Hi HODLers,
As usual there isn't a dull day in the CryptoWorld.
One of today's main news is Vladimir Putin who stated that Russia has "certain competitive advantages" when considering Bitcoin mining.
What are these advantages?
I definitely believe so as they have a big energu producer with a lot of Hydro and Nuclear power production. Also, the climate and remoteness of some of their electricity facilities would allow miners to access cheap electricity and even to buy land to install their mining operations for quite cheap.
Finally, the coldness of most of these places would help to act as a natural cooler to these datamining centers.
Finally, Russia has a lot of well trained personnel available and probably already working on Bitcoin matters.
Make sense right?
Nevertheless, Putin respects the Central Bank's position on the topic as he stated:
"As for cryptocurrencies, the central bank has its own position, it is related to the fact that, according to experts of the central bank, the expansion of this type of activity carries certain risks, and above all for the citizens of the country, given the high volatility and some other components of this topic,"
He just mentioned maybe there should be more discussions between the central bank and other parties involved.
This new love for Bitcoin comes with the increase in tensions in Ukraine and talks about cutting Russia out of the SWIFT (and therefore financial markets). Putin, sees Bitcoin as a way to stay connected to the financial world without US and allies banning them from it.
Well, this is the power of decentralization, isn't it?
Sources:
- Putin Says Russia Has 'Competitive Advantages' in Bitcoin Mining
- Vladimir Putin Offers Hope for Crypto in Face of Central Bank Call for Ban