The Russian finance ministry called for the regulation of cryptocurrencies on Tuesday, opposing the central bank’s proposal last week to ban crypto mining and usage.
- Ivan Chebeskov, director of the finance ministry’s financial policy department, told Russian outlet RBC that a ban on crypto transactions and mining could hamper the country’s growth in the industry.
- The Bank of Russia issued a report last week calling cryptocurrency a pyramid scheme and recommending a comprehensive ban on crypto and related activities.
- Russia accounts for 11% of the global Bitcoin hashrate, behind the U.S. (35%) and Kazakhstan (18%), according to Cambridge University index, and a ban on mining in the country could have a disruptive impact on the global hashrate.
- Russian President Vladimir Putin urged the central bank and the finance ministry for “some kind of unanimous opinion” between the two parties in a video conference with government ministers on Wednesday.
- Russia had already banned cryptocurrency for payments in 2020.