Russian President Vladimir Putin recently stated at an investment forum in Moscow that the development of Bitcoin and other cryptocurrencies is unstoppable, regardless of the fate of the dollar, this emerging technology will continue to advance and cannot be prohibited.
According to reports from Russian state media (RIA Novosti), Putin stated at the forum: 'For example, Bitcoin, who can prohibit it? No one can prohibit it.' He continued to say:
The use of other electronic payment tools, who can prohibit it? No one can prohibit it. Because these are all brand new technologies. Regardless of what happens to the dollar, these tools will continue to develop in some way, as the world is pursuing ways to reduce costs and improve reliability.
Russia opens up cryptocurrency cross-border payments
Just last week, Putin signed a new law that officially classifies digital currencies as a form of 'property' that can be used for foreign trade settlements, marking an important milestone in cryptocurrency regulation in Russia. This move signifies that Russia is accelerating its embrace of digital assets as a strategy to break through economic sanctions while countering Western restrictions.
Since the outbreak of the Russia-Ukraine war, sanctions from Western countries such as the United States have severely impacted the Russian economy, prompting the country to rethink alternative solutions for cross-border payments. Although cryptocurrencies are currently still banned from circulating as legal tender domestically, Russia has begun to legalize them for international trade payments.
Central Bank Digital Currency (CBDC) testing accelerates
In addition to cryptocurrencies, Russia is also actively promoting the development of Central Bank Digital Currency (CBDC), which is seen as an important tool for Russia to cope with financial pressure.
Russia's 'Digital Ruble' is expected to be officially launched in July 2025, and large-scale testing is currently underway. The number of testers for the 'Digital Ruble' will expand from 600 to 9,000 in September this year, and it will collaborate with 12 banks for trials.
"Cryptocurrency is unstoppable! Putin shocks with a statement: Bitcoin cannot be banned by anyone" This article was first published on (Blockcast).
