Vladimir Putin, the President of Russia, has stated that Bitcoin cannot be prohibited and has expressed his support for the advancement of digital assets.
On Wednesday, President Vladimir Putin of Russia endorsed Bitcoin and digital assets, asserting that they will continue to evolve and that no one has the authority to prohibit their use. The action was taken just days after Russian President Putin signed a groundbreaking law acknowledging Bitcoin and crypto assets as properties.
Russian President Putin asserts that any entity cannot prohibit Bitcoin
On December 4, Russian President Vladimir Putin stated during a speech at the Investment Forum in Moscow, Russia, that “Bitcoin and Digital Assets will continue to develop.”
President Putin will likely seek to outpace the United States as Donald Trump intends to advocate for pro-Bitcoin and crypto policies, including establishing a strategic Bitcoin reserve. He also knows that it is imperative to act promptly to develop a strategic Bitcoin reserve.
Russian President Putin signed a groundbreaking crypto taxation law last week, officially acknowledging digital assets as property. Additionally, the mining and sale of digital currency will be exempt from value-added tax (VAT). Additionally, tax liabilities will not be imposed on services associated with transactions within the electronic payment system (EPR), including cryptocurrency.
Russia employed Bitcoin to circumvent Western sanctions during the Ukraine conflict. The member nations also discussed the utilization of crypto for cross-border payments during the BRICS summit last month.
Putin calls for the reduction of high inflation
Reuters also reported that President Vladimir Putin urged the government and central bank to collaborate to reduce the high inflation rate. According to Central Bank Governor Elvira Nabiullina, annual inflation remained at a high level of nearly 9%. She also stated that inflation would decrease in 2025 and reach the central bank’s target rate of 4% in 2026.
At an international investment conference in Moscow, Putin stated, “It is also imperative to reduce inflation, which is currently at a relatively elevated level.” VTB, Russia’s second-largest lender, organized the conference.
The price of Bitcoin (BTC) has increased by 1% over the past 24 hours, and it is currently trading at $95,742. The 24-hour low and high are $93,629 and $97,026, respectively. Additionally, there has been a slight 2% increase in the trading volume over the past 24 hours.
