As a seasoned crypto investor with roots deeply entrenched in the ever-evolving digital financial landscape, I find Putin’s recent endorsement of Bitcoin and other cryptocurrencies as legitimate payment systems nothing short of a game-changer.
During the “Russia Calling!” Investment Forum held in Moscow, President Vladimir Putin discussed Bitcoin‘s function as a method of payment. In his remarks, he posed the question, “Who has the power to prohibit Bitcoin?” He further stated, “Similarly, who can restrict the usage of other digital forms of payment?” Implying that no one possesses such authority.
As per Putin, these are innovative technologies, and regardless of any changes in the value of the dollar, these payment systems are expected to keep growing. He underscored that the primary motivation behind this development is the universal desire to lower expenses and enhance trustworthiness in monetary exchanges.
In the past few weeks, positive comments about Bitcoin have emerged, following Russia’s integration of cryptocurrencies within its financial infrastructure. Notably, on November 29th, Putin endorsed a law acknowledging digital currencies like Bitcoin as legitimate assets. This legal recognition enables Russians to engage in foreign trade using these digital assets.
Furthermore, the upper house of the Russian government, known as the Federation Council, passed a legislation concerning digital currencies like Bitcoin. This bill classifies these virtual assets as property and intends to control and levy taxes on crypto-related transactions within Russia.
This action likewise follows Putin’s previous statements that the use of cryptocurrencies is unavoidable, given their ability to increase efficiency in costs and strengthen the dependability of transaction networks.
In other words, Putin’s stance on Bitcoin isn’t completely fresh; he has earlier recognized the significance of digital currencies while simultaneously advocating for proper regulation.
In light of his latest comments at the “Russia Calling!” forum, it appears that Russia is becoming more receptive to the utilization and advancement of cryptocurrencies – a development I find encouraging as an investor.
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2024-12-04 20:21