Putin supports Bitcoin as a global reserve asset
He criticised the US dollar for being used to advance American political agendas and pointed to Russia’s $300 billion in frozen reserves as a reason to explore alternatives like Bitcoin.
At the Investment Forum in Moscow on 4 December, Russian President Vladimir Putin hailed Bitcoin and digital currencies as essential for reducing financial inefficiencies and increasing economic stability. He argued that cryptocurrencies like Bitcoin provide an alternative to the US dollar, which he criticised for being used by the US government to push its political agendas.
Putin pointed to Russia’s $300 billion in frozen reserves, highlighting how this has led many countries to explore safer alternatives like Bitcoin. He emphasised that no one can ban Bitcoin, asserting that these technologies will inevitably evolve as nations seek to lower costs and improve reliability.
Russia has already taken significant steps in embracing cryptocurrencies, with new legislation recognising them as property and offering tax relief for crypto transactions. It signals Russia’s intent to foster innovation and protect its financial system from external pressures.
Putin’s comments align with broader discussions within BRICS nations about using digital currencies for cross-border payments, further challenging traditional financial systems and solidifying crypto’s role on the global stage.
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