Putin Endorses Bitcoin as Russia Shifts Toward Cryptocurrencies

The Russian president questions reliance on foreign reserves and highlights Bitcoin's resilience under sanctions.

Vladimir Putin suggested Bitcoin as a more secure alternative to foreign currency reserves, citing the risk of asset confiscation by Western countries.
Russia has faced $300 billion in frozen reserves since the 2022 Ukraine war, prompting discussions on alternative financial strategies.
Putin emphasized that Bitcoin and other digital payment technologies cannot be prohibited, describing them as reliable and cost-effective innovations.
The Kremlin has pivoted from its earlier anti-crypto stance, legalizing cryptocurrency mining and transactions while planning to launch a digital ruble next year.
Western sanctions have accelerated Russia's embrace of digital assets, with Putin framing the move as part of a broader effort to reduce dependence on the US dollar.