The post BRICS News: Putin Touts Bitcoin Amid Russia’s Pro-Crypto Policies appeared on BitcoinEthereumNews.com.

Just as Donald Trump used to be skeptical about Bitcoin, Russian President Vladimir Putin, who previously shared similar doubts, has now accepted that Bitcoin cannot be stopped. Putin’s pro-Bitcoin stance reflects a significant transformation in Russia’s financial policy, where the country aims to leverage the advantages of cryptocurrency. Russian President Vladimir Putin has acknowledged the growing importance of Bitcoin, especially in light of the economic sanctions imposed on Russia. Historically, Putin was skeptical about Bitcoin and other cryptocurrencies, often expressing concerns about their volatility and potential for misuse.  In a statement at the VTB Investment Forum in Moscow, Putin emphasized that Bitcoin cannot be banned, indicating a clear pivot towards embracing this technology. Transformation in Financial Strategy The Russian administration is adopting a broader strategy that embraces cryptocurrencies as essential tools for sidestepping restrictions imposed by Western nations. The legislative advancements are designed to facilitate international trade, particularly with nations that may be reluctant to oppose Western sanctions.  The tax structure accompanying these regulations is a crucial aspect of the initiative. Individuals earning profits from cryptocurrencies below 2.4 million rubles (approximately $22,300) will be subject to a 13% tax, while those with higher earnings will face a 15% tax. Corporations involved in cryptocurrency transactions can expect a 25% tax rate beginning next year. Recent legislative actions have reinforced this strategic pivot. His remarks come after the introduction of a new law in Russia that formally designates cryptocurrencies as property. This legislation offers tax benefits for digital transactions made via electronic payment systems and exempts cryptocurrency mining and sales from value-added tax (VAT). As we reported, conversations at the BRICS summit emphasized the role of digital currencies in enhancing cross-border payments and offsetting the supremacy of conventional financial systems. Russia’s supportive approach to cryptocurrencies is seen as a strategic effort to…

---

Filed under: News - @ December 5, 2024 7:20 pm