“No one can ban Bitcoin” – the main thing from Putin’s speech at the VTB forum “Russia calls!”

• Russian authorities did not force Western companies to leave the country: “We did not expel anyone from our market,” Putin noted. He claims that about half of them are still working in Russia and some have transferred control to other hands. “In fact, about a quarter have left, and some continue to leave the Russian economy,” the president said. He added that Western companies have the opportunity to return, but their place “began to be quickly occupied” by companies from other countries and domestic manufacturers.
• Putin also affirmed the need to curb inflation, which “remains at a fairly high level.” To do this, according to the Head of State, it is necessary to coordinate the actions of the Central Bank and the Government. The Central Bank’s medium-term forecast of October 25 establishes that inflation in December 2024 will be 8-8.5%, and in the same month of 2025, 4.5-5% year-on-year.
• The President believes that the Russian economy is growing compared to the European one. The former will grow 4% by the end of 2024, and the latter only 1%, Putin said, citing Russian and foreign experts. Unemployment, according to the head of Russia, is now at a “historic low” – 2.3%, while in many European countries it “exceeds 7%.”
• Commenting on Bitcoin, Putin noted that “no one can ban it.” “The processes that involve the use of other tools occur naturally. For example Bitcoin, who can ban it? Nobody. And who can prohibit the use of other electronic payment methods? Nobody, because they are new technologies,” explained the president.
• In his speech at the VTB forum, Putin announced some innovations. Thus, from 2025, payments using the digital ruble will begin to be used in the federal budget system, and from July 1 next year, “this opportunity should be available throughout the country,” he stated. Mentioning the use of the digital ruble in cross-border payments, the president clarified that Russia continues to create infrastructure for this.
• In addition, from January 1, shared life insurance will be introduced in Russia. It will combine the principle of classical insurance and investment, “when a person simultaneously invests in assets, in shares, receives income from them and at the same time insures his life and health,” Putin explained. He also proposed withdrawing dividends from IIS-3 to other accounts, which, in his opinion, “will increase interest in the instrument.”

15th Investment Forum “Russia is calling!” It began on December 4 at the World Trade Center in Moscow and will continue until December 5. The main theme of the event is “The future of capital and the capital of the future.”