As a seasoned researcher with a keen interest in global finance and geopolitics, I find myself intrigued by Russia’s recent stance towards Bitcoin and digital assets. Having closely observed the strategic moves of world leaders like Vladimir Putin and Donald Trump, I can’t help but sense a chess match unfolding here.
On Wednesday, Russia’s President Vladimir Putin voiced his approval of Bitcoin and digital currencies, stating that it is impossible to outlaw Bitcoin and its development will persist. This stance follows the recent signing of a significant law by President Putin, which acknowledges Bitcoin and cryptocurrencies as forms of property in Russia.
No One Can Ban Bitcoin, Says Russian President Putin
At a conference known as the Investment Forum in Moscow, Russia on December 4, Russian leader Vladimir Putin expressed his viewpoint that Bitcoin and digital assets are likely to keep growing and evolving.
In response to Donald Trump’s proposed pro-Bitcoin and cryptocurrency policies, such as establishing a strategic Bitcoin reserve, it seems highly probable that President Putin is keen on getting ahead of the U.S. in this digital currency race. He also recognizes the urgency of swift action to establish their own strategic Bitcoin reserve.
BREAKING: President Putin says, “#Bitcoin, Digital Assets will continue to develop.”
— Bitcoin Magazine (@BitcoinMagazine) December 4, 2024
Last week, President Putin of Russia enacted a significant law concerning cryptocurrency taxes, officially treating digital assets as property. Moreover, the mining and sale of digital currency will be exempt from Value-Added Tax (VAT). Additionally, services associated with transactions within the electronic payment system (EPR), including cryptocurrencies, will not incur tax obligations.
During the Ukraine conflict, Russia employed Bitcoin as a means to bypass the sanctions imposed by the West. Recently at the BRICS summit, the participating countries discussed the potential use of cryptocurrency for international transactions.
Putin Urges To Curb High Inflation
According to a report by Reuters, President Vladimir Putin urged for cooperation between the government and the central bank to tackle escalating inflation rates. Central Bank Governor Elvira Nabiullina stated that inflation was still significantly high at around 9% annually. She further predicted that inflation would decrease in 2025 and reach the central bank’s goal of 4% by 2026.
Additionally, it’s important to bring down inflation rates, as they are quite high at the moment,” was what Putin mentioned at the international investment gathering organized by Russia’s second-largest bank, VTB, in Moscow.
BTC price jumped 1% in the past 24 hours, with the price currently trading at $95,742. The 24-hour low and high are $93,629 and $97,026, respectively. Furthermore, the trading volume has increased slightly by 2% in the last 24 hours.
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2024-12-04 17:19