- Russian President Vladimir Putin declared cryptocurrencies like Bitcoin unstoppable, highlighting their role in reducing costs and increasing reliability.
- Amid sanctions, Russia legalizes crypto for cross-border trade while advancing its digital ruble plans, set for launch in July 2025.
Russian President Vladimir Putin declared that Bitcoin and other cryptocurrencies cannot be banned, emphasizing their inevitability in technological progress. Speaking at an investment conference in Moscow, Putin highlighted the resilience of digital currencies and their role in reducing costs and increasing reliability in global payments.
“Who can ban Bitcoin? Nobody,” he stated.
“These tools will develop one way or another because everyone will strive to reduce costs and increase reliability.”
Putin’s remarks come as Russia advances its regulatory framework for cryptocurrencies. Last week, the president signed a law recognizing digital currencies as property in foreign trade settlements under an experimental legal regime. This marks a significant step in Russia’s efforts to adapt its financial strategies amid international sanctions.
Following the invasion of Ukraine, Western nations, including the United States, imposed sanctions that heavily impacted Russia’s economy. In response, the country has moved to legalize cross-border cryptocurrency payments, although their use as legal tender within Russia remains prohibited.
In addition to regulatory developments, Russia is exploring the potential of a central bank digital currency (CBDC). The digital ruble, expected to launch in July 2025, has been undergoing extensive testing. Initially trialed with 600 participants, the program expanded in September to include 9,000 people and 12 financial institutions. The CBDC represents a broader strategy by Russia to modernize its financial infrastructure while navigating the challenges posed by sanctions and international financial isolation.
Editorial Note: This news article has been written with assistance from AI. Edited & fact-checked by Harshajit Sarmah.
