At an investment forum in Moscow on December 4, Putin declared that no one can ban Bitcoin, underscoring his strong support for the development of the digital asset.

Russia is not only going all-in on developing cryptocurrencies, it is taking major steps to position itself as a global leader in the field. Just last week, Putin signed a groundbreaking law officially recognizing cryptocurrencies such as Bitcoin as property.

This means that individuals and businesses involved in mining, trading or holding digital currencies are now protected under Russian law. The new regulations also bring tax benefits to the crypto industry. Mining and selling digital currencies are now exempt from value-added tax (VAT), and services related to electronic payment systems, including those involving cryptocurrencies, will not face additional tax burdens.

The full acceptance of cryptocurrency in Russia marks a turning point for the global financial system. By recognizing Bitcoin as property and removing barriers such as value-added tax, the country is setting a precedent that others may follow.