At the “Russia Calling!” Investment Forum in Moscow, President Vladimir Putin addressed Bitcoin’s role as a means of payment. In his statement, he said “Who can ban Bitcoin? Nobody.” He added, “The use of other electronic means of payment—who can ban that? Nobody.”
According to Putin, these are new technologies, and no matter what happens with the dollar, these payment systems will continue to develop. He emphasized that the main reason for this is that everyone wants to reduce costs and increase reliability in financial transactions.
This positive praise for Bitcoin is coming just a few weeks after Russia integrated cryptocurrencies into its financial system. On Nov 29, Putin signed a law recognizing digital assets, such as Bitcoin, as legal property. This new law allows Russians to use digital assets for foreign trade settlement.
Additionally, the Russian Federation Council approved a crypto tax bill, which treats Bitcoin and other digital currencies as property. The bill aims to regulate and tax cryptocurrency activities within Russia.
This step also aligns with Putin’s earlier remarks on the inevitability of cryptocurrency adoption, due to its potential to improve cost-effectiveness and enhance the reliability of payment systems.
Meanwhile, Putin’s position on Bitcoin is not entirely new, as the Russian president had previously acknowledged the importance of digital currencies but also called for regulatory guidance.
However, his recent remarks at the “Russia Calling!” forum demonstrates a clearer openness toward the use and development of cryptocurrencies in Russia.
Also Read: Why Bitcoin Dropped to $65k in South Korea?
