Russia Softens Stance on Cryptocurrency Crackdown 

Cryptocurrency Crackdown

Russian anticipated ban on cryptocurrencies could be unlikely after President Putin commented that its electricity supply and personnel is a competitive advantage in mining.

The Russian leader has invited talks with the nation’s Central Bank to agree on the use of cryptocurrencies. He says that the institution cannot prevent technological advancement.

The bank proposed a total ban on the use and mining of cryptocurrencies, citing threats to financial stability. Its governor, Elvira Nabiullina, said that crypto investments were unwelcome in the country.

Russian Finance Minister Ivan Chebeskov echoes Putin’s stance, maintaining that a crackdown on the industry would put the country behind technologically.

Putin seems to have changed his view on cryptocurrencies after an earlier statement where he termed the asset class as too risky. 

The cost of electricity in Russia was $0.06 per kilowatt-hour in 2021 for households and $0.14 for commercial entities.

Source: Cointelegraph

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