Posted on 12/05/2024 8:34:03 AM PST by EnderWiggin1970
Russian President Vladimir Putin stated that new technologies like Bitcoin and digital currencies cannot be effectively banned and will continue to evolve and grow in popularity.
“We see processes with the use of other instruments. For instance, Bitcoin. Who can prohibit the use of it? No one,” said Putin, speaking during a keynote speech at the 15th VTB ‘Russia Calling’ Investment Forum in Moscow on Wednesday.
“Or the use of other electronic ways of settlement. No one can ban the use of them,” Putin stressed. “These instruments will continue to develop because everyone will try to reduce costs and make these instruments more reliable. This is inevitable.”
Putin recently signed a law recognizing digital currencies as property in foreign trade settlements under an experimental legal regime. The new framework exempts crypto mining and sales from value-added tax (VAT).
The legislative move aims to create a clear regulatory framework for digital assets, facilitating their integration into the Russian economy and reducing dependence on traditional financial systems, particularly the US dollar.
(Excerpt) Read more at cryptobriefing.com ...
If I were in Russia I would be loading up on bitcoin. Compared to the state of the Ruble and the coming problems with their interest rates…bitcoin actually looks sane.
I imagine gold is probably selling like hotcakes there as well.
With the talk about multiple countries considering making Bitcoin a strategic reserve asset, I wouldn’t be surprised to see Russia become one of them.
I’d be highly suspicious of why Putin is suddenly embracing bitcoin/crypto-currency. Russia’s currency is trash lately, and Putin is looking for an alternate method of trade and payments. Bitcoin might offer Russia a means towards corrupt dealings. If any kind of fraud can occur with crypto, Putin will take advantage. All he needs is his army of internet fraud techies to advance Russia’s cause.
Bit coin is self banning when the power or internet goes down.
Just build more windmills! Millions of them!
This is BRILLIANT of him.
He sees the present and the future.
I think Russia and the US will get along well with Trump in office.
I didn’t say Putin is a good guy. He kills his enemies sometimes. That’s bad.
Kinda like clinton, biden..etc.
Except Putin is a real leader who loves his country, bad traits aside.
I guess Michael Saylor knew what he was talking about all those years when most of the big boys shunned it.
Honorable mention goes to Max Keiser who was instrumental in developing “volcano bonds” in (I think) El Salvadore. They must be pretty happr right about now.
Vlad is a practical man.
Nothing stops this train...
I use Schiffgold as my source because of the sympathy I have for Peter Schiff's patriot/martyr father.
I get gold but not bitcoin.
Kind of like the credit cards and debit cards that power most purchases today. That’s not really a meaningful response to Bitcoin’s advance. If the power goes out long term, your dollars are going to be worth less than bottlecaps anyway. And sitting on precious metals is a strategy to stay poor forever. The only goldbugs with wealth gained it by marketing it to others, not because their gold appreciated in value.
But it fails utterly in a digital age because it cannot be transferred at light speed in the digital medium. It is also comparatively easy to steal, since the strongest safe or vault can be penetrated. And since it can be melted down, tracing stolen gold becomes very difficult.
Bitcoin thus has replaced precious metals as digital gold. It is decentralized, like gold, doesn't wear out, can't be counterfeited, and is traceable if stolen. If properly secured it is far more difficult to steal, and the protocol (unlike fiat protocols like SWIFT) has proven impenetrable. It is provably scarce (even more so than gold, with a fixed and predictable supply), politically neutral, uncensorable. With gold you can transact with anyone at arms reach around you without a bank or other middle-man; with bitcoin you can do the same with anyone on the planet.
Why corrupt dealings? Russia is upfront and above board with its dealings. Now, the deep state doesn’t necessarily like who/what they do/deal with, but the dealings are honest.
Rationalize it away if you want to. But banks used to run without electricity and the internet and they could do so again. Also I feel sorry for the person that dies and leaves their fortune in bit coin and no one knows the keys.
True, but leaving the keys stored securely with instructions for the executor to recover them is basic for anyone holding significant cryptocurrency. One could just as well fret about someone’s hidden gold or a safe deposit box not mentioned in a will, etc.
Not many people have deposit boxes, and there is record of those that do. Needless to say that they require payments. Eventually the bank will make notifications and the contents can be recovered.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.