Overview

• 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.