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president of russia Vladimir Putin A year ago he claimed he had no power to ban Bitcoin (Cryptocurrency: BTC) No matter what happens to the US dollar. While many viewed this as a message to the West about international sanctions, the country has taken targeted steps to open its economy to the world’s largest cryptocurrency.
At an investment conference in Moscow on December 4, 2024, Putin said that the impact of the US dollar on the global economy is weakening, paving the way for the growth of other instruments.
“Bitcoin, for example. Who can ban its use? No one,” Putin said. “Or use other electronic settlement methods. No one can prohibit their use.”
Putin added that the new instrument would “continue to develop” regardless of what happens to the dollar.
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Shortly after making these comments, the Russian Finance Minister Anton Siluanov It has been revealed that Russian companies have started using Bitcoin and other cryptocurrencies for cross-border transactions, a move described as a response to trade disruptions caused by sanctions following the Ukraine war.
The minister stated that Bitcoin mined in Russia can be used in foreign trade.
Notably, Putin approved Bitcoin mining in the country earlier that year. He previously rejected the central bank’s proposal to ban cryptocurrencies in 2022, arguing that the country has a “competitive advantage” in mining.
Following Putin’s instructions, Russia’s central bank proposed in March this year that a limited number of “highly qualified” Russian investors be allowed to buy and sell cryptocurrencies under a new three-year experimental legal regime.
The bank insisted that it still does not consider cryptocurrencies as a means of payment and proposed banning all cryptocurrency transactions between Russian residents outside the experimental regime.
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However, recent developments suggest that Russia is trying to expand the use of cryptocurrencies. First Deputy Governor of the Bank of Russia Vladimir Chistyukhin According to a report by Cryptopolitan, given the sanctions, rules should be relaxed beyond an “extremely narrow” category of qualified investors.
Maxim OreshkinAccording to a report by Sputnik, the deputy chief of staff of the presidential administration said earlier this week that cryptocurrency mining generates “huge amounts of money” that must be included in Russia’s balance of payments. Vedomostithe country’s leading business newspaper.
There is no official public data on how much Bitcoin the Russian government holds. However, calculations by the Russian National Cryptocurrency Mining Association show that 54,000 BTC will be mined in 2023 alone.
Photo credit: miss.cabul on Shutterstock.com
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This article Vladimir Putin Said Nothing to Ban Bitcoin One Year Ago: How Moscow Has Ever Used Cryptocurrencies to Overcome U.S. Sanctions originally appeared on Benzinga.com
