On Tuesday, Vladimir Putin, President of the Russian Federation, voiced his criticism at the "Russian Calling" investment forum in Moscow. According to local news outlet lenta.ru, the president fabricated the following remarks, every bit translated by Cointelegraph:

"It is non backed past annihilation, [and] the volatility is colossal, and then the risks are very high. Nosotros also believe that we demand to heed to those who talk most those loftier risks."

Putin chosen for the greater monitoring and regulation of cryptocurrencies and pointed out that certain countries worldwide are seeing pregnant adoption of digital currencies. Currently, cryptocurrency regulation is still in its infancy in Russian federation. Although the government is considering the launch of a central bank digital currency, at least viii federal laws and 5 legislative codes must be changed for the digital ruble to take issue.

Furthermore, no regulation exists in the country regarding cryptocurrency mining. This has led some to claim that $2 billion in crypto mining revenue is generated annually in Russia, but on that, no taxes are paid. Due to the lack of a regulatory framework, cryptocurrency use has soared among ordinary Russians, with transactions surpassing $v billion each year.

In other parts of the former Soviet Union, cryptocurrencies are likewise apace gaining in traction. Kazakhstan has become the earth's largest Bitcoin (BTC) miner by hash rate, and its president is seeking to collect more than taxes from such activities to fund the land's expenses. In Ukraine, the regime is actively encouraging legal crypto operations. Final year, the Polish city of Olsztyn began adopting the Ethereum (ETH) blockchain for emergency services.