Russian President Vladimir Putin recently publicly stated at an investment forum in Moscow that the development of BTC and other Crypto Assets is unstoppable, regardless of the fate of the US dollar, this emerging technology will continue to advance and cannot be banned.
According to the report of the Russian state-owned media RIA, Putin said at the forum: “For example, BTC, who can prohibit? No one can prohibit.” He went on to say:
The use of other electronic payment tools, who can stop it? No one can stop it. Because these are all brand new technologies. Whatever happens to the US dollar, these tools will continue to develop in some way, because the world is pursuing ways to reduce costs and improve reliability.
Russia opens up cross-border payments for cryptocurrencies
Just last week, Putin signed a new law formally classifying digital assets as a ‘property’ that can be used for foreign trade settlement, marking an important milestone in the regulation of cryptocurrencies in Russia. This move signifies that Russia is accelerating its embrace of digital assets as one of the strategies to break through economic sanctions while combating the West.
Since the outbreak of the war between Russia and Ukraine, sanctions from Western countries such as the United States have dealt a heavy blow to the Russian economy, prompting the country to reconsider alternative solutions for cross-border payments. Although Cryptocurrency is currently prohibited from circulating domestically as legal tender, Russia has begun to legalize it for international trade payments.
Central Bank Digital Currency (CBDC) trials accelerate
In addition to Crypto Assets, Russia is also actively promoting the development of Central Bank Digital Currency (CBDC), which is seen as an important tool for Russia to cope with financial pressure.
Russia’s ‘Digital Ruble’ is expected to be officially launched in July 2025 and is currently undergoing large-scale testing. The ‘Digital Ruble’ will expand its testing from 600 to 9,000 people in September this year and will collaborate with 12 banks for experimentation.
Cryptocurrency is unstoppable! Putin shook the world by saying: BTC cannot be stopped. This article was first published in “Block Times”.
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