Mining
Putin Warns of Power Shortages from Bitcoin Mining and Calls for Expansion of CBDC
Thursday. July 18 at 2:00 PM
1 min. readRussian President Vladimir Putin has cautioned about potential power shortages due to crypto mining, urging for the growth of the central bank digital currency (CBDC), the digital rouble. He highlighted concerns over uncontrolled electricity consumption by Bitcoin and other mining facilities, leading to shortages in regions like Irkutsk, Buryatia, and Trans-Baikal Territory. Putin emphasized the need for federal mining legislation to address taxation, tariffs, and energy usage. Lawmakers are set to discuss regulations allowing approved companies for large-scale mining while potentially banning it in energy-deficient areas. Additionally, Putin advocated for the wider adoption of the digital rouble, citing successful pilot programs with banks, individuals, and businesses. Russia aims to use the digital rouble domestically by 2025 and internationally for cross-border transactions. The country is also exploring blockchain's potential for secure communication and voting. Disclaimer: The opinions expressed are personal and not investment advice.