Putin Backs Crypto Mining Despite Bank of Russia’s Hard Line

Putin Backs Crypto Mining Despite Bank of Russia’s Hard Line

Bloomberg

President Vladimir Putin backs a Russian government proposal to tax and regulate mining of cryptocurrencies, rejecting the central bank’s proposal to ban it completely, according to three people familiar with the matter.

Putin supports the proposal to restrict mining to regions with a surplus of electricity, such as Irkutsk, Krasnoyarsk and Karelia, the people said, asking not to be identified because the information is not public.

Kremlin spokesman Dmitry Peskov declined to say what Putin’s stance was and said that the president ordered the government and central bank to work out their differences.

The press services for the government and central bank did not immediately respond to requests to comment on the status of the talks.