During an economic meeting, Russian President Vladimir Putin addressed issues related to the implementation and use of digital assets in the country. This was reported by the Kremlin’s press service.
Putin described the sector as a “very dynamic and promising area of the modern economy.”
“For us in Russia, it is important not to miss the moment, to timely adjust the legal framework and regulation, develop infrastructure, and create conditions for the circulation of digital assets, both domestically and in relations with foreign partners,” he noted.
The president also mentioned the digital ruble project, which had its pilot launch in August 2023.
According to him, the program currently involves 12 banks, 600 individuals, and 22 commercial enterprises from 11 cities. By early July, over 27,000 transactions had been conducted within the system.
Putin emphasized the need to transition to “a broader, full-scale implementation of the digital ruble in the economy, business activities, and the financial sector.”
“A separate issue concerns so-called cryptocurrencies. They are not monetary units in the usual sense, but are increasingly used worldwide as a means of payment in international settlements. Meanwhile, the mining of digital currencies can be carried out virtually anywhere on the planet. However, this requires a lot of electricity,” he observed.
According to estimates by the Ministry of Energy, 16 billion kWh are consumed annually in Russia for these purposes—nearly 1.5% of the country’s total electricity consumption—and the figure continues to grow. The president attributed this trend to low electricity tariffs and the “mobility of mining equipment.”
“Uncontrolled growth in electricity consumption for cryptocurrency mining could lead to power shortages in certain regions. This is already noted in the Irkutsk region, Buryatia, and the Trans-Baikal Territory. The issue is indeed acute and fraught with serious consequences for enterprises, utilities, specific cities, and towns,” Putin expressed concern.
If the issue is not addressed, many commercial and residential properties could face supply disruptions and electricity shortages, the head of state believes. He proposed adopting “timely and systematic solutions at the federal law level.”
Putin also recalled his appeal to the government and the Central Bank in 2022, urging them to reach a consensus on cryptocurrency regulation. At that time, he stated that Russia has competitive advantages in mining—an electricity surplus and well-trained personnel.
In July, the Russian State Duma’s Financial Market Committee recommended that the lower house of parliament adopt a draft law on mining regulation in its first reading.
Earlier, media reported on a proposal by the Russian Ministry of Finance to open access to digital currency trading for qualified investors.