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<p><strong>Key Points:</strong></p>   
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 <li><em>Russian President Putin criticized holding state reserves in foreign currencies due to confiscation risks.</em></li>   
 <li><em>Putin praised Bitcoin and digital assets as vital for financial reliability, aligning with Russia’s new law recognizing cryptocurrencies as property.</em></li> 
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<h5 class="wp-block-heading">On Wednesday, Russian President Putin <a href="https://www.reuters.com/markets/currencies/russias-putin-questions-need-dollar-forex-reserves-touts-bitcoin-2024-12-04/" target="_blank" rel="noreferrer noopener">criticized</a> foreign currency reserves, highlighting the risks due to political tensions.</h5>   
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<p class="has-background" style="background-color:#222222">Read more: <a href="https://coincu.com/288757-russian-bitcoin-miners-get-a-way-avoid-sanctions/" target="_blank" rel="noreferrer noopener">Russian Bitcoin Miners Get a Way Out to Avoid Sanctions</a></p>   
<h2 class="wp-block-heading" id="russian-president-putin-criticizes-foreign-reserves">Russian President Putin Criticizes Foreign Reserves</h2>   
<p>In a speech during an investment conference in Moscow, <a href="https://coincu.com/146761-putin-supported-payments-blockchain/" target="_blank" rel="noreferrer noopener">Putin</a> called into question the logic of keeping reserves in assets which could easily be confiscated. Instead, investing in domestic infrastructure, logistics, science, and education is safer, he added.</p>   
<p>Putin's comments are in the wake of $300 billion in Russian reserves frozen by Western countries since the beginning of the Ukraine war in 2022. The G7 is still considering using these frozen assets to help Ukraine.</p>   
<p>Underlining the dangers of weaponizing financial instruments, Russian President Putin accused the US administration of undermining global confidence in the dollar by politicizing its role as the world's reserve currency.</p>   
<h2 class="wp-block-heading" id="russia-leverages-bitcoin-to-counter-sanctions">Russia Leverages Bitcoin to Counter Sanctions</h2>   
<p>Amidst all these challenges, Putin advocated digital assets such as <a href="https://coincu.com/294772-bitcoin-analysis-signals-2017-deja-vu/" target="_blank" rel="noreferrer noopener">Bitcoin</a> as important alternatives. "Who can ban Bitcoin?" he <a href="https://x.com/BitcoinMagazine/status/1864311299766714608" target="_blank" rel="noreferrer noopener">declared</a>. Surprisingly, he identified cryptocurrencies as important in cutting costs and increasing financial reliability.</p>   
<p>The endorsement is apt for the recent legislative activity in <a href="https://coincu.com/271485-russian-crypto-mining-law-has-now-been-approved/" target="_blank" rel="noreferrer noopener">Russia</a>, including acts proclaiming cryptocurrencies to be properties, exempting from value-added tax charges for mining of cryptos and sales in cryptos, and removing tax liabilities for transactions of electronic means of payment systems.</p>   
<p>Russia is strategically shifting towards cryptocurrency. During the wartime efforts in Ukraine, it used Bitcoin to counter such sanctions. Recently, the BRICS summit has had member states discuss the possibilities of digital currencies affecting international transfers.</p>   
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    <td><em><strong>DISCLAIMER</strong>:&nbsp;The information on<a href="https://coincu.com/"> this website</a> is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.</em></td>
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</figure>  <a href="https://coincu.com/?p=295233">Read original article on coincu.com</a>

Russian President Putin Praises Bitcoin and The Growth of Crypto

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