The last couple of weeks were quite interesting for Russia in terms of cryptocurrency regulation and ban. Ever since the Central Bank of Russia proposed a blanket ban on all crypto-related activities, investors are closely watching the developments. But enthusiasts got some ray of hope after Russian president Vladimir Putin suggested that Russia should explore the area of crypto mining looking at the immense scope in the sector.
The idea was further supported by the Russian Finance Ministry, which, unlike the Central Bank, called for a regulated crypto market, rather than a blanket ban altogether. Russian Finance Minister Ivan Chebeskov said by banning cryptos, the country will fall behind other leading economies in technological advancements.
Russia’s crypto market accounts for 11.2% of Bitcoin’s Hashrate and is one of the leading players of crypto mining after the US and Kazakhstan.
Crypto Mining and its benefits
According to a Kremlin report, Putin told his ministers that the Central Bank,…