Russia Prepares Roadmap For Bitcoin, Crypto Regulation: Report

Russia Prepares Roadmap For Bitcoin, Crypto Regulation: Report

The Russian government is coming out in favor of establishing a comprehensive legislation for Bitcoin and cryptocurrency as members discuss the potential negative side effects of banning the industry altogether as suggested by the central bank.

Putin reportedly backs the government’s efforts to regulate the asset class despite the Bank of Russia’s last week comments on the alleged risks of enabling Bitcoin to proliferate in the country. The President said in a Wednesday meeting with government officials that Russia had “some competitive advantages” to mining bitcoin, namely power surplus and a well-trained workforce, after stating the central bank would not stand in the way of technological innovation.

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