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Banning Crypto May Lead To The Opposite Result , Russia’s Former President

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Former Russian President Dmitry Medvedev has also expressed his views on the topic of cryptocurrency in the country.

According to a local news outlet, Tass, Medvedev believes that enforcing the crypto prohibition proposed by Russia’s Central Bank will have the opposite effect.

He noted that because the idea is motivated, he expects the bank and the government to reach an agreement that will settle the situation.

Dmitry Medvedev noted:

“I now have a rather advantageous position in this sense: I believe that representatives of the Central Bank and the government of the Russian Federation will deal with this with success. Although, to be honest, when they try to ban something, very often it leads to the opposite result.”

Medvedev’s remark follows the publication on January 20th of a report by Russia’s Central Bank proposing a total ban on crypto and its uses in the country, including crypto trading, mining, and other related activities.

Cryptocurrencies, according to the bank, are highly volatile and are employed in criminal operations. The bank also argued that crypto makes it simple for consumers to withdraw funds from the national economy.

Following the publication of the proposal on January 20th, a number of prominent figures in the country expressed their displeasure. Even the Ministry of Finance has spoken out against a blanket ban on cryptocurrency in the country.

During a videoconference meeting with the nation’s senior leaders on January 26th, Russia’s President, Vladimir Putin, joined the discussion. He stressed that Russia has a competitive advantage over crypto mining because of the country’s abundant electricity and well-trained workforce.

During the discussion, Putin requested that the Central Bank and the Ministry of Finance find an agreement on the important issue.

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As Vladimir Putin pointed out:

“The Central Bank does not stand in our way of technological progress and is making the necessary efforts to introduce the latest technologies into this area of activity.”

“Although, of course, we have certain competitive advantages here, especially in the so-called mining, referring to the electricity surplus and well-trained, available personnel in the country.”