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No one can ban bitcoin — Putin

"Processes related to the use of other instruments are taking place naturally," the Russian president said

MOSCOW, December 4. /TASS/. Nobody can ban bitcoin, natural processes related to the development of new payment instruments are taking place, Russian President Vladimir Putin said at the VTB forum "Russia Calling!".

"Processes related to the use of other instruments are taking place naturally. For example, bitcoin, who can ban it? Nobody. And who can prohibit the use of other electronic payment instruments? Nobody, because these are new technologies. And no matter what happens, no matter what happens to the dollar, these instruments will develop one way or another, because everyone will strive to reduce costs and increase reliability," Putin said, adding that this is an inevitable process.

"The dollar has absolutely nothing to do with it. But if the use of the dollar continuously declines around the world by their own hands, then, of course, they will undermine the foundation of their economic power. This is absolutely clear," Putin said.