Today, Russian President Vladimir Putin expressed his growing support for cryptocurrency and blockchain technologies during discussions at the ongoing BRICS Summit. He emphasized the importance of cryptocurrencies in bypassing the U.S. dollar for global trade, aligning with broader BRICS goals of “de-dollarization.” Russia, along with other BRICS members, is exploring blockchain-based payment systems and using crypto assets like Bitcoin for international trade.
Putin also recently enacted laws advancing crypto mining in Russia, categorizing it as a legitimate economic activity. This move positions Russia as a potential leader in the global crypto market while balancing innovation with regulatory oversight. These developments signal Russia’s strategy to integrate crypto into its economy amid international sanctions.
The market response to these announcements has been mixed. While the broader sentiment supports crypto adoption, some analysts suggest caution due to geopolitical implications and regulatory uncertainties. These factors could increase interest in decentralized cryptocurrencies like Bitcoin and Ethereum but may also heighten volatility.
