The President of the Russian Federation – Vladimir Putin – agreed with the country’s central bank that digital assets are highly volatile and pose several risks to the financial network. However, he sees potential in cryptocurrency mining as it could give Russia “certain competitive advantages.”
Last week, the Bank of Russia intensified its harsh stance on crypto by proposing a total ban. The institution argued that the asset class reminds of a pyramid scheme, undermines the sovereignty of monetary policy, and threatens the local financial system.
In a recent conference, the Russian leader – Vladimir Putin – said he is aware of the ongoing discussions on the matter and outlined that crypto regulation is currently “in the spotlight.”