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Putin Says No One Will Be Able to Ban Cryptocurrencies: State Media
The Russian president said cryptocurrencies will continue to develop no matter what happens to the U.S. dollar.
Dec 4, 2024, 3:46 p.m.
What to know:
- Russian President Vladimir Putin said nobody has the power to ban bitcoin and that crypto will naturally continue to develop.
- The Russian president spoke at the Russia Calling conference in Moscow on Wednesday.
- Last week, Putin signed a law that declares cryptocurrencies as property, a significant step in regulating the industry.
Russia's President Vladimir Putin said nobody has the power to ban bitcoin or other cryptocurrencies and that they will continue to develop, news agency RIA reported.
“Who can ban bitcoin? Nobody,” Putin said at an investment conference in Moscow on Wednesday. “And who can prohibit the use of other electronic means of payment? Nobody. Because these are new technologies and no matter what happens to the dollar, these tools will develop one way or another because everyone will strive to reduce costs and increase reliability,” he said.
STORY CONTINUES BELOW
Just last week, Putin signed a law classifying digital currencies as a form of property in foreign trade settlements under an experimental legal regime, taking a significant step in cryptocurrency regulation.
The action was part of the country’s evolving strategy to circumvent Western sanctions that have hit the country's economy following its invasion of Ukraine. The sanctions from countries including the U.S. have spurred Russia to legalize cross-border payments with cryptocurrencies, though they remain banned from being used as legal tender.
Russia has also been experimenting with a central bank digital currency (CBDC) which is expected to launch in July 2025. It's been testing a CBDC with 12 banks, expanding the trial to 9,000 people from 600 in September.
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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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