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Vladimir Putin has solidified Russia's stance on Bitcoin, announcing at the Moscow Investment Forum that the nation will push forward with groundbreaking crypto policies. With reforms shielding digital assets from heavy taxation, Russia aims to outpace U.S. crypto strategies.
Putin Advocates for Bitcoin Development at Moscow Investment Forum
Vladimir Putin, president of Russia, stated that "Bitcoin and Digital Assets will continue to develop" while speaking at the Investment Forum in Moscow, Russia on December 4.
President Putin probably wants to be ahead of the US administration, since Trump is planning to advocate crypto policies that are favorable to Bitcoin, such as creating a strategic Bitcoin reserve. In addition, he is cognizant of the fact that prompt action is required to establish a strategic Bitcoin reserve.
Russian President Putin formally recognized digital assets as property last week when he signed a historic crypto taxation bill. Additionally, value-added tax (VAT) will not be applied to the mining or selling of digital currency. Services connected to EPR transactions, including crypto, will also not be subject to taxes.
Russia's Crypto Strategy Includes Tax Exemptions
During the conflict in Ukraine, Russia used Bitcoin as a means to avoid sanctions imposed by the West. Using cryptocurrency for international payments was also a topic of debate at last month's BRICS conference.
Reuters (via Coingape) said that President Vladimir Putin went on to say that the government and the central bank should work together to bring inflation under control. Annual inflation remained high at over 9%, according to Elvira Nabiullina, governor of the central bank. Furthermore, she predicted that inflation would decline in 2025 and eventually approach the 4% goal rate set by the central bank in 2026.
“It is also necessary to curb inflation, which is currently at a fairly high level,” Putin stated at an international investment conference in Moscow organized by Russia’s second-largest lender VTB.
Bitcoin Price Climbs Amid Increased Trading Volume
Bitcoin's price has increased by 1% during the last 24 hours, and it is now trading at $94,987. The low for the day is $93,629 and the high is $97,026, according to the market. In addition, there was a 13% increase to $60.72B in trading volume during the past 24 hours.
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