Russia is expected to retain the crypto mining market with President Vladimir Putin reportedly opposing the central bank’s proposal for a blanket ban and backing a government plan instead to regulate the market.
A plan to tax and regulate cryptocurrency mining in Russia – the world’s third largest market after the U.S. and Kazakhstan – is being backed by President Vladimir Putin, according to a «Bloomberg» report citing unnamed sources.
This is in opposition to the central bank’s proposal to ban mining altogether, citing environmental concerns and incentives to bypass regulations.
Surplus Electricity
Excess electricity available in Russia in cities Irkutsk, Krasnoyarsk and Karelia was cited as one of the reasons to support crypto mining and its energy-hungry operations.
«We also have certain competitive advantages here, especially in the so-called mining,» Putin said during a government meeting. «I mean the surplus of electricity and well-trained personnel available in the country.»
