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Russian President Vladimir Putin reiterated support for Bitcoin and digital assets as the European powerhouse approached greater crypto adoption.
“Nobody can stop Bitcoin” (BTC), Russia’s President Vladimir Putin said at the World Trade Center in Moscow on Wednesday, Dec. 4, according to Bloomberg and local news agency TASS.
President Putin also stated that BTC and digital assets will continue to develop in several countries, including Russia. He added that Russia has advanced the development of digital payment systems to support industries and lower business costs.
Russia’s approach to cryptocurrencies has shifted over the years. In late November, President Putin recognized crypto as property with a new tax law. The country legalized BTC and crypto mining in August, allowing select institutions to harness digital currencies using computing power on Russian soil.
Local cryptocurrency adoption has also increased amid policy overhauls to meet the demands of a growing blockchain paradigm. Per the Bank of Russia, citizens hold nearly $7 billion in assets on crypto exchanges.
A Bitkan study discovered that around 14.6 million individuals, about 10% of Russia’s population, own digital currencies. Another survey found that 20% of the country has interacted with cryptos before.
Despite the changes, using crypto for payments in Russia remains banned. However, the Russian Parliament is considering leveraging digital currencies for cross-border trade.
Due to geopolitical conflict with Ukraine and rapidly expanding Bitcoin mining operations, Deputy Energy Minister Evgeny Grabchak said the Kremlin would outlaw BTC mining in certain regions to curtail energy shortages.
Russia’s plans to offer its citizens a central bank digital currency could also face delays. Olga Skorobogatova, a key official behind Russia’s CBDC, resigned in November. Shortly after, the Ministry of Industry advised rolling out a possible CBDC over two years to cushion infrastructural concerns.
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