#比特币政策 $BTC Why did President Putin call out Bitcoin? And it was after the US election. Russian President Putin's speech at the Russia Calling investment forum may seem brief, but it actually contains profound and multi-dimensional meanings, which may reflect the issues that many people are focusing on.
“Who can ban Bitcoin? No one. Who can ban the use of other electronic payment methods? No one. Because these are new technologies,” Putin declared.
Bitcoin is a decentralized world built by blockchain technology. In this world, transaction information is encrypted and stored in countless nodes around the world. No single entity can dominate everything. This is the core secret of its difficulty to be banned. Its efficient electronic payment method has long been deeply integrated into modern economic life. Its convenience is as indispensable as air. It is simply a fantasy to want to kill it.
Let’s look at what Putin mentioned: “No matter what the future of the dollar is, these tools will develop in one way or another because everyone is working to reduce costs and increase reliability.”
The US dollar, a giant that has long dominated the international monetary system, is now facing many challenges and uncertainties. Cryptocurrency is like a dark horse, galloping with the mission of breaking the shackles of traditional finance. It attracts countless dreamers and adventurers around the world with its extremely low transaction costs, cross-border transaction convenience, and reliability guaranteed by blockchain technology.
Putin called out Bitcoin at this time. Let's analyze it. There may be the following reasons:
Dealing with Western sanctions
Foreign exchange reserve security issues: After the outbreak of the Russian-Ukrainian conflict, the United States and its allies froze about $300 billion of Russia's foreign exchange reserves, and the G7 is also discussing the use of these funds to support Ukraine. For example, the United Kingdom provided Ukraine with a $3 billion loan using profits generated by frozen Russian assets in October 2024. This made Russia realize that there is a huge risk of foreign exchange reserves being confiscated. In contrast, cryptocurrencies such as Bitcoin are difficult to be directly frozen or confiscated by a single country or organization, providing Russia with a viable alternative for asset storage and trading.
Seeking new ways to trade: Russia is excluded from the dollar-dominated SWIFT financial information system, which has seriously hindered its international trade settlement. The decentralized nature of cryptocurrencies such as Bitcoin enables it to bypass the restrictions of the traditional financial system, providing a new possibility for Russia to trade with other countries and helping Russia maintain and expand its international trade.
Pursuing financial independence
Reduce dependence on the US dollar: The US dollar has long dominated the international financial system, but the United States often uses the dollar as a political tool to impose economic sanctions on other countries, which has weakened the stability and credibility of the dollar as a global reserve currency. Putin's emphasis on the non-banning of cryptocurrencies such as Bitcoin is a strategic choice for Russia to reduce its dependence on the US dollar and reduce the impact of US economic sanctions. It will help Russia enhance its financial sovereignty and build a more independent and diversified financial system.
Establishing a new financial order: Supporting Bitcoin is also an attempt by Russia to gain greater voice and influence in the global financial landscape. As the cryptocurrency market continues to grow, if Russia can establish a complete regulatory and application system in the field of cryptocurrency, it will help it occupy a favorable position in the future global financial order and explore and shape more fair and reasonable international financial rules with other countries.
Recognize technology trends
The inevitability of the development of new technologies: Putin recognizes that the blockchain technology on which cryptocurrencies such as Bitcoin are based is an innovative and disruptive new technology, and its development is an unstoppable trend. This new technology provides higher efficiency, lower costs and stronger security for financial transactions, which is in line with the general direction of the digital transformation of the global economy. Therefore, Russia needs to follow this trend, actively explore and utilize cryptocurrencies and related technologies, and promote the development of its own financial technology.
Alternatives to electronic payments: In addition to Bitcoin, Putin also mentioned that there will be alternatives to electronic payment systems in the future. With the continuous advancement of technology, people have higher and higher requirements for the convenience, security and efficiency of payment methods, and traditional electronic payment methods are facing the pressure of continuous innovation and upgrading. Cryptocurrency, as a new type of electronic payment method, has unique advantages and potential. It is necessary for Russia to make early arrangements and occupy a place in the field of electronic payment.
Domestic economic development needs
Attract investment and innovation: By recognizing the legitimacy of cryptocurrencies and establishing a corresponding regulatory framework, Russia can attract more domestic and foreign investment into cryptocurrencies and related fields, such as blockchain technology research and development, cryptocurrency trading platform construction, etc., thereby promoting the development of the domestic financial technology industry, cultivating new economic growth points, and injecting impetus into the diversification and sustainable development of the Russian economy.
Taxation and fiscal revenue: The law signed by Putin that clearly identifies cryptocurrencies as "property" and establishes a tax framework will be officially implemented on January 1, 2025, which will bring new sources of tax revenue to Russia. As the cryptocurrency market continues to expand, related tax revenue is expected to become an important supplement to Russia's fiscal revenue, providing financial support for the country's infrastructure construction, social welfare improvement, etc.
Based on the above analysis and understanding, this is undoubtedly a great opportunity for the cryptocurrency industry to overtake. Practitioners seem to have heard the clarion call of the charge. They know that as long as they keep moving forward along the path of reducing costs and improving reliability, they can seize the initiative in this wave of financial change. For cryptocurrency users, this is even more of a grand carnival. Imagine a world that is no longer bound by the cumbersome procedures and high costs of traditional finance, where your wealth can freely shuttle around the world, transactions are completed instantly, and privacy is extremely protected.
Putin's words are like a key that opens the door to a treasure trove of infinite possibilities. Investors see the broad prospects of soaring cryptocurrency values, and users experience unprecedented trading freedom. However, we must also be aware that although Putin's remarks have injected strong momentum into the cryptocurrency industry, the road ahead is still full of thorns. But why not? In this new financial era, cryptocurrency is writing its own legend with an unstoppable momentum. And Putin's words are undoubtedly a booster, inspiring countless people to join in.
