Russian President Vladimir Putin said at a meeting on economic issues with the government that cryptocurrency mining requires a significant amount of electricity.

According to the head of state, if the process remains uncontrolled, a number of regions will experience a shortage of resources for social infrastructure, and then new companies and social facilities will face supply disruptions.

“What should attract our attention here and what is alarming here? Uncontrolled growth in electricity consumption for cryptocurrency mining may lead to a power shortage in certain regions. And this has already been noted in the Irkutsk Region, Buryatia, and the Trans-Baikal Territory,” Vladimir Putin noted.

The head of state noted that it is necessary to adopt systemic decisions at the federal law level to solve the problem. In addition, he reported that decisions concerning the taxation of miners are currently being worked out.

During the meeting, the issue of further use of the digital ruble was also discussed. As the president emphasized, the digital ruble has proven its sustainability, and the scope of application of the asset should be expanded.

Vladimir Putin called on the meeting participants to do everything possible to create conditions for the development of digital assets both in the domestic economy and in foreign trade.

Earlier, Deputy Chief of Staff of the Russian Presidential Executive Office Maxim Oreshkin said that regulators in Russia and India are working on the issue of using digital financial assets for joint trading.