As a seasoned researcher with a keen interest in the ever-evolving world of cryptocurrencies, I find myself intrigued by Russia’s dynamic approach to Bitcoin and digital assets. Having closely followed the global crypto landscape for years, it is evident that President Putin’s stance on Bitcoin reflects a growing acceptance and understanding of its potential.
In simpler terms, Vladimir Putin once again voiced his approval for Bitcoin and other digital currencies, as Europe moved towards increased use of cryptocurrencies.
In simple terms, “Vladimir Putin stated at the World Trade Center in Moscow on December 4th, as reported by Bloomberg and TASS, that no one can halt the progress of Bitcoin (BTC).
As a crypto enthusiast, I find it encouraging to hear President Putin’s affirmation about the ongoing growth and development of Bitcoin and digital assets across multiple nations, particularly Russia. Moreover, it’s noteworthy that Russia is making strides in advancing digital payment systems to foster industries and help reduce business expenses.
BREAKING: 🇷🇺 Russian President Putin says “Who can ban #Bitcoin? Nobody.”
— Bitcoin Magazine (@BitcoinMagazine) December 4, 2024
Over time, Russia’s stance towards cryptocurrencies has evolved. In late November, President Putin affirmed that cryptocurrencies are considered a form of property under a newly enacted tax law. The nation legalized Bitcoin and crypto mining in August, enabling selected institutions to utilize the digital currency by tapping into their computational power within Russian territory.
The use of local cryptocurrencies is rising significantly, coinciding with policy changes that aim to accommodate the expanding blockchain trend. According to the Bank of Russia, an estimated $7 billion in assets are held by citizens through crypto exchanges.
According to a recent study by Bitkan, approximately 10% of Russia’s total population, or around 14.6 million people, currently hold digital currencies. Furthermore, another survey has shown that as many as 20% of Russians have previously engaged in activities involving cryptocurrencies.
As a researcher, I’ve observed that while cryptocurrency transactions for domestic payments in Russia are still prohibited, there’s an ongoing exploration within the Russian Parliament about the potential use of digital currencies for international trade exchanges.
Because of the geopolitical dispute with Ukraine and a rapid increase in Bitcoin mining activities, Deputy Energy Minister Evgeny Grabchak stated that the Kremlin plans to ban Bitcoin mining in specific regions as a means to prevent energy scarcities.
The proposed introduction of a central bank digital currency by Russia might encounter delays due to recent events. Notably, Olga Skorobogatova, a significant figure involved in Russia’s CBDC project, resigned in November. Following her departure, the Ministry of Industry suggested a more extended timeline of about two years for the potential rollout, aiming to address any potential infrastructure-related issues.
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2024-12-04 18:00