Russia’s Vladimir Putin Says No One Can Ban Bitcoin

President Vladimir Putin teased the idea that Russia and the BRICS countries should create a digital asset, insisting that blockchain technology is here to stay.

Speaking on the first day of the 15th VTB Investment Forum, Putin has argued that Bitcoin and digital innovations will continue to develop. He noted that Russia and the BRICS are pursuing means to tap blockchain technology to make cross-border transactions easier.

The president insisted that as the world’s dependence on the dollar is reducing, countries globally are pursuing newer, better alternatives to settlement. Notably, he mentioned Bitcoin as an emerging means of transactional settlements.

Putin Says No One Can Ban Bitcoin

The Russian president described Bitcoin as a decentralized technological innovation. He noted that no government or country can control the asset or ban its usage. 

Hence, Russia and the global market are turning their attention to the digital asset, with the president calling the move “inevitable.”. Putin further asserted that the use of Bitcoin would continue to go mainstream as countries pursue means to ease cross-border transactional costs and trade more reliably.

Putin Said, “Who can ban Bitcoin? Nobody. And who can prohibit using other electronic means of payment? Nobody. Because these are new technologies, and no matter what happens to the dollar, these tools will happen one way or another because everyone will strive to reduce costs and increase reliability.”

Notably, Russia has adopted the use of cryptocurrencies for cross-border payments. In August, Putin signed a bill in collaboration with the Bank of Russia, allowing the country to transact with other international bodies using Bitcoin.

Russia’s Easing Stance on Cryptocurrency

Meanwhile, the Russian government has continued to change its stance toward cryptocurrency over the years. Previously, the mining of digital assets was strictly prohibited in the country.

However, as Western sanctions rained down on Russia, it turned to other means of secure transactional settlements. Meanwhile, the state has eased its stern crypto disposition, viewing the currency as a means of payment uncontrolled by any government.

For context, In August, Russia passed a bill allowing crypto mining in the state. Furthermore, a November tax bill signed by Putin classified Bitcoin as property, a warmer embrace of the emerging asset.

However, the use of cryptocurrency with the Russian border remains prohibited. The impediment has persisted despite reports that 10% of the country’s population owns cryptocurrency.

Meanwhile, Putin noted during the conference today that Russia and the BRICS are pursuing ways of adopting the nascent sector. Notably, this aligns with their aim to dethrone the dollar’s dominance through alternative means of international trade settlements.