- Vladimir Putin has given hope to crypto enthusiasts worried about the future of digital assets in Russia, which has been endangered by recent efforts to prohibit cryptocurrencies and mining.
- Bitcoin will be regulated as a means of payment in Thailand to "prevent any negative effects for the country's financial stability and economic system." Thai Securities and Exchange Commission and Ministry of Finance both issued statements.
Putin’s thoughts on crypto mining
"Start with an issue that is currently in the spotlight - cryptocurrency legislation," Trump said in his first video call with Russian authorities on Wednesday.
"Sure, we have certain competitive advantages, especially in the mining industry. That is, the country's vast power and skilled workforce."
Russian energy is expected to cost $0.06 per kilowatt-hour for residential and $0.08 for business consumption in spring 2021. In comparison, 1 kWh of electricity in France costs $0.2, whereas in Russia it costs $0.14.
He also requested the country's central bank to schedule a meeting with his administration soon to discuss crypto currency
Last Thursday, the Russian central bank proposed banning all cryptocurrency trading and mining inside the country. The risks of bitcoin are "far bigger for underdeveloped economies, particularly Russia," the study concludes.
Russia's central bank has long feared cryptocurrencies. Russia's Central Bank chief, Elvira Nabiullina, announced in December 2021, "We cannot accept crypto investments."
On Wednesday, Russian Finance Minister Ivan Chebeskov urged regulation rather than a blanket prohibition. He highlighted that banning bitcoin would cause the country to fall behind the global technology industry.
"The Central Bank does not block our technical progress and is taking the required steps to implement cutting-edge technology in this sector," Putin told his legislators.
The currency's "severe volatility" poses "certain threats" to rising cryptocurrency adoption, according to Putin.
While the Russian central bank has long been wary of bitcoin, Putin's position has been vague. In November 2021, he said that bitcoin is "unbacked" and "very volatile."
Prototype testing for a digital ruble was announced by the central bank in 2020.
The proposed crypto ban would "destroy several areas of the high-tech economy," according to Telegram CEO Pavel Durov
Putin sees bitcoin mining as beneficial to Russia + Thailand to regulate crypto as a payment method
- Vladimir Putin has given hope to crypto enthusiasts worried about the future of digital assets in Russia, which has been endangered by recent efforts to prohibit cryptocurrencies and mining.
- Bitcoin will be regulated as a means of payment in Thailand to "prevent any negative effects for the country's financial stability and economic system." Thai Securities and Exchange Commission and Ministry of Finance both issued statements.
Putin’s thoughts on crypto mining
"Start with an issue that is currently in the spotlight - cryptocurrency legislation," Trump said in his first video call with Russian authorities on Wednesday.
"Sure, we have certain competitive advantages, especially in the mining industry. That is, the country's vast power and skilled workforce."
Russian energy is expected to cost $0.06 per kilowatt-hour for residential and $0.08 for business consumption in spring 2021. In comparison, 1 kWh of electricity in France costs $0.2, whereas in Russia it costs $0.14.
He also requested the country's central bank to schedule a meeting with his administration soon to discuss cryptocurrencies.
Last Thursday, the Russian central bank proposed banning all cryptocurrency trading and mining inside the country. The risks of bitcoin are "far bigger for underdeveloped economies, particularly Russia," the study concludes.
Russia's central bank has long feared cryptocurrencies. Russia's Central Bank chief, Elvira Nabiullina, announced in December 2021, "We cannot accept crypto investments."
On Wednesday, Russian Finance Minister Ivan Chebeskov urged regulation rather than a blanket prohibition. He highlighted that banning bitcoin would cause the country to fall behind the global technology industry.
"The Central Bank does not block our technical progress and is taking the required steps to implement cutting-edge technology in this sector," Putin told his legislators.
The currency's "severe volatility" poses "certain threats" to rising cryptocurrency adoption, according to Putin.
While the Russian central bank has long been wary of bitcoin, Putin's position has been vague. In November 2021, he said that bitcoin is "unbacked" and "very volatile."
Prototype testing for a digital ruble was announced by the central bank in 2020.
The proposed crypto ban would "destroy several areas of the high-tech economy," according to Telegram CEO Pavel Durov.
Thailand is considering regulating cryptocurrency as a payment option
Bitcoin will be regulated as a means of payment in Thailand to "prevent any negative effects for the country's financial stability and economic system." Thai Securities and Exchange Commission and Ministry of Finance both issued statements.
The Thai Securities and Exchange Commission (SEC) and the Thai Ministry of Finance (MOF) announced their intention to regulate cryptocurrencies as a payment method on Tuesday.
Putin sees bitcoin mining as beneficial to Russia + Thailand to regulate crypto as a payment method
- Vladimir Putin has given hope to crypto enthusiasts worried about the future of digital assets in Russia, which has been endangered by recent efforts to prohibit cryptocurrencies and mining.
- Bitcoin will be regulated as a means of payment in Thailand to "prevent any negative effects for the country's financial stability and economic system." Thai Securities and Exchange Commission and Ministry of Finance both issued statements.
Putin’s thoughts on crypto mining
"Start with an issue that is currently in the spotlight - cryptocurrency legislation," Trump said in his first video call with Russian authorities on Wednesday.
"Sure, we have certain competitive advantages, especially in the mining industry. That is, the country's vast power and skilled workforce."
Russian energy is expected to cost $0.06 per kilowatt-hour for residential and $0.08 for business consumption in spring 2021. In comparison, 1 kWh of electricity in France costs $0.2, whereas in Russia it costs $0.14.
He also requested the country's central bank to schedule a meeting with his administration soon to discuss cryptocurrencies.
Last Thursday, the Russian central bank proposed banning all cryptocurrency trading and mining inside the country. The risks of bitcoin are "far bigger for underdeveloped economies, particularly Russia," the study concludes.
Russia's central bank has long feared cryptocurrencies. Russia's Central Bank chief, Elvira Nabiullina, announced in December 2021, "We cannot accept crypto investments."
On Wednesday, Russian Finance Minister Ivan Chebeskov urged regulation rather than a blanket prohibition. He highlighted that banning bitcoin would cause the country to fall behind the global technology industry.
"The Central Bank does not block our technical progress and is taking the required steps to implement cutting-edge technology in this sector," Putin told his legislators.
The currency's "severe volatility" poses "certain threats" to rising cryptocurrency adoption, according to Putin.
While the Russian central bank has long been wary of bitcoin, Putin's position has been vague. In November 2021, he said that bitcoin is "unbacked" and "very volatile."
Prototype testing for a digital ruble was announced by the central bank in 2020.
The proposed crypto ban would "destroy several areas of the high-tech economy," according to Telegram CEO Pavel Durov.
Thailand is considering regulating cryptocurrency as a payment option
Bitcoin will be regulated as a means of payment in Thailand to "prevent any negative effects for the country's financial stability and economic system." Thai Securities and Exchange Commission and Ministry of Finance both issued statements.
The Thai Securities and Exchange Commission (SEC) and the Thai Ministry of Finance (MOF) announced their intention to regulate cryptocurrencies as a payment method on Tuesday.
Given the benefits and risks of crypto assets, the three agencies feel "it is vital to control the use of digital assets as a mode of payment for goods and services to prevent harmful consequences on the country's financial stability and economic system."
The authorities recognized that cryptocurrency companies have been marketing services related to the use of cryptocurrencies as a payment method, including the construction of crypto settlement systems.
Because of this, digital assets may become more widely accepted as a method of payment, affecting financial stability and the whole economic system.
These include "price volatility, cybertheft, personal data leakage, and money laundering."
According to the letter, regulators would "explore utilizing authorities in accordance with existing legislative frameworks" to prevent the widespread use of digital assets as payment.
SEC Secretary-General Ruenvadee Suwanmongkol remarked that the SEC's objective is to promote the development of digital asset firms while safeguarding consumers.
Bank of Thailand Governor Sethaput Suthiwartnarueput stated:
Currently, widespread use of digital assets to pay for goods and services threatens the country's economic and financial structure. As a consequence, careful oversight is essential.
"However, good regulatory frameworks should support technology and digital assets that do not pose such risks," he said.
Comments
Post a Comment