Russian President Vladimir Putin has asked the country's government and Central Bank to reach an agreement on cryptocurrencies.
On January 26, during a video conference meeting with members of the government, Putin stated that he was aware of the discussions surrounding cryptocurrency legislation.
"The Central Bank does not obstruct our technological progress and is making the necessary efforts to introduce the latest technologies into this area of activity," Russia's president said.
According to the Russian President, the regulator's stance is motivated by the fact that the expansion of this type of business poses risks to Russians due to the extreme volatility of cryptocurrencies.
"Of course, we have certain competitive advantages here, especially in the so-called mining, referring to the country's electricity surplus and well-trained, available personnel," Putin stated.
Russia must reach an agreement on the matter
Furthermore, the President stated that he had urged the administration and the Central Bank to reach an agreement on this matter and report back to him on the outcome.
Last week, the Bank of Russia issued a report calling for a ban on cryptocurrency mining in the country, as well as the use of the Russian financial market's infrastructure for cryptocurrency transactions and financial institutions' investments in cryptocurrencies and related products.
The regulator estimates that the state controls at least 11% of the world's processing power used for Bitcoin mining.