Russian President Vladimir Putin stated on Wednesday in public comments that nobody has the power to ban Bitcoin or other crypto assets and that they will continue to evolve and rise in popularity.
Speaking during a keynote speech at the 15th VTB ‘Russia Calling’ Investment Forum in Moscow, Putin discussed the supremacy of the dollar and other payment options. He noted the emergence of new technologies, citing the premier crypto as an example of an unstoppable asset.
“We see processes with the use of other instruments. For instance, Bitcoin. Who can prohibit the use of it? No one. And who can prohibit the use of other electronic means of payment? Nobody. Because these are new technologies and no matter what happens to the dollar, these tools will develop one way or another because everyone will strive to reduce costs and increase reliability,” state news agency RIA quoted him saying.
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Russian President Putin says “who can ban #Bitcoin?”
“Nobody” pic.twitter.com/EMCTN8gJDP
— BRICS News (@BRICSinfo) December 4, 2024
Russian President Putin says “who can ban Russia’s Easing Stance On Bitcoin
While Russia previously banned Bitcoin mining and payments, Putin has since changed his tune and now talks about how cryptocurrencies can be used to send money across borders.
Putin has also previously discussed mining crypto assets. Back in 2022, he said that Russa had “certain competitive advantages” in the sector thanks to its surplus of energy. In August, the Russian leader greenlighted crypto mining in the country.
And in October, the Russian legislature passed another bill legalizing the use of cryptocurrencies to make international payments. The action was part of Russia’s apparent effort to skirt the harsh economic sanctions that have been imposed on the pariah state following its unprovoked invasion of Ukraine.
Last week, Putin signed a law recognizing digital currencies as a form of property in foreign trade settlements within the country’s experimental legal crypto regime. The new framework is a huge step in crypto regulation in the jurisdiction.
Meanwhile, Russia is on track to launch its central bank digital currency initiative, the digital ruble, by July 1, 2025.