Russian Leader Comes Out Rejecting Central Banks Recommendation For Crypto Ban

President Vladimir Putin has indicated that he will support a Russian government proposal to tax and regulate cryptocurrency mining, thereby rejecting the central bank&39s recommendation to completely ban it.

The Russian leader welcomes the new approach, which would enable mining to continue, primarily because Russia has several locations with excess power, such as Karelia, Irkutsk, Krasnoyarsk.

Meanwhile, the Russian central bank remains opposed to crypto mining due to environmental reasons and also because it generates incentives to circumvent rules and bypass various regulations.

In related news, Russian Finance Minister Anton Siluanov maintained the ministry&39s stance on regulating rather than prohibiting cryptocurrencies, which led to him suggesting that cryptocurrency trading should be allowed to occur via local banks.