Putin says no one can ban Bitcoin and digital assets

By Free Republic | Created at 2024-12-05 17:16:51 | Updated at 2024-12-22 17:28:46 2 weeks ago

Putin says no one can ban Bitcoin and digital assets
Cryptobriefing ^ | 12/5/24 | Vivian Nguyen

Posted on 12/05/2024 8:34:03 AM PST by EnderWiggin1970

Russian President Vladimir Putin stated that new technologies like Bitcoin and digital currencies cannot be effectively banned and will continue to evolve and grow in popularity.

“We see processes with the use of other instruments. For instance, Bitcoin. Who can prohibit the use of it? No one,” said Putin, speaking during a keynote speech at the 15th VTB ‘Russia Calling’ Investment Forum in Moscow on Wednesday.

“Or the use of other electronic ways of settlement. No one can ban the use of them,” Putin stressed. “These instruments will continue to develop because everyone will try to reduce costs and make these instruments more reliable. This is inevitable.”

Putin recently signed a law recognizing digital currencies as property in foreign trade settlements under an experimental legal regime. The new framework exempts crypto mining and sales from value-added tax (VAT).

The legislative move aims to create a clear regulatory framework for digital assets, facilitating their integration into the Russian economy and reducing dependence on traditional financial systems, particularly the US dollar.

(Excerpt) Read more at cryptobriefing.com ...

TOPICS: Constitution/Conservatism; Foreign Affairs; Government; Russia
KEYWORDS: 36trilliondebt; bitcoin; cryptocurrency; mining; russia

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Years ago Russia was among the many countries trying to fence Bitcoin out. Looks like we have another convert who has learned his lesson and learned to embrace politically neutral, uncensorable, borderless, provably scarce currency. :-)

To: EnderWiggin1970

If I were in Russia I would be loading up on bitcoin. Compared to the state of the Ruble and the coming problems with their interest rates…bitcoin actually looks sane.

I imagine gold is probably selling like hotcakes there as well.

2 posted on 12/05/2024 8:40:53 AM PST by Vermont Lt

To: Vermont Lt

With the talk about multiple countries considering making Bitcoin a strategic reserve asset, I wouldn’t be surprised to see Russia become one of them.

To: EnderWiggin1970

I’d be highly suspicious of why Putin is suddenly embracing bitcoin/crypto-currency. Russia’s currency is trash lately, and Putin is looking for an alternate method of trade and payments. Bitcoin might offer Russia a means towards corrupt dealings. If any kind of fraud can occur with crypto, Putin will take advantage. All he needs is his army of internet fraud techies to advance Russia’s cause.

4 posted on 12/05/2024 8:53:58 AM PST by adorno ( )

To: EnderWiggin1970

FRNs are king, when it comes to fraud - there's an unlimited supply, as long as the printing presses are running...

6 posted on 12/05/2024 9:14:15 AM PST by Who is John Galt? ("...mit Pulver und Blei, Die Gedanken sind frei!")

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