President Vladimir Putin: 'Bitcoin, Who Can Ban It? Nothing!'

Russian President Vladimir Putin discussed Bitcoin in front of investors at the Russia Calling Investment Forum which was held at the Moscow World Trade Center building, 4-5 December 2024. (Photo; Doc. Sputnik)

JAKARTA - In the Russian Calling Investment Forum! The 15th which was held in Moscow on 4-5 December 2024 with the topic The Future of Capital and the Capital of the Future, Russian President Vladimir Putin expressed his views on Bitcoin.

According to him Bitcoin and other digital assets are part of the new technology. Putin explained that this digital money will continue to grow because demand for cheaper and more efficient payment tools is getting higher.

Bitcoin and other crypto assets have great potential to overcome problems faced by fiat in terms of transaction speed, cost, and efficiency. Especially for cross-border shipments.

'Who can ban the use of Bitcoin? Nothing,' Putin said, responding to the rapid growth in the use of cryptocurrencies in the world.

Putin also stressed that other digital payment instruments, such as digital currencies, will continue to grow as efforts to reduce costs and increase their reliability. Russia itself has taken major steps to regulate digital currencies more clearly.

JUST IN: 🇷🇺 Russian President Putin says "who can ban #Bitcoin?"

"Nobody" pic.twitter.com/EMCTN8gJDP

— BRICS News (@BRICSinfo) December 4, 2024

JUST IN: How come Russian President Putin says "who can ban #Bitcoin?"

"Nobody" pic.twitter.com/EMCTN8gJDP

Putin Removes Crypto Tax

Recently, Putin signed a law recognizing digital currencies as property in foreign trade transactions, under an experimental legal framework.

In addition, the new law also abolishes value added tax (VAT) on crypto mining and trading activities, which are part of efforts to build a clearer ecosystem for digital assets in Russia.

The move also aims to reduce Russia's dependence on traditional financial systems, especially the US dollar. The introduction of cryptocurrencies comes in response to economic sanctions imposed by Western countries on Russia, as well as to increase the country's financial sovereignty.

Since China imposed a ban on crypto mining, Russia has taken over an important role in the industry, becoming one of the countries with the largest contribution to global Bitcoin mining.

In August, Putin also signed a law legalizing crypto mining activities across Russia. This is a step that further strengthens Russia's position in the crypto world, amid growing global economic tensions.