Vladimir Putin openly showed his support for cryptocurrencies and indirectly tried to get rid of the US dollar by considering digital assets as an alternative payment option.
Vladimir Putin has been President of Russia since 2012. Russia is a very large jurisdiction for the cryptocurrency sector, as a very large fraction of the population invests in cryptocurrencies. Despite the significant inclination of people towards the crypto space, the Russian government was never sure about the adoption plans. Many times, the Bank of Russia, the country’s central bank, proposed a plan for a blanket ban on cryptocurrencies, but other government agencies suggested regulating the sector under new rules and laws.
On December 4, 2024, during a keynote speech at the 15th VTB Investment Forum ‘Russia Calling’ in Moscow, Russian President Vladimir Putin said that people can easily process payments with the use of other alternative instruments. For example, no one can prohibit the use of Bitcoin for trade settlements without anyone’s restriction.
Putin emphasized that no one can impose a ban on the use of digital cryptocurrencies.
Furthermore, Putin stated that digital assets support payment methods “It will continue to develop because everyone will try to reduce costs and make these instruments more reliable. “This is inevitable.”
A week ago, Putin signed a new bill recognizing cryptocurrencies as property in foreign trade agreements. The new law also exempts the sale of cryptocurrencies by cryptominers from value added tax (VAT).
Many experts claimed that Putin signed pro-cryptocurrency laws in support of Bitcoin and cryptocurrencies to help the economy and reduce dependence on traditional financial systems, particularly the US dollar.
As we know, during the last 3 years, Russia and other countries decided to establish a new international currency to reduce their dependence on the US dollar.
Just a few days ago, President Donald Trump showed his aggression against the BRICS countries and said that if they establish and use the BRICS currency, they will not be allowed to use payment services based on US dollars.
Also Read: Tron ($TRX) Pumps Almost 100% in 24 Hours and Hits New All-Time High
