Russian President Vladimir Putin, who was previously skeptical about Bitcoin, has now acknowledged that Bitcoin cannot be banned. Putin firmly asserted that Bitcoin and digital assets are unstoppable and would continue to evolve.
Speaking at the Investment Forum in Moscow, Putin stated, “Who can ban Bitcoin? Nobody. And who can prohibit the use of other electronic means of payment? Nobody.”
“Because they are new technologies. And no matter what happens to the dollar, these tools will develop one way or the other because everyone will strive to reduce costs and increase reliability,” he continued.
The shift in perspective follows Putin’s recent signing of a law that officially recognizes cryptocurrencies as property in Russia and exempts crypto mining and sales from value-added tax (VAT), along with other favorable provisions.
Russia’s pro-cryptocurrency stance is viewed as a strategic move aimed at competing with the Western world and maintaining its position in the global landscape. Given that China’s crackdown on cryptocurrency continues, Russia has significant potential for growth. Currently, there are nearly 17 million crypto users in Russia, compared to 93 million in the United States.
Putin’s comments may provide a boost to the cryptocurrency sector, which is already thriving following the pro-crypto sentiments expressed by Donald Trump during his presidential campaign and has continued since his election.