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Chinese Bitcoin [BTC] The mining ban proposed by the country's macroeconomic planning agency has crossed the market with FUD, pushing many to speculate on which country could badume the role of mining. Mati Greenspan, the main eToro market, has reneged on its position.
In an exclusive interview with AMBCrypto, Greenspan highlighted two main reasons that would be prime factors for cryptocurrency miners. First, the country will have to accumulate a considerable amount of "cheap renewable energy" and, secondly, the country's legislation and attitude should be "cryptographically friendly".
Separating from Japan and South Korea, which adopted crypto-cryptography-friendly legislation and a pro-crypto-encrypted population, Greenspan asked Canada and Russia to take over. In his words:
"The two most important are Canada and Russia. Both have seen their mining activity increase significantly in recent times. "
To justify his choice of Canada as a mining paradise, Greenspan referred to a article Wall Street Journal, entitled "Bitcoin in the desert." The article said that Bitcoin mining could "monetize energy via the Internet" by using wasted natural gas for Bitcoin production.
The wasted 'natural gas', a byproduct of oil extraction, was used for the production of superior cryptocurrency by Black Pearl Resources, a Canadian mining field. Ryan Wartman, a field production foreman told WSJ:
"We are using it to bring us back below the amount regulated by the government that we can free up and continue to produce oil."
On Russia as China's potential successor, Greenspan said that "Russia is extremely pro-crypto". He added that his leaders are introducing legislation for the industry that could come into effect later this year.
According to Kremlin.ru, the official website of the President of the Russian Federation, Vladimir Putin, a document was published which instructed the Federal Assembly, the national legislature of Russia, to regulate cryptocurrency before July 1, 2019.
In addition, this list of regulatory requirements will also address other aspects related to cryptography, such as initial coin offers. [ICOs] and cryptocurrency extraction. With the ban proposed by China to return from a public consultation in early May after the possibility of a total ban, Russian crypto legislation in July is all the more important.
In early 2018, during the cryptocurrency race, Putin said the Russian government should enact legislation allowing people to trade not only in Bitcoin, but also in other virtual currencies.
Greenspan concluded:
"My feeling is that Russia is only intensifying its efforts to be crypto-friendly, rather than reducing it."
Recently, a report Reuters said that the lower house of the Russian parliament had voted in favor of a bill on the Internet aimed at strengthening the country's "sovereignty" over the Internet. The bill would allow Russian web traffic and data to transit through a channel controlled by "designated authorities" to create a national "domain name system".
The report adds that the main objective of this bill is to "defend the country after the US has adopted what they described as aggressive new cybersecurity policies in the US last year" . Some crypto-verses have suggested that this could potentially stifle the virtual currency sector, but Greenspan did not agree.
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