Putin: Supports Making BTC a Global Reserve Asset
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Putin: Supports Making BTC a Global Reserve Asset
Putin also criticized the U.S. government for leveraging the dominant position of the dollar to further control other countries' currencies and, in turn, influence their politics.
Navigating Web3 tides with focused insightsSource: cryptoslate
Translation: Blockchain Knight
Russian President Putin recently stated that BTC and digital currencies are unstoppable, positioning them as key tools for "reducing financial inefficiencies" and "enhancing economic stability."
On December 4, during a speech at an investment forum in Moscow, Putin advocated using BTC as a global reserve asset instead of the U.S. dollar.
In addition, Putin criticized the U.S. government for leveraging the dominance of the dollar to further control other countries' currencies and influence their politics.
Putin pointed out that after the outbreak of the Ukraine war in 2022, Western nations froze $300 billion of Russia's reserves. This has prompted many countries to seek alternatives beyond external control, such as BTC.
Putin added, "Who can ban BTC? No one. Who can prohibit the use of other electronic payment methods? Again, no one."
"These technologies will continue to develop indefinitely, because everyone is seeking low-cost and highly reliable payment methods."
Prior to Putin's remarks, Russia enacted a new law formally classifying crypto assets as property.
The law provides tax incentives for digital transactions conducted through electronic payment systems and exempts cryptocurrency mining and sales from value-added tax.
The legal recognition of crypto assets highlights Russia's commitment to fostering innovation within its financial system.
It also reflects a calculated strategy by Russia to alleviate external financial pressure through the adoption of digital assets.
During the Russia-Ukraine conflict, crypto assets played a critical role in countering Western sanctions, enabling individuals on both sides to send and receive funds amid the challenges brought by war.
Moreover, recent discussions at the BRICS summit have underscored the potential of digital currencies, particularly in facilitating cross-border payments and challenging the dominance of traditional financial systems.
Putin’s endorsement of BTC and his call for technological adoption stand in stark contrast to recent moves in the United States, including Trump’s proposal to establish a national BTC reserve.
The incoming U.S. administration’s supportive stance toward crypto assets is expected to create a more favorable regulatory environment for the industry, ultimately encouraging more positive attitudes toward this technology in other countries.
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