Putin says Russia has a competitive advantage because of its large oil reserves. He said he would like to ‘tax and regulate’ rather than banning it.

The President supports the proposal to restrict mining. It would protect the environment and create industries in areas with an abundance of electricity, such as Irkutsk, Krasnoyarsk, and Karelia.

The President’s comments came in line with the fact that Russia ranks only third on the list of crypto-mining countries based on hash rate distribution.

It is likely that the president's public comments this week will help convince senators to approve the proposals.

The president of the Russian Central Bank urged his country's central bank to cooperate with Putin on the crypto policy.