Vladimir Putin Says ‘Nobody Can Ban Bitcoin,’ Stresses Crypto Will Develop ‘One Way Or The Other’
By Benzinga
Russian President Vladimir Putin firmly asserted that Bitcoin (CRYPTO: BTC) and digital assets are unstoppable, describing them as essential tools for reducing costs and enhancing financial reliability.
What Happened: Speaking at the Investment Forum in Moscow on Dec. 4, Putin stated, “Who can ban Bitcoin? Nobody. And, who can prohibit the use of other electronic means of payment? Nobody. Because they are new technologies. And no matter what happens to the dollar, these tools will develop one way or the other because everyone will strive to reduce costs and increase reliability.”
This strong endorsement of digital currencies comes on the heels of Putin signing a law that formally recognizes cryptocurrencies as property in Russia.
The law, which exempts crypto mining and sales from value-added tax (VAT), also removes tax liabilities for transactions conducted via electronic payment systems (EPR).
Why It Matters: By establishing a clear legal framework, the legislation is expected to accelerate the adoption of digital assets within Russia’s financial ecosystem.
Putin’s comments also reflect Russia’s strategic interest in leveraging Bitcoin for geopolitical and economic advantages.
During the Ukraine conflict, Bitcoin was utilized to mitigate the impact of Western sanctions.
Moreover, at the recent BRICS summit, discussions highlighted the use of cryptocurrencies for cross-border payments, showcasing their potential to challenge traditional financial systems.
Putin’s proactive stance on Bitcoin appears to counter U.S. initiatives, particularly President-elect Donald Trump‘s plan to build a strategic Bitcoin reserve.
While advocating for cryptocurrencies, Putin also addressed economic concerns, urging the Russian government and central bank to tackle the nation’s persistently high inflation, which currently stands at nearly 9%.
“It is necessary to curb inflation, which is currently at a fairly high level,” Putin said during his remarks.
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