Russia Integrating Cryptocurrencies- Russian Prime Minister Calls for Integrating Cryptocurrencies in His Country’s Economy

Russia Integrating Cryptocurrencies– During a meeting yesterday with Liberal Democratic Party members in the State Duma, Mikhail Mishustin told Russian news agency about the importance of cryptocurrencies in the country, adding that the Russian financial system integrates bitcoin and other cryptocurrencies. , mature enough to do so in its economy.

The meeting also touched on Russia’s plans to revive the economy after suffering a defeat in the wake of sanctions over its invasion of Ukraine, which saw support for cryptocurrencies in Russia.

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Russia Integrating Cryptocurrencies

According to a text seen by the media, the prime minister urged the integration of cryptocurrencies into the country’s economy. Considering that with the help of the Central Bank of Russia it is possible to solve problems related to the regulation of cryptocurrencies. where he said:

“Undoubtedly, such issues can be resolved only by jointly with the Central Bank to assess the risks of cryptocurrencies to currency circulation in Russia.”

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Cryptocurrency Mining

In his speech, the minister also indicated that more measures should be taken to regulate cryptocurrency mining in the country, and continued:

“There are other interesting initiatives as well. The issues of regulating mining in particular, the trading of cryptocurrency and digital financial assets in general, and the development of online commerce.

Putin Crypto supports mining regulation

However, the Russian Central Bank maintains its dogma on cryptocurrency mining. In January, President Vladimir Putin showed his support for a proposal for a tax and regulation on cryptocurrency mining, rejecting the Central Bank’s proposal to completely ban crypto assets.

Putin said in a statement during a meeting with government officials:

“We also have some competitive advantages, especially in the so-called mining, by this I mean the additional power available within the country and well-trained personnel.”

On the other hand, Russia, which ranks third behind Kazakhstan and the United States in terms of global hash rate, has a lot of power in some of its states, including Karelia, Krasnoyarsk and Irkutsk.

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It also received the Bank of Russia, which actively advocates banning banks from issuing private digital currency. Orders to conduct a survey of cryptocurrency operations in the country and identify holders of cryptocurrency wallets. As well as differentiating between qualified and unqualified cryptocurrency portfolio investors.

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