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The President of Russia Vladimir Putin stated only a year ago that no power can forbid Bitcoin (CRYPTO: BTC) regardless of what happens to the dollar. While many saw it 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 argued that the dollar’s influence on the global economy is declining, paving the way for other instruments to rise.
“For example, Bitcoin. Who can ban its use? Nobody,” Putin said. “Or the use of other electronic means of resolution. No one can prohibit their use.”
Putin added that the new tools will “continue to develop” regardless of what happens to the dollar.
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Shortly after these comments, the Russian Minister of Finance Anton Siluanov revealed that Russian companies have started using Bitcoin and other cryptocurrencies for cross-border transactions, described as a response to trade disruptions due to sanctions imposed after the Ukraine war.
The minister said that it is possible to use Bitcoin mined in Russia in foreign trade.
It is worth noting that Putin gave the green light for 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 “competitive advantages” in mining.
In line with Putin’s directives, the central bank proposed in March this year to allow a limited number of “highly qualified” Russian investors to buy and sell cryptocurrencies under a new three-year experimental legal regime.
The bank claimed that it still does not see cryptocurrency as a means of payment and proposed to ban all cryptocurrency transactions between Russian residents outside of the experimental regime.
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However, recent developments suggest attempts to expand access to cryptocurrencies for Russians. First Deputy Governor of the Bank of Russia Vladimir Chistiukhin said the rules should be relaxed beyond the “extremely narrow” category of qualified investors given the penalties in place, according to a Cryptopolitan report.
Maxim Oreshkindeputy chief of staff of the Presidential Executive Office, said earlier this week that cryptocurrency mining generates “enormous amounts” and must be accounted for in Russia’s balance of payments, according to a report by Knowledgethe most important business newspaper in the country.
There is no official publicly available figure for how much Bitcoin the Russian government owns. Although, calculations by the Russian National Cryptomining Association showed that 54,000 BTC were mined in 2023 alone.
Photo courtesy of miss.cabul on Shutterstock.com
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This article Vladimir Putin Said Nothing Could Ban Bitcoin A Year Ago: Here’s How Moscow Has Used Crypto Since To Defeat US Sanctions originally appeared on Benzinga.com
