Russian President Vladimir Putin said Wednesday in public comments that Bitcoin cannot be banned, in his most explicit acknowledgement to date of the cryptocurrency’s benefits amid ongoing sanctions against the country.
Speaking at a forum in Moscow, the leader of Russia was talking about the dominance of the dollar and other payment methods.
He said that new technologies are emerging—and highlighted the biggest and oldest cryptocurrency as an example of a currency that cannot be stopped.
JUST IN: 🇷🇺 Russian President Putin says "who can ban #Bitcoin?"
"Nobody" pic.twitter.com/EMCTN8gJDP
— BRICS News (@BRICSinfo) December 4, 2024
“Processes related to the use of other instruments are taking place naturally,” the TASS news agency quoted him saying. Videos of Putin speaking at the event were then translated and shared widely.
He added: “For example, Bitcoin, who can ban it? Nobody. And who can prohibit the use of other electronic payment instruments? Nobody, because these are new technologies.”
President Putin added that new payment technologies would continue to develop because people are trying to reduce costs and improve reliability, suggesting that his comments about Bitcoin were positive in nature.
The Kremlin’s press office did not immediately respond to Decrypt’s questions.
Russia previously outlawed crypto mining and payments, but Putin has since spoken about how digital assets can be used for sending money across borders.
The country in August signed a new law allowing cryptocurrency mining. Lawmakers have banned the practice in some regions due to electricity shortages, however.
And in October, the Russian legislature passed another bill legalizing the use of digital currency as a way to make international payments.
Russia Wants to Use Stablecoins to Get Around Western Sanctions
Russia is advancing its crypto strategy to circumvent Western sanctions. Deputy Finance Minister Alexey Moiseyev today said the country is exploring stablecoins to make payments with “friendly countries,” according to Russian state news agency Tass. The country’s biggest news agency quoted Moiseyev saying that Russia is working to “create bilateral platforms” with “tokenized instruments” to avoid using U.S. dollars and euros. Stablecoins are a type of cryptocurrency pegged to another asset, l...
The U.S. and European governments have economically sanctioned Russia since it annexed Crimea in 2014. Western nations have stepped up penalties since it broke international law by invading Ukraine in 2022.
Putin has also previously spoken about mining digital assets, and in 2022 said that the country had “certain competitive advantages” in the sector thanks to its surplus of energy.
Edited by Andrew Hayward
