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Bitcoin

Vladimir Putin Pushes Bitcoin As A Viable Alternative To Dollar Reserves

Ronaldo Marquez
by Ronaldo Marquez
9 months ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Russian President Vladimir Putin has made headlines with his recent remarks on using Bitcoin and the need for his country to reconsider its reliance on foreign currency reserves. 

Russian President Emphasizes Bitcoin’s Role 

Speaking at an investment conference in Moscow, Putin argued that the current geopolitical climate, particularly following the West’s freezing of approximately $300 billion in Russian reserves due to the Ukraine conflict, raises legitimate questions about the wisdom of holding state reserves in foreign currencies.

Putin emphasized that the ease with which these assets can be confiscated for political reasons makes domestic investments in infrastructure, logistics, science, and education far more attractive than traditional foreign assets. 

Related Reading: Celsius Founder Alexander Mashinsky Pleads Guilty To $4.7 Billion Fraud Charges

“A legitimate question: why accumulate reserves if they can be lost so easily?” he stated, underscoring his concerns about the volatility and risks associated with holding reserves in currencies that could be “easily manipulated by foreign powers.”

The Russian leader criticized the current US administration for undermining the dollar’s status as the global reserve currency by using it as a “political tool.” This has reportedly compelled many nations to seek alternative assets, including  Bitcoin and other digital assets. 

“No one can prohibit the use of Bitcoin or other digital assets,” Putin asserted, highlighting the inevitability of developing new payment technologies that promise lower costs and greater reliability.

Russia’s Crypto Legislation

Putin’s comments come in the context of ongoing discussions among G7 nations about utilizing frozen Russian funds to support Ukraine, further illustrating the geopolitical tensions influencing Russia’s financial strategies. 

Putin recently signed legislation establishing a legal framework for taxing cryptocurrency mining and transactions to regulate the cryptocurrency sector. 

This law classifies digital currencies as property under Russia’s Tax Code and exempts mining and sales from value-added tax (VAT). However, it mandates that mining operators report their activities to local authorities, with penalties for non-compliance.

This legislative push indicates Russia’s intent to create a controlled yet supportive environment for digital currencies, recognizing their potential to bolster financial independence following a ban on Bitcoin mining and other crypto operations in 2022. 

Related Reading: Trump Could Revalue Bitcoin Radically Higher Like Oil In 1973, Says Top Economist

Earlier this year, Putin sanctioned laws allowing the country’s Central Bank to explore cross-border cryptocurrency transactions, further integrating digital assets into Russia’s economic strategy.

Putin’s remarks and legislative actions underscore a strategic pivot toward digital currencies to circumvent US influence over global financial systems.

By embracing crypto, Russia aims to strengthen its financial autonomy and explore alternative routes for acquiring restricted goods without relying on traditional financial institutions.

Bitcoin
The daily chart shows BTC’s price consolidation above $95,000. Source: BTCUSDT on TradingView.com

At the time of writing, the market’s leading crypto, Bitcoin, is trading at $95,816, recording a slight 0.5% decline in the 24- and seven-day time frames.

Featured image from BBC, chart from TradingView.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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