In a new sit-down interview, BRICS Member Russia’s president, Vladimir Putin, sang praises for the recent growth of the Bitcoin cryptocurrency. Speaking on Russian TV, Putin said that Bitcoin & digital assets will continue to develop. In the past, the alliance has revealed plans that align with the crypto industry, particularly surrounding its new currency under development. Indeed, BRICS proposed the use of Bitcoin for international payments at its 2024 Summit. Now, one of the bloc’s leaders, Vladimir Putin, says that Bitcoin is inevitable.

When discussing the potential regulation of Bitcoin, Russia’s president rhetorically asks “Who can ban Bitcoin,” before quickly answering “Nobody.” “These are new technologies, and no matter what happens to the dollar, these tools will develop one way or another,” he adds. As the world strives “to reduce costs and increase stability,” in Putin’s eyes, methods like Bitcoin are becoming more popular. This message is also eerily similar to that of the BRICS currency, one set to rival the US dollar upon launch.

The economic alliance has continued to find new ways to promote local currencies through its policies. Moreover, there has been discussion that cryptocurrencies could factor into that in a massive way. Bitcoin could be set to play a big part in the BRICS bloc over the next several years, especially after Putin’s recent comments.

BRICS Member Russia Recognizes Bitcoin and Crypto’s Potential

Furthermore, according to recent reports, digital currencies are now formally recognized as a type of property in international trade settlements. This falls under a new law that has now been approved in Russia by Putin. The president has jumped into the crypto scene by embracing digital assets for trade, including Bitcoin. Other members of the bloc: including China and Brazil, have also recently begun backing Bitcoin and crypto. Most notably, a bill was introduced in Brazil to develop a Bitcoin treasury reserve. The bill is currently being reviewed by Brazil’s government.

Also Read: Top Economist Predicts the Future of BRICS Currency

By establishing a legal framework, Russia’s legislation is expected to accelerate the adoption of digital assets within its financial ecosystem. Putin’s latest comments further reflect Russia’s strategic interest in leveraging Bitcoin for geopolitical and economic advantages. During the Ukraine conflict, Bitcoin was utilized to mitigate the impact of Western sanctions. Russia is also in talks to digitalize the Ruble on the XRP Ledger. In the future, the digital asset industry, led by Bitcoin, will likely shake up the BRICS bloc and how it sees trade. As a result, de-dollarization could see a new level brought by cryptocurrency.

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  • BRICS
  • Putin