Russia’s Vladimir Putin Says Bitcoin Is Unstoppable

Russia’s President Vladimir Putin boldly declared at the recently concluded Investment Forum in Moscow that Bitcoin cannot be banned. He emphasized that Bitcoin (BTC) and digital assets are here to stay, a shift from his previous tough stance . This signals a pivotal moment in Russia’s approach to crypto assets. This declaration follows the signing of a landmark law that officially recognizes Bitcoin and other digital assets as property. By embracing digital assets, Russia aims to strengthen its economic sovereignty and modernize its financial infrastructure. Russia’s Bold Move to Lead in Digital Assets President Putin seems determined to outpace his political rivals, including global leaders like Donald Trump, for pro-Bitcoin policies advocates. Trump has long supported crypto to shape the global economy and strengthen the U.S. financial system. His proposal for a BTC reserve is part of his broader pro-Bitcoin vision. Meanwhile, Putin’s swift actions show Russia is working quickly to secure its position in the crypto space. Bitcoin has emerged as a tool for circumventing Western sanctions, especially during the ongoing conflict in Ukraine. Russia turned to Bitcoin to maintain access to global financial networks without relying on traditional banking systems. At the BRICS summit in November, Russia and other emerging economies discussed using cryptocurrencies for cross-border payments. This shows Russia’s plan to lead in global crypto adoption, making the coin a key part of its international financial strategy. Russia Push for Financial Independence Through Bitcoin-Friendly Law Putin’s actions suggest that Russia is positioning itself to be a major player in the crypto space. Recently, Russia enacted a new legislation that exempts Bitcoin mining and sales from Value-Added Tax (VAT). The new regulation also removes taxes on services related to electronic payments. Additionally, services related to electronic payment systems, including those involving crypto, will no longer face tax liabilities. These steps not only provide a tax-friendly environment for digital asset transactions. It also aims to create an ecosystem where Bitcoin and other cryptocurrencies can thrive. By embracing BTC, Russia can leverage this digital asset to strengthen its financial reserves. This is especially true in the face of ongoing geopolitical tensions. The move could be part of a broader strategy to reduce the country’s reliance on the U.S. dollar and traditional financial systems. The Crypto Market’s Response: Bitcoin on the Rise The market responded positively to Putin’s endorsement of Bitcoin. In the 24 hours following his remarks, Bitcoin’s price jumped by 2.88%, trading at $98,752. The digital asset saw a trading volume of $73 billion. This surge indicates that market participants view Russia’s legal and policy changes as a boost for Bitcoin’s legitimacy and long-term growth. The favorable regulatory environment Russia creates could encourage further investment in Bitcoin. This could potentially lead to a ripple effect in global crypto markets. The post Russia’s Vladimir Putin Says Bitcoin Is Unstoppable appeared first on TheCoinrise.com .

Source: The Coin Rise