20 July 2026
Bitcoin Mining Has Advantages In Russia, Says Vladimir Putin.
Russian President Vladimir Putin held a videoconference meeting with members of his government on Wednesday. In the meeting, he said that Russia has certain "competitive advantages" in Bitcoin mining. The statement came a day after Russia's Finance Ministry said a complete ban on Crypto was not needed and argued that it was "necessary to allow these technologies to develop."
Despite the central bank's call for a Cryptocurrency ban last week, Putin assured government officials that the bank was not preventing the country's technological advancement.
He said, "The central bank does not stand in our way of technical progress and is making the necessary efforts to introduce the latest technologies in this area of activity."
Putin further added, "We also have certain competitive advantages here, especially in the so-called mining — I mean the surplus of electricity and the well-trained personnel available in the country."
Around 11.2% of Bitcoin's global mining hashrate comes from Russia, making it the third-largest country in the world for Bitcoin mining behind the United States and Kazakhstan.
Although, the Central bank of Russia is against the Crypto mining industry and claims that it needs a lot of electricity and weakens the overall energy supply.
The bank also highlights that Cryptocurrencies put Russia's sovereignty at risk of monetary policy and endangers financial stability.
Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice.
Discussion
0 comments