Putin Backs Bitcoin as Russia moves towards US Dollar

Russia is boldly shifting toward cryptocurrency, with President Vladimir Putin calling Bitcoin "unstoppable." Once a skeptic, Putin's comments signal a major transformation in Russia's financial strategy. Facing Western sanctions and a declining US dollar, Russia has recognised cryptocurrencies as legal property, exempted transactions from VAT, and capped crypto taxes at 15%. Putin highlighted the efficiency and reliability of digital currencies, viewing them as essential for reducing costs and countering Western dominance. While restrictions on crypto mining remain in some regions, Russia is exploring state-backed crypto exchanges and foreign trade transactions using digital assets. This marks a pivotal move in reshaping global finance and bolstering Russia's economic independence.