Putin urges government and central bank to align on cryptocurrency regulation

President of the Russian Federation Vladimir Putin, at a meeting with the government stated that he is aware of the debate over how to regulate cryptocurrencies.

He noted that the central bank is not standing in the way of technological progress, and is itself implementing digital technologies.

«As for cryptocurrencies, the Central Bank has its own position. It is tied to the view that, according to the central bank’s experts, the expansion of this activity carries certain risks, and, above all, for the citizens of the country, given the high volatility and some other components of this topic», Putin said.

At the same time, he noted that Russia has competitive advantages in mining — a surplus of electricity and well-trained personnel.

Putin asked the government and the Bank of Russia to reach a consensus on regulating the industry and to report on the results.

The Bank of Russia has proposed ban the circulation of cryptocurrencies and mining within Russia. In the government, the State Duma and the security agencies advocate regulating the industry, rather than its prohibition.

Read ForkLog’s Bitcoin news in our Telegram — cryptocurrency news, prices and analysis.