Putin Says No One Will Be Able to Ban Cryptocurrencies: State Media

2024-12-4 18:46

Russia's President Vladimir Putin said nobody has the power to ban bitcoin or other cryptocurrencies and that they will continue to develop, news agency RIA reported.

“Who can ban bitcoin? Nobody,” Putin said at an investment conference in Moscow on Wednesday. “And who can prohibit the use of other electronic means of payment? Nobody. Because these are new technologies and no matter what happens to the dollar, these tools will develop one way or another because everyone will strive to reduce costs and increase reliability,” he said.

Just last week, Putin signed a law classifying digital currencies as a form of property in foreign trade settlements under an experimental legal regime, taking a significant step in cryptocurrency regulation.

The action was part of the country’s evolving strategy to circumvent Western sanctions that have hit the country's economy following its invasion of Ukraine. The sanctions from countries including the U.S. have spurred Russia to legalize cross-border payments with cryptocurrencies, though they remain banned from being used as legal tender.

Russia has also been experimenting with a central bank digital currency (CBDC) which is expected to launch in July 2025. It's been testing a CBDC with 12 banks, expanding the trial to 9,000 people from 600 in September.

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