Friday, June 21, 2024

Is there a chance of a ban? Putin claims that crypto mining has benefits in Russia.

Vladimir Putin, President of Russia, says that crypto might have some future benefits in Russia. Putin, with this statement, has given a tiny ray of hope for the crypto fanatics in the country. That has been put under the threat that was caused by the recent crypto and mining ban issues in Russia.

Crypto Mining should be banned in the country, said the Central Bank of Russia. It believes carrying out this kind of activity might have adverse effects on the country and the citizens as well. But President Putin seemed to differ from this warning and said that Russia would be good at mining the cryptocurrency.

Putin’s remark came the day after the Finance Ministry of the Country’s comment. He said that we should make the most of the country’s high level of technologies and skillful and fine trained manpower. He also added that they should put the excess electricity to good use.

The whole crypto mining process is verifying transactions on the blockchain and minting fresh NFTs (Non-Fungible Tokens), which operate on supercomputers using high amounts of energy consumption.

More than 10% of the Bitcoin (BTC) network is provided by the Russian Bitcoin Miners. However, the related government authorities have frequently tried restricting the said industry.

He also recently said that he would like that The Central Bank and The Russian Government have a discussion on this issue and reach a mutual consensus. The world looks on as to what Russia’s decision will be regarding crypto

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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