Russian President Vladimir Putin expressed support for Bitcoin 
$74,104 and digital assets on Wednesday. He stated that Bitcoin cannot be banned and that these assets will continue to develop. This announcement follows his signing of significant legislation recognizing Bitcoin and cryptocurrencies as property.
Development of Bitcoin and Digital Assets
Speaking at the Investment Forum held in Moscow, Putin shared his confidence in the future of Bitcoin and digital assets.
Vladimir Putin: “Bitcoin and Digital Assets will continue to develop.”
Last week, Putin signed an important law on cryptocurrency taxation. This law officially recognizes digital assets as property. Furthermore, mining and selling cryptocurrencies will be exempt from value-added tax.
Economic Goals and Inflation Control
Putin called for coordinated action between the government and the central bank to control high inflation. Central Bank Governor Elvira Nabiullina indicated that inflation will decrease by 2025, reaching the bank’s target rate of 4% in 2026.
Elvira Nabiullina: “Annual inflation continues at approximately 9%.”
Russia has leveraged Bitcoin to circumvent Western sanctions during the Ukraine war. During last month’s BRICS summit, member states discussed the use of cryptocurrencies for cross-border payments.
The legal status of cryptocurrencies in Russia and government support may influence crypto markets. Regulatory frameworks and economic policies will continue to shape the adoption and utilization of digital assets.
