The president of Russia, Vladimir Putin, participated in a panel where he evaluated new technologies that prevent the prohibition of payments. Putin stated that bitcoin (BTC) and cryptocurrencies will develop in one form or another, highlighting their ability to reduce costs and increase the reliability of transactions.
“Who can ban bitcoin? Nobody. And who can prohibit the use of other electronic payment services? Nobody. Because these are new technologies,” stated Putin during the event.
Putin also highlighted that The development of these financial assets is inevitable. “And it doesn’t matter what happens to the dollar. These tools are going to be developed in one way or another, because everyone will strive to reduce costs and increase reliability,” said the president.
The Russian president has expressed his support for the cryptocurrency ecosystem, activating policies in that regard. Recently, he signed a law that recognizes bitcoin as property, and another that legalizes Bitcoin mining in Russian territory, as reported by CriptoNoticias.
Cryptocurrencies have served Russia as a tool to evade Western sanctions imposed since the country invaded Ukraine in February 2022. This resource has allowed Russia to maintain international transactions at a time of financial isolation.
Russia has emerged as a bastion for bitcoin and cryptocurrency adoption, currently occupying seventh place of the global cryptoasset adoption index prepared by Chainalysis. This index reflects the usability and acceptance of cryptocurrencies in the Eurasian country, indicating an environment conducive to its development and use.
This article was created using artificial intelligence and edited by a human Editor.
