Russian President Putin: "Nobody Can Ban Bitcoin"
Russian President Vladimir Putin affirmed that Bitcoin and digital assets will continue to develop despite efforts to ban them.
Appearing at the 15th "VTB Russia Calling" investment forum taking place in Moscow (Russia), President Vladimir Putin gave a speech focusing on important macroeconomic trends, sharing about emerging technologies and strengthening Russia's financial sovereignty.
When the discussion turned to the topic of emerging technologies, the Russian President shared about digital assets, Mr. Putin stated that "Nobody can ban Bitcoin... as well as other digital assets".
President Vladimir Putin also compared Bitcoin to electronic payment methods in the early days of their appearance, which received mixed opinions about their applicability as well as facing bans. Ultimately, time has proven that they cannot be banned by any individual or organization because "these are new technologies," Putin asserted.
The Russian president also emphasized that the "vigorous vitality" of these new technologies will still exist and develop over the years, regardless of what happens to the US dollar (USD), "because in the future everyone wants to optimize costs and increase reliability," Putin declared.
⚡️WHO CAN PROHIBIT BITCOIN? NO ONE! — PUTIN pic.twitter.com/bwCqjh6fb4
— Sputnik (@SputnikInt) December 4, 2024
Putin's comments come as Russia is stepping up its efforts to legalize cryptocurrencies through a law recognizing digital assets, including adjusting tax regulations for this new type of asset.
Before President Vladimir Putin signed the law recognizing cryptocurrencies as property, the head of Russia also passed the crypto mining law in August 2024. Previously, the Governor of the Central Bank of Russia, Ms. Elvira Nabiullina, also announced plans to deploy an international crypto payment system in 2024.
The move to legalize the use of crypto in the country has been "rushed" by Russia since 2022, in order to "avoid" sanctions from the US and Western countries related to the war in Ukraine, which has put pressure on the country's payment system.
Since then, the Russian government has continuously "opened the door" to cryptocurrencies by supporting organizations to test crypto payments, establishing an international payment system based on blockchain, or passing a bill on the digital ruble (CBDC).