, the President of Russia is also against the ban on mining.
The publication, citing three people familiar with the situation, reports that Vladimir Putin is against the draconian measures of the Bank of Russia. He supports the proposal of the Russian government to legalize mining. However, he also supports the proposal to limit mining to regions with an excess of electricity, such as Irkutsk, Krasnoyarsk and Karelia, sources who wished to remain anonymous said.
Presidential spokesman Dmitry Peskov declined to comment on Putin’s position. He only said that Putin ordered the government and the Central Bank to settle their differences. The Central Bank criticized the concept of the Ministry of Finance for the regulation of cryptocurrencies, which proposes to carry out all transactions with cryptocurrencies through Russian banks, identify holders of crypto wallets and divide them into qualified and unqualified investors. The Central Bank believes that such an approach will create “a huge risk to financial stability, due to which banks and other market participants can infect the entire financial system“. The government press service did not respond to a request for comment on the course of interdepartmental talks.
Vitaly Borshchenko, co-founder of Russian mining company BitCluster, said that cryptocurrency miners were invited to join a government working group after the Bank of Russia published its “banning” report. According to Borshchenko, most ministries and departments are against radical measures. This, coupled with Putin’s position, gives reason to think that mining will not be banned in Russia. But they will regulate.