Is Putin Going to Back Cryptocurrencies?

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So yes you are reading correctly, something is happening. President Putin did not really back crypto yet, but he did the right thing on urging experts to take a serious look into the issue.

From what I have found, Putin has rejected the Central Bank’s proposal to ban cryptocurrencies. In fact, it appears that Putin supports the proposal of the government, which would allow crypto mining to continue.

Russia is currently the world’s third biggest crypto miner, after the U.S. and Kazakhstan. Putin called for the government and central bank to reach an agreement on how to regulate crypto.

In the video below, President Putin says that they have certain advantages when it comes to crypto mining. This includes a surplus of energy and qualified professionals. He adds that he is asking the Central Bank to discuss the issue in the near future.

The idea is, as he says to regulate cryptocurrencies, and the Central bank is about to take necessary steps to (perhaps) introduce the new technology. It is best that you hear this directly, here is the video:

My guess is that many will be shocked when this news spreads. This all comes in the moment (the end of January 2022) when everybody is talking about possible war in Ukraine. Yet it turns out that President Putin has more important things to deal with.

Recently, Bitcoin’s value has been decreasing dramatically. This is a volatile currency, and this latest news might change its value. Though it was reported these days that Ukraine has legalized cryptocurrency.

But if this is not for you, how about investing in gold for IRA or just as a way of diversifying your saving portfolio? Let me know what you think, there is a comment box below.

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