President Vladimir Putin Declares No One Can Ban Bitcoin as Russia Recognizes Crypto

Russia’s President Vladimir Putin expressed support for Bitcoin and digital assets on Wednesday, saying that no one can ban Bitcoin and these assets will continue to develop. The move comes days after Russian President Putin signed landmark law recognizing Bitcoin and crypto assets as properties.

No One Can Ban Bitcoin, Says Russian President Putin

During a speech at the Investment Forum in Moscow, Russia on December 4, Russian President Vladimir Putin said “Bitcoin and Digital Assets will continue to develop.”

As Donald Trump plans to push for pro-Bitcoin and crypto policies, including building a strategic Bitcoin reserve, President Putin likely desires to front-run the United States. He also understands that they need to act fast to build a strategic Bitcoin reserve.

BREAKING: 🇷🇺 Russian President Putin says "Who can ban #Bitcoin? Nobody." pic.twitter.com/6mJ664BZZ8

— Bitcoin Magazine (@BitcoinMagazine) December 4, 2024

Last Week, Russian President Putin signed a landmark crypto taxation law, officially recognizing digital assets as property. Also, mining and sales of digital currency will not be subjected to value-added tax (VAT). Furthermore, services related to transactions within the electronic payment system (EPR), including crypto, will not incur tax liabilities.

Russia leveraged Bitcoin to evade Western sanctions during the Ukraine war. At the BRICS summit last month, the member nations also had a discussion about using crypto for cross-border payments.

Putin Urges To Curb High Inflation

President Vladimir Putin also called for the government and central bank to coordinate to curb high inflation, reported Reuters. Central Bank Governor Elvira Nabiullina said that annual inflation continued to remain high at nearly 9%. She added that inflation would fall in 2025 and reach the central bank’s target rate of 4% in 2026.

“It is also necessary to curb inflation, which is currently at a fairly high level,” Putin told an international investment conference organized by Russia’s second-largest lender VTB in Moscow.

BTC price jumped 1% in the past 24 hours, with the price currently trading at $94,987. The 24-hour low and high are $93,629 and $97,026, respectively. Furthermore, the trading volume has increased by 13% in the last 24 hours to $60.72B.