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In summary
- Putin stated that Bitcoin cannot be banned, highlighting its relevance as an emerging payments technology.
- Russia legalized Mining and international payments with cryptocurrencies despite Western economic sanctions.
- Russian lawmakers face challenges such as electricity shortages and restrictions in certain regions on mining.
Russian President Vladimir Putin said publicly on Wednesday that Bitcoin cannot be banned, in his most explicit recognition to date of the Cryptocurrency‘s benefits, amid ongoing sanctions against the country.
Speaking at a forum in Moscow, Russia’s leader was talking about the dominance of the dollar and other payment methods.
He said new technologies are emerging and highlighted the largest and oldest cryptocurrency as an example of a currency that cannot be stopped.
“The processes related to the use of other instruments occur naturally,” the TASS news agency quoted him as saying. Videos of Putin speaking at the event were later translated and shared widely.
And he added: “For example, Bitcoin, who can prohibit it? Nobody. And who can prohibit the use of other electronic payment instruments? Nobody, because these are new technologies.”
President Putin added that new payment technologies would continue to develop because people are trying to reduce costs and improve reliability, suggesting that his comments about Bitcoin were positive in nature.
The Kremlin’s press office did not immediately respond to Decrypt’s questions.
Russia previously banned cryptocurrency mining and payments, but Putin has since spoken out about how digital assets can be used to send money across borders.
The country signed a new law in August allowing cryptocurrency mining. However, lawmakers have banned the practice in some regions due to electricity shortages.
And in October, the Russian legislature passed another bill legalizing the use of digital currency as a way to make international payments.
The U.S. and European governments have economically sanctioned Russia since it annexed Crimea in 2014. Western nations have increased penalties since it violated international law by invading Ukraine in 2022.
Putin has also previously spoken about cryptocurrency mining, saying in 2022 that the country had “certain competitive advantages” in the sector thanks to its surplus energy.
Britain’s National Crime Agency (NCA) said on Wednesday it had disrupted a money laundering operation used by Russian criminals involving cryptocurrency. The extensive network was to finance Russian espionage, the NCA alleged.
Edited by Andrew Hayward
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