Crypto Mining has a Bright Future in Russia: Mr Putin

Putin claims that Russia has a “competitive edge” in crypto mining due to an excess of energy and well-trained employees. Russian President Vladimir Putin recently given crypto fans reason to be optimistic about the future of virtual currencies in Russia. There has been threatened by a recent campaign to outlaw cryptocurrency and mining.

Vladimir Putin Says it All

The strongman leader launched a Wednesday video call with officials of the Russian state by saying he would want to “start with a subject that is present in the limelight — the legislation of cryptocurrencies.” He says, “Obviously, we have some competitive advantages here as well, particularly in the so-called mining sector.” I’m referring to the country’s abundant electricity and well-trained employees.”

According to estimates, the cost of electricity in Russia in mid-2021 was $0.06 each kilowatt-hour for residential usage and $0.08 for commercial use. To put it in perspective, 1 kWh of power in France pays $0.2 for consumers and $0.14 for businesses. It is four times costlier than in Russia. He also requested that Russia’s central bank engage with his administration shortly to reach an agreement on the use of cryptocurrency.

Russia’s Central Bank

Russia’s central bank launched a paper last Thursday recommending a total ban on cryptocurrency trading and mining within the country. According to the study, the hazards of cryptocurrency are “much larger for emerging economies, particularly Russia.”


For a long time, Russia’s central bank has been concerned about cryptocurrency. “We cannot encourage investments in cryptocurrencies,” remarked Elvira Nabiullina, head of the Central Bank of Russia, in December 2021. Meanwhile, Putin reassured his lawmakers that “the Central Bank somehow doesn’t come in the way of the country’s technical growth. And is making the necessary steps to introduce the most cutting-edge technologies in this area of operation.”

Telegram CEO Pavel Durov recently remarked on his messenger service. He proposed that crypto prohibition will “damage a wide range of sectors of the high-tech industry.”

Also read: Now You Can Avail 5 Months of Apple Music for Free from Shazam

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