According to a report, the Russian Prime Minister stated that the Russian financial system is ripe for the integration of cryptocurrencies.
Mikhail made the statement during a meeting with members of the Liberal Democratic Party, according to Russian news agency RBC.ru. The issue of cryptocurrencies was brought up in the meeting which mostly touched on Russia’s plans to revive its economy after being hit by sanctions.
According to the transcript, the prime minister urged to integrate digital currencies into the country’s economy, with the help of the Russian central bank, to solve issues related to the regulation of cryptocurrencies.
Further measures should be taken to regulate the industry according to the Minister.
“There are other interesting initiatives as well. In particular…the issues of regulating mining, the circulation of cryptocurrency, digital financial assets in general, and the development of online commerce.” He added, Since the government approved the concept a few weeks ago, the Ministry of Finance is giving more attention to the mining sector.
Despite Russia’s central bank maintaining a hardline on cryptocurrencies, in January Putin showed his support for a proposal to tax and regulate them, rejecting the central bank’s proposal to completely outlaw them
“We also have certain competitive advantages here, especially in the so-called mining,” Putin was quoted saying during a meeting with government officials, “I mean the surplus of electricity and well-trained personnel available in the country.”
Russia is third after the U.S. and Kazakh. Karelia, Krasnoyarsk, and Irkutsk have a lot of surplus electricity in them.
The Bank of Russia, which is advocating for a ban on banks and other financial market participants from issuing private digital currencies, also received orders to survey cryptocurrencies in the country.
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