What to know:
- Russian President Vladimir Putin said nobody has the power to ban bitcoin and that crypto will naturally continue to develop.
- The Russian president spoke at the Russia Calling conference in Moscow on Wednesday.
- Last week, Putin signed a law that declares cryptocurrencies as property, a significant step in regulating the industry.
As a seasoned crypto investor with a decade of experience under my belt, I find President Putin’s stance on cryptocurrencies intriguing and promising. Having weathered numerous market fluctuations and witnessed the digital currency landscape evolve significantly, I can confidently say that no authority can truly ban Bitcoin or its brethren.
In simpler terms, according to reports by the Russian news agency RIA, President Vladimir Putin stated that it is impossible for anyone to prohibit digital currencies like Bitcoin from continuing to exist and grow.
“Putin stated at a Moscow investment conference that nobody can outlaw Bitcoin or other digital payment methods. These are advanced technologies, and even if the US dollar falters, they will continue to evolve because people will always seek cheaper and more reliable options.
Last week, Putin approved a law categorizing digital currencies as property for use in international transactions within an experimental legal framework, marking a substantial move towards regulating cryptocurrencies.
Russia has taken a step in its developing plan to bypass economic penalties imposed by Western nations after its conflict with Ukraine, by making it legal for cross-border transactions using cryptocurrencies. Despite this, the use of these digital currencies is still prohibited as legal tender within the country.
Russia is currently conducting trials of its Central Bank Digital Currency (CBDC), aiming for a release in July 2025. Initially tested with 12 banks, the scope of these trials has been broadened to involve approximately 9,000 individuals, up from an initial 600 participants in September.
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2024-12-04 19:04