Vladimir Putin openly showed his support for cryptocurrencies & indirectly tried to ditch the US dollar by calling digital assets as an alternative payment option.
Vladimir Putin has been president of Russia since 2012. Russia is a very big jurisdiction for the crypto sector, as a very big fraction of the population invests in cryptocurrencies. Despite people’s significant inclination toward crypto space, the government of Russia was never certain about adoption plans. Many times, the Bank of Russia, the central bank of the country, proposed a crypto blanket ban plan, but other government agencies suggested regulating the sector under new rules & laws instead.
On 4 Dec 2024, Speaking during a keynote speech at the 15th VTB ‘Russia Calling’ Investment Forum in Moscow, Russian President Vladimir Putin said that people can easily process payment with the use of other alternative instruments. For example, no one can prohibit the use of Bitcoin for trade settlement without anyone’s restriction.Putin emphasised that no one can impose a ban on the use of digital cryptocurrencies.Furthermore, Putin stated that digital assets-backes payment methods “will continue to develop because everyone will try to reduce costs and make these instruments more reliable. This is inevitable.”
Russian President Vladimir #Putin said that the use of cryptocurrencies is a better way to reduce the cost of payment services, and #Bitcoin, like other cryptocurrencies, will continue to grow worldwide because no one can ban them. pic.twitter.com/RsL1VC86I1
— Bitcoinik (@Bitcoinikdotcom) December 4, 2024
Earlier a week ago, Putin signed a new bill recognizing cryptocurrencies as property in foreign trade settlements. The new law also exempts value-added tax (VAT) against the sale of cryptocurrencies by crypto miners.
https://t.co/HX8e2LDLcfRussian President #Putin Signs New Law Expanding State Control Over #Cryptocurrency Sector, Targets Mining and Financial Tracking
— Bitcoinik (@Bitcoinikdotcom) October 27, 2024
Many experts claimed that Putin signed crypto-friendly laws in support of Bitcoin & cryptocurrency to help the economy and reduce dependence on traditional financial systems, particularly the US dollar.
As we know, over the last 3 years, Russia & other countries decided to establish a new international currency to reduce their dependence on the US dollar.Just a few days ago, President Donald Trump showed his aggression against BRICS countries, & said that if they establish & use the BRICS currency, then they will not be allowed to use US dollar-based payment services.
The idea that the BRICS Countries are trying to move away from the Dollar while we stand by and watch is OVER. We require a commitment from these Countries that they will neither create a new BRICS Currency, nor back any other Currency to replace the mighty U.S. Dollar or, they…
— Donald J. Trump (@realDonaldTrump) November 30, 2024
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