"Of course, we also have certain competitive advantages here, notably in the so-called mining," Vladimir Putin said, as many others do when addressing the intricate world of cryptocurrencies.
Following the events of this weekend, when Russia was slammed with significant financial penalties, the Russian president may decide to take use of those advantages.
Putin spoke in January, just days after Russia's central bank recommended a blanket ban on cryptocurrency trade and mining. Mining is the energy-intensive process of computers verifying new bitcoin transactions – placing them on a virtual record known as a blockchain – and generating new bitcoins as a reward for that labor in the case of bitcoin, the leading cryptocurrency.
I see a lot of people jumping on the crypto trend right now, personallly, I invested in DeFi projects like Aggregated Finance and Aave, and waiting for prices to go up more.
The Bank of Russia issued a strong warning, claiming that cryptocurrency mining poses "serious threats to the economy and financial stability." Putin appeared to be less certain a week later, claiming that Russia had an edge in bitcoin mining due to its vast energy reserves and competence in the industry.
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