Bitcoin Forum

Russia is adopting a different attitude towards cryptos than China. President Putin has come public saying "Bitcoin has value but it cannot be used in the Oil trade" (https://www.cnbc.com/2021/10/14/russias-putin-says-crypto-has-value-but-maybe-not-for-trading-oil.html)

I guess Putin didn't still fully grasp the real potential of cryptos as he says But even so, it shows that Russia seems to be adopting a friendly position facing cryptocurrency and it may be having some impact on the industry. Given that China adopted a harsh position towards cryptos, is it possible that miners are relocating from China to Russia? Is it possible for Russia to step up to occupy the former place China had in Bitcoin? I guess this is what is happening, otherwise, Putin wouldn't come public with such a neutral position.

Why would any country use it for the Oil trade? especially the countries which receive foreign exchange from their customers in return for Oil. It makes zero sense for them because their currency is gaining strength if they are using it for exports and at the same time gaining foreign exchange too. Even if they realize crypto is important and has a lot of potentials they still won't start using it for trading unless the buyer proposes them or forces them to use it for trading, Yes CDBCs can give rise to different scenarios but they are definitely not going to use main stream cryptocurrencies for this purpose.

By now, Putin has come out with a very open opinion on Bitcoin and this is having quite an impact on the current market.  To say that Russia is replacing China now, I think this is an exaggeration.  Putin is much more stable than the Chinese President in taking his country's policies.  If he says it's too early to talk about Bitcoin in oil trading it's only natural because their exports are supported by oil and other commodities.  And indeed not many countries are willing to accept bitcoin as a legal tender.  Although Russia is indeed looking for an alternative to the dollar because of the sanctions they received in 2014, Putin has not dared to replace the dollar with Bitcoin due to various reasons behind it.

The reason for the answer is the nature of the question, as we know that Russia sometimes sells oil for things other than the dollar, so the question was in this form.


The answer is logical and it is optimistic. If bitcoin achieves some of the requirements, it may be an alternative to using the dollar for many countries, as it may be the key to international trade between them.

We cannot consider it a positive statement as much as a factual reading.

Everyone has their own perspective.
And i too respect each and everyone’s ideology.
Whatever Putin has said, i am sure he would have done immense research and have said it.
I guess for the statement of Putin also, Bitcoin has slightly rose up.
Let’s see what happens more from Russia’s side regarding Bitcoins.

That is not that surprising since Russian government announced their own cryptorubble coin way back in 2017, with Putin backing it up. Also they probably want to counter USA aggressive policy towards bitcoin. I guess they see crypto as a potential leverage in the future against USA.

Good to see that he’s at least open to the use & acceptance of bitcoin in the future. The last thing we need as we’ve just shrugged off China FUD was another large nation following suit. Hope to see more positivity towards bitcoin from Russian officials in the future.

Still not buying it though, as per my experience reading news coming from Russian government, they've seen to be releasing statements that is contrasting. So it's hard to accept something as true coming from them, just saying. And we all know how oppressive Russian's regime under Putin. Crypto will give so much freedom for their people and he may not like it on the long run. Again, take everything with a "bag of salt",  just saying.

Good to see Putin is positive about Bitcoin. Since the US supporting Bitcoin and do not have any intention to ban Bitcoin, so Putin will not ban it as well. Because Bitcoin is the most powerful cryptocurrency and the US is the most powerful country as well. So Putin just expresses that he doesn't want to go against the most powerful currency. Putin wouldn't miss this opportunity. There is some political game as well, China stands against Bitcoin and the US stands on behalf of Bitcoin, and Putin just taking advantage of Bitcoin and that's why he is telling Bitcoin has value.

Its possible that Chinese miners also move there, the hash rate from Russia had ranked up to the 3rd place which the government had no problem with and they don't plan banning cryptocurency.

I once saw a video which Putin explains about blockchain, the president knows more about crypto than what an average joe knew. He must have learned from his council.

Excerpt from the link:

In regards to the bolded part above, guess I understand why he said that.
I think you could solve the problem that may have prompted that part of the statement by regulating supply to help keep price fluctuations moderate without compromising on Bitcoin anti-inflation feature.

Bitcoin is supported by its global users though. Wonder the kind of support the Pres is referring to anyway.

All about the oil. Well he is mostly thinking how they can overpower the US dollar or other modes of payment so that they can sell out their Oil in different ways than the traditional. This is surely out of one important thing, they need BTC to be used as charmer payment to help attract more and more investors for it. Crypto adoption is under discussion since long in russia. They could be in the set point, where exactly the BTC will play the role.

Let us not forget that Russia is the reason for 12% global supply of oil and securing the third position in the world to do so.

Imagine that much being paid in BTC will be put Russia in the top 2 or 3rd position by its BTC use.

Only not sure about one thing, except the different mode of payment what is achievable through this?

Infact i can't just believe how china is taking it uneasy on Cryptocurrency infact to the point of tracing users and blocking every possible means, as for Russia i think they have upper edge in accepting crypto activities going on and the acceptability of Bitcoin for oil payment and transactions has a long way to go for now but its possible whereby the countries in which such exchange be done must both have adopted and legalized Bitcoin and can then be used as an exchange for oil (Bitcoin-oil) exchange.

Hopefully Russia will show an open attitude towards crypto, without the need to adopt any legal payments, just by giving space to cryptocurrencies as an investment alternative that is allowed to operate in Russia. I know that Putin doesn't have time to discuss and find out more about the potential of Bitcoin for his country's economy. But he has a minister who specifically regulates the digital financial system which should provide reinforcement that Russia in the future is crypto-friendly. Thus, Putin only looks at its development and income in the state treasury.

News surfacing from Russia just a few months back states a different stance on cryptocurrencies, insofar that they even wanted to ban it wholly. Putin as the head of state surely has a valuable opinion on what he thinks of bitcoin, and most of the time, his views are taken as the views of Russia as a whole. Just the timing of this recent statement of Putin on the matter makes it hard for me to believe that he really is thinking such for bitcoin. But who knows? Maybe he really had a change of heart, or he just doesn't follow what his advisers and counsels are doing for cryptocurrency for his motherland.

Seems there's a change of heart here. Maybe, he's also reading adoption of bitcoin in other parts of the world like El Salvador, Venezuela, etc. And even if China totally ban crypto usage, they have seen that it had a slight impact during the announcement but afterwards, bitcoin is soaring high. So he may see that banning btc or crypto is just futile if all the other parts of the world are already enjoying the benefits of this technology. I have read a thread that right now, Russia is in the third position when it comes to crypto mining behind US & Kazakhstan. So if they will be more friendly towards miners, who knows these Chinese miners will eventually move to their country?

I'd like to get a direct source for that, cause in this article the words "bitcoin" and "cryptocurrency" are interchangeably used. I've seen many times titles like "country X supports Bitcoin" and then you read the article and they are actually talking about CBDC or stablecoins.

I hope people won't start saying that "Russia will make Bitcoin a legal tender" and include it in that fake list of countries that will adopt Bitcoin next.

Nice.
We need someone like him to tell the actual thing about bitcoin. Unlike those freaking economists that still denies the value of bitcoin. They should be honest as Vladimir about bitcoin. But he has to learn that it can be traded for gold directly if the producers or suppliers do.

If this is true, it's good news.
We have heard a lot of countries started adopting bitcoin and believing bitcoin, soon those who still hate bitcoin will do the same to other countries who are friendly to bitcoin. Now, the whole world seems to see the potential of bitcoin to become an alternate currency, and let's do hope that not only one specific cryptocurrency, should be on general crypto. Putin soon will announce a legal tender for sure. The only barrier on bitcoin that keeps spreading FUD is China, we hope that they will realize soon.

Im searching for this one because they do really make use of cryptocurrency as a default thing or been generalized.

Edit: and as presumed then it is indeed saying about crypto.

https://nypost.com/2021/10/14/vladimir-putin-says-crypto-has-value-but-cant-be-used-in-oil-trade/
https://www.cnbc.com/2021/10/14/russias-putin-says-crypto-has-value-but-maybe-not-for-trading-oil.html

Well, its better rather than going in negative aspects.

So many advantages and use of bitcoin, but he thinking about oil trades? Lol, some people are just obsessed with dominating anything. But yeah, its going to take decades and a bunch of countries to accept it (specially those OPEC members) before bitcoin becomes a petrocurrency. The price is currently too volatile to be used for trading oils, a risk no nation would want to take. But at least he believes that bitcoin as some value...

Then it has to prove himself that Bitcoin has a bigger picture of success and that is the biggest mistake of ignoring this. I guess, these words coming from one of the strongest leaders will have a huge impact on the crypto community. I'd like to see Russia will have the full commitment to crypto and makes this encourage others to adopt as well.

But talking about that Bitcoin can't be used in the oil trade? If that both parties have accepted the mode of payment, I think there is no such problem. The transaction must go on, it was like were using fiat to make a payment but with the use of Bitcoin made it faster.

Thats what matter most despite of the possible issues or problems that a country might able to face up when making bitcoin/crypto adoption then it would really take some time and lots of discussions about considerations
on certain things and also they might have give out some positive sentiments doesnt mean that it would be final.There's always the probability of reversion of those kind of comments or compliments.
They might seem to be positive but as long they arent making any actions that would justify that then theres always some changed of mind in the end.

It might they think that Bitcoin is good as an asset not for a daily payment or use in a trade or even mixed up in forex trading.

Good to see that there are few countries now seeing how useful Bitcoin is and it might other countries will follow them as next to their steps.  I freshly remember that there are 3 countries aside from El Salvador that has been announced Bitcoin as legal tender in their place and it might Russia will be the next to them.

I smell a huge pump is coming with the Bitcoin price of this news. 

Yes, it seems to me that we are about to enter the country adoption phase. In 2016-2017 we had a big adoption by retail investors. In 2020-21 we are seeing adoption by institutions. Many of the ones that criticized Bitcoin and said it was a scam have moved to buying Bitcoin or offering it to their customers. Maybe little by little we are at the beginning of adoption by countries, which hopefully will be significant for the next cycle, because I don't think things are going so fast this cycle that we are going to have so many countries legalizing it as a currency that we can talk about adoption by countries in this cycle.

if bitcoin adoption and regulation for each country for bitcoin in positive form. this could be a very big trend happening in the crypto market.
we can see gradually, several countries or country leaders express how interested in bitcoin and crypto adoption. it is very possible for other countries to also follow the big countries adopting crypto. because most of the problems in each country lie in regulations that still prohibit its use. but if as an investment asset I guess it would be a very good alternative.

For those that might actually believe this dictator - Do you think someone that murders his political opponents in order to retain a tight grip on power is going to give up his economy to a digital currency that is free to use? Russia's economy has been in shambles since Putin was put in power, his regime would not survive if Russian citizens detached themselves from central banking. I'm sure he'll talk up Bitcoin with empty words that do not translate into anything meaningful.

Great argument here mate , Why would He really accept Bitcoin if this will rule Him out in the future, he might just joining the trend as Bitcoin becomes popular these days and He don't wanna miss the ride but that doesn't mean he literally accepting nor believing this decentralized and very volatile market.
His statement seemingly just favoring the Pro Bitcoin so he won't need to add opponent as the election is near to come again and people in Russia is starting to believe inc rypto currency more deeply these days.

It was a very general statement which could mean nothing at all. There is no reason to celebrate. By saying crypto has value is simply saying crypto is not totally worthless. It was like saying the technology could be useful. What followed are the more interesting statements. For example, Putin was clearer in saying, “But I don’t believe it can be used in the oil trade.”

There was also a hint that Putin has yet to really wrap his head around crypto. He said, “Cryptocurrency is not supported by anything as of yet.” I mean, does it have to? What does he exactly mean by that?

Moreover, Putin is also giving weight on crypto's heavy reliance on massive energy consumption.

It's actaully best for a dictator to use cryptocurrency to surveillance the people in the country. Look how China is doing. Using their CBDC is to look into the account and money spending of their people through their CBDC makes Xiing Ping more in control of their people's behavior.

He doesn't have to control social media feed because he knows his people, how much money they have in their accounts, and can bankrupt with just one click. Gaining power is difficult when he sticks with this old system. How many tyrants are dead because of it. Luckily for Putin, people are still liking him.

You are right. Putin has just learned that Bitcoin, its mining and other related business can be helping its economy. I read sometime that Russia has this special economic zone that allows cryptocurrency-related businesses to start and flourish. Once the government can see a big success rate with that zone there is a big possibility that Russia will slowly allow the integration of cryptocurrency into its economy. This is coming and not a question of IF but when. Of course, we are happy that at least there is no big ban here just like what China is pursuing. Russia can be a big market for crypto and I think there are now many Russians who are holding them.

Everything is correct. Bitcoin was not mentioned anywhere in the journalist's question. Exactly, like Putin's answer did not name exactly the use of Bitcoin. If you all remember that back in 2020, Putin signed a law on digital assets, where it was said that from 2021 it would be possible to conduct transactions in cryptocurrency, but it is prohibited to use it as a means of payment.
Putin's comment says that everything that develops, and in this case, the cryptocurrency as a whole, has a right to exist. But it is very early to talk about contracts in cryptocurrency and use it for oil trading.

Crypto and oil trade are different as oil trade can be included in the commodity and oil has a physical form while crypto does not. Sometimes, the government says different things about one thing while they can agree with it behind the scenes and not in public.

But if Russia seems to want to adopt a friendly of crypto, that will give a strong position for crypto in Russia, crypto can grow and it will reach the people. Russia could replace China's position in crypto as China is not friendly to crypto and if that can happen, we might see a change in the crypto world. Of course, that will have an impact on crypto.

I think Putin just doesn't want to seize the opportunity, that's all. He might not like Bitcoin, but given that cryptos are already popular in Russia, China is cracking down on cryptos, and crypto mining in the US is getting way more popular, he wants to benefit from the window of opportunity, created by China basically leaving the industry. So it's better to have something new and with high potential in Russia than allow the US to dominate one more economic area, right? I mean it from Russia's perspective, of course. So saying something negative about cryptos is just not a good political option for him anymore, but it doesn't mean he wants to deal with the risks due to BTC's volatility or to spend the country's resources on properly managing and regulating cryptos. Hence the vague statement, Putin's favorite kind of statements.

Putin believes the internet can be downloaded in an office folder. C'mon, you can't seriously listen to whatever this man says about crypto.

Sure he thinks that Bitcoin has value and especially for countries that have some kind of international sanctions like Russia and Iran have for example.
All those countries can mine Bitcoin without any limitations and use it for international trading for anything they want, and this is how it should be with money.
Putin or anyone else can't control or print more Bitcoin so they can't change supply like they are doing with fiat currencies and steal from people with inflation.

I don't see this as crypto friendly statement, but more as a neutral statement. He didn't really specify in what sense Bitcoin has value, because of course most of them have value, they are traded for christ sake, it's the very definition of value. Saying that they don't have value would just be lying at this point.

But to go further on what he meant; like he instantly withdrawed his statement just to say: “But I don’t believe it can be used in the oil trade.". That says enough about where we are now imho. Also being neutral to cryptos at this point seems like they are playing mind games between US and Russia. They all know that there could be decentralized solution for value, and that sort of disrupts the current value power balance.

I don't think Putin needs to understand crypto, there is no reason he would need it. I mean, I understand BTC and crypto, in general, is a great thing, but it's not some magical solution that will better anyone who adopts it. So small steps taken are all right, but not sure if Putin saying something has value will do anything much to the ecosystem. Small steps.

I remember the time that Russia said cryptocurrency trading is allowed but not as means of payment (in other words legal tender). At least they could still trade cryptos, but it would be better if they could expand its use cases like as a medium of exchange. It’s good for Putin to say that Bitcoin has value, but that’s just the first step. Hopefully in the future, he would consider allowing cryptos as mode of payment but should be regulated very well like registering as an operating payment system (OPS).

The way I view it, Putin is an opportunistic man and with crypto about to erupt through nations he's making the right moves for his country.

Yes, there might also be in spite of the competition from other countries, and to stand above them namely USA and China but at least he is not dismissing of something that has been staring politicians in the face for the past year or so. We'll see how far he goes with it...

I am not surprised that Vladimir Putin believes Bitcoin has value and to be sincere. Russia is the country I expected to first use cryptocurrency as legal tender due to the meeting Putin had with some Executive and Vitalik some couple of years ago about Russia’s economic reform and use of digital economy with their own digital currency. After the meeting, Putin also endorses Ethereum then and I don't know why they seem to pause on the journey. However, Russia is still one of the top countries that recognized crypto so we shouldn't expect something less from a President like Putin.

People, you need to start thinking with your head, because making a sensation out of one innocent statement really doesn’t make sense. There are two groups of people who claim that Bitcoin has no value - the first are those who really have a low IQ and do not understand anything more than the relationship "bank -> plastic card - > ATM - > PIN -> money" - and those others who are so deeply involved in the existing financial system that they will always be negative about Bitcoin no matter how well they understand it.

Besides, what an obsession it is with a man who poisons his political opponents with radioactive substances or literally kills them under the window of his office (https://en.wikipedia.org/wiki/Assassination_of_Boris_Nemtsov). His opinion is literally worthless to me.

Of course president putin sees a lot of benefits from cryptocurrencies so they can be legalized soon, maybe this is the beginning that bitcoin will soon be legal for transactions like fiat so that will make bitcoin shine even more.

Just make me think though, if there is one crypto that Putin should adopt and embrace, it should be Vitalik Buterin's Ethereum?

Old article here, 2017: https://www.coindesk.com/markets/2017/06/05/vladimir-putin-and-vitalik-buterin-discuss-ethereum-opportunities/


Or maybe he really see something in bitcoin that his government can used to their advantage like making money for them in terms of taxes?

Being a resident of Russia, I am really happy that Putin doesn't prevent us from buying and trading cryptocurrencies. We can't pay with them, but at least we can use them as investment. I think that it is a wise step from him as Bitcoin and blockchain technologies in general have a big potential and are really useful, so if Russia starts adopt Bitcoin in the same way as America, it will be good for it.

Its good to have a open minded president since they could give their citizens an options to venture theirselves on new things just like bitcoin, For sure this will be a good basis to others that they should trust bitcoin to since once other country will think the same as Putin or other government who adopt bitcoin for sure it will be beneficial to us and to the industry to last long and have good institutions to hold on.

he says bitcoin has value but he doesn't talk about what he's doing good to promote an environment where people in his country can use bitcoin without his country's banks not blocking accounts... in short his words are empty , they change absolutely nothing about bitcoin in russia. I wonder why the news channels are posting this kind of irrelevant news?


he's not open-minded, he just said these words without weight because in practice they're not doing anything concrete so that in russia anyone can use bitcoin without having problems.

Russia aims to limit crypto purchases by non-accredited investors (https://cointelegraph.com/news/russia-aims-to-limit-crypto-purchases-by-non-accredited-investors)

Its been a while that Putin announcing that Bitcoin could be considered as a legal tender to their country but it was sudden that changes his mind and turn it in favor of Bitcoin adoption. I like the idea of changing his decision but if that only will be going to happen, where it having stricter and regulated rules it never attracts interest for the people to adopt Bitcoin and use it.
I assume that he already understands how it works but with his actions, I think he wanted to make it centralized and take control of everything which is not acceptable by the majority.

We don't know when that will be can Putin ought to be the first President to legalized Bitcoin before El Salvador did.


Nice one mate. Thats the old article which explained everything I said above but we don't know what Putin discussed with the executives in the meeting they had then. However, he does support Vitalik in his journey of ETH creation right from the beginning and Putin is not the only President that sees Bitcoin as the way to generate more income taxes for the country.

After he told us what is his opinion about BTC, the market become bullish till now. The price of BTC has reached 60K USD. After a long journey for bearish time, we comeback to reach our new level price. No matter, he want to control BTC among the banning action of another country which I know this has made our portfolio get its profit.

Putin just made a huge impact on bitcoin that made it reach its strong resistance level at $60k. With this positive impact, i can sense that there is really a future for bitcoin in Russia because the president itself has already believed that bitcoin has a real value. It might be too early to conclude but i think its just a matter of few months already and bitcoin could possibly be accepted in Russia. There is a heresay that Russia can take over China when it comes to crypto but this might take a long process before everything will get into its place.

Well, if he has his own intentions why he come out in the public with a hope in bitcoin, and wishing that it can be controlled by him, then i don't think bitcoin will work in Russia. Its not gonna happen since we all know that bitcoin is always decentralized and there's no way it can be fully controlled even by the president of a country. But, if bitcoin will be used in Russia as a medium of payment, i think it will create an advantage aside from the tax that can be collected from it, bitcoin will always be inflation free so its users will never have to worry about that like they experienced in fiat.

Yes and value of bitcoin will increase more and more because bitcoin is reality,and world understanding the value of crypto currency slowly slowly and more countries will be involved and approved bitcoin in their countries.And I'm looking the Many contries will alow to lagal bitcoin like currieny .So as I say always the world know the future of bitcoin is very bright.

^ It depends on who is the president of the country, there are leaders that has open m indeed when it comes to blockchain technology or BTC itself.
If all leaders in all countries will enlighten their minds and accept cryptocurrency, it sounds good BTC is more legal tender and has the potential to become a worldwide crypto asset. However, this is good news to the country of Russia that their president was accepted BTC and now, probably the crypto mining business in Russia will increase.

Putin is open for suggestions. He could bann BTC in the country if he isn't open for crypto acceptance.

in some report however Putin doesn't see the need for cryptocurrency as payment for gas making his comment invaluable for the community. but with this coment, i guess it crossed their mind for some time. crypto had gone mainstream as we could see reports already where presidents are talking about it. hopefully the people will see it as hedge.

Whenever you do have a leader who do have this kind of positive sentiment towards crypto then you would really give that kind of awareness about crypto existence towards into your vicinity.

Its good to see that one of the most powerful leaders or country does have that kind of consideration or positive towards crypto which they could really be having some significant add up

towards recognition and adoption but lets see on how things would be going because sentiments like this could really changed up from time to time .So lets not make out some conclusions yet.

The fact that Putin believes that bitcoin has a real value, i think its a good sign for bitcoin to be accepted soon in Russia. Maybe it will take some time for Putin to consider bitcoin as a medium of payment but when it happens, its price will eventually continue to surge high. And as the number of countries who are considering bitcoin making it as a medium of exchange keeps increasing, then China will certainly feel fears that such countries will no longer need China for their own progress because bitcoin will make it possible.

it is clear that the views of the two communist countries are clearly different, China is very ambitious to reduce the prestige of bitcoin in their country and make the digital yuan dominate in the country while Russia has no ambition to beat bitcoin. maybe in the next few years, we will see Russia open its arms to welcome miners to come to their country.

There is no guarantee that Russia will accept Bitcoin with what Putin said about Bitcoin. But it's a good sign that Russia is not a Bitcoin hater
like China, so either way it's good news. It is also possible that Putin said this to provoke a reaction from the Chinese government, which did
ban Bitcoin. Or Putin is still considering the advantages that Russia will get if Russia is really open to Bitcoin. But if Russia really accepts Bitcoin,
this will have a very big impact, because Russia is a big country that is quite influential.

China and Russia are not very different country though. once Putin starts accepting BTC, China might also do the same, they know how to adapt since they've been there before.  but its a good thing that countries ruled by dictators may not be able to stop crypto because they can slowly bend to internet money.

now that countries are preferring to accept EUR, they may try starting to accept BTC since EUR is also struggling. the future of fiat money is not looking good. even that Yuan which they thought to be a good fiat because of its economy but China is also facing same problem.

It signs that Putin is tolerant of crypto adoption and welcomes enough crypto world.
We know that Bitcoin is one of the most influencing currencies in the world and this business has been spreading around the world.
Russia is a big country, this news may lead the price of Bitcoin higher and higher again.
I read some websites that also posted about this good news, about Putin recognizing payment using cryptocurrency and also other adoption. But once more, this is not the final decision.

I totally disagree though, if he is tolerant then there's something might be for his government.


With or without Russian's inclusion to the so called friendly countries, bitcoin can still reach all time high, can be used by other countries as hedge or legal tender like El Salvador. Don't think that just because a big country like Russia whose government are oppressive by the way means that they can push it higher and higher.

It signs that Putin is tolerant of crypto adoption and welcomes enough crypto world.
We know that Bitcoin is one of the most influencing currencies in the world and this business has been spreading around the world.
Russia is a big country, this news may lead the price of Bitcoin higher and higher again.
I read some websites that also posted about this good news, about Putin recognizing payment using cryptocurrency and also other adoption. But once more, this is not the final decision.

Putin's acknowledgement is a great accomplishment for bitcoin indeed. He says that it cannot be used for trading oil because the current FIAT monetary system is still intact. When it all goes down, bitcoin will be the king and Putin will have to re-think his options. As far as I know they still use USD for trading oil and USD's days are numbered.

Partly because the US government has said it will not ban bitcoin. Certainly, Putin does not want to be left behind in the race. Second, Bitcoin can help Russia avoid dependence on the US dollar. In the same statement, Putin stressed that if the US continues to impose sanctions on Russia, It is likely that Russia will abandon oil trading in USD. Currently they still trade oil in USD but apparently, he is implying that bitcoin could be used in the future to replace USD.

China is attempting to ban Bitcoin, and here Putin is praising it.

Could it be part of the long game? Slowly introduce crypto to the Russian people, then start issuing out CBDC in order to retain control over all finances, sure. But Putin is not advocating for Bitcoin without malicious intent. He is horribly corrupt and has rigged elections to stay in power. Anything that would take dependency away from government is not in Russia's best interest.

Even if Russia were to adopt Bitcoin, I can't imagine it ever replacing their currency. Their economy is too small for significant impact.

He has just talked about it's usage but has said it's too early to talk about crypto so don't say they are adopting bitcoin or other cryptocurrencies because there is no such trace in his statement about the same.Many are thinking to adopt various ways to regulate the cryptos but it doesn't mean they all are adopting it immediately.Same is the case with Russia and Putin might have different approach for them but it's still too early to tell what will happen.

It doesn't mean that Putin is actually adopting but giving a positive view towards crypto and Bitcoin, if Putin believes that crypto can be beneficial to their economy, he would have said that instead of mentioning the Oil price trade, clearly, people won't use Bitcoin for the oil price trade so I really don't know what his point was in his 2nd statement, I guess he's still trying to find out on what part of his country will actually benefit the citizens and their own government.

I know they said that but we still cannot know if Putin will use BTC instead of USD if that happens. My guess is that they are going to try the EURO first. Only if that also fails they'll look for an alternative. Right now EUR and USD are dominating the financial world. Luckily though, EUR won't survive if the USD fails because they are all connected.

if putin thinks like that then the russian state will use bitcoin as a transaction tool even though for now they still have big considerations in using it, especially in exporting oil imports which they currently do often, and for now many countries are learning about the crypto world including Russia for them to be able to use it legally and have regulations in using bitcoin and other altcoins, with Putin's opinion the value of bitcoin is currently increasing and this has a huge impact on the market later.

It seems that Putin is walking a fine line between not wanting officials to escape Russia with large amounts of illegally gained money and the fact that Bitcoin is almost impossible to sanction like a lot of other income generation Russia has going on right now. The fact that Bitcoin sits outside the regular banking system controlled by American friendly interests and the fact that Russian hackers can get paid in Bitcoin which is easy to sell are both big positives for the country, more than outweighing the negatives. He has already scared most Russian citizens into the idea that people can be assassinated anywhere in the world, so he doesn't have to fear money running away as much as most other countries like China do.

They already tried EUR as far as I know. It's easy for Putin to say BTC has value because he is sanctioned. They always say what is best when it favors them and for now supporting BTC is in his favor which EUR and USD might likely fail due to the heavy printing. Russia has the 3rd highest hash rate means they are really supporting this business. If China decides not to accept USD, they will also be looking at EUR.

At least this is a form of support for Cryptocurency. This is one positive news. They will continue to give permission to their citizens to carry out crypto-related activities except for payment instruments. Even if I'm not mistaken they already have the official digital currency Ruble. Maybe this is not a direct support but it does not hinder the development of Bitcoin it is already very good. It looks like they will continue to study Bitcoin and other cryptos.

Yes, the positive signal from President Putin is enough to make the market appreciate even though there are many other supporting factors.  The conditions for Russia and China, which are rumored to be replacing China, are slightly different because Russia is currently looking for an alternative after the US policy on Russia since 2014.

The value of BTCitcoin is to trade freely on a global level and the countries that are having trade restriction should embrace trading using BTCitcoin and that is the greatest strength to overcome trade restrictions imposed upon them rather than countries starting their own cryptocurrency which is bullshit.

I am expecting more countries accepting cryptocurrency in the coming years and the countries having trade restrictions should take advantage of the situation.

 

That means Russia is open to bitcoin discussion and use bitcoin as medium of payment either local or international. Especially their president Vladimir Putin says something about bitcoin positively and that will have an impact to the market and its value.
For now, they aren't open yet about the oil trade using bitcoin but this can be the start for the Russian citizens to also use bitcoin.
And yes it is possible that the miners will be relocating to Russia.

When there are influential people that are telling something positive about bitcoin, the market always reacts. And if someone like Putin tells the same then for sure we're going to see unstoppable market reactions in a positive manner. That's really what we need to have and not those experts in an economy that are telling that bitcoin don't have any value and it's not going to live any longer. But in the end, they are the ones that are even accumulate first than the rest.

I think the reason why he tried to relate bitcoin into the oil trade is because as of the moment oil and gold are the means of determining whether a country is developed or not, the more oil and gold reserves they have, the more economically powerful a country is. He believes that bitcoin could be used as a substitute for currency but until the time it could be on par with oil in terms of value and use-case he is most likely to sideline it. Bitcoin, albeit a greener option, still falls short on the use-case sector since oil powers everything as of the moment, but as we trend towards a nature-friendly future, not only Russia but many nations which are initially against the use of crypto may change minds and opinions. There is still hope I think, we tend to forget the fact that more and more people are revolutionizing towards a future that is not run by non-renewable resources like oil and coal. Thus, once achieved I think we will have good chances that bitcoin could find some space in the Russian economy and be used for their everyday living. We have to consider that the opinion Putin presented is only for the moment and may change for the better, or for worse in the future, once all things are said and done.

Yes, when influential people reveal something positive about cryptocurrencies, automatically the market turns progressive. Putin and Russia were against cryptocurrency in the earlier years. Now this has changed, because even without any legal framework people continue using it. To avoid unwanted mess, government have taken some positive decisions on cryptocurrency regulations. Now Putin also revealed his positive statement on cryptocurrency in his interview. Another thing more miners moving to Russia. This way what Putin believes is made to be true.

But knowing how positive Putin about crypto at the present, it will be more likely to gain positive results in the future. Although no one holds the future, but we know in time crypto will be more usable in the years to come and by that time, maybe Putin will already accept crypto not just as a currency, but also for oil trading. And in terms of Russia replacing China, i have high hopes that it will really bound to happen soon as China becomes more unproductive to crypto. Russia will definitely be a good relocation for crypto miners as the President itself is not against with it. So definitely, its an edge.

Sure, it’s quite possible that Russia will be filling up that space that China has left open.
As of recent, I saw a news that mining companies has been increasing in Russia while China has dropped to zero.

The report shows that the rate of mining in Russia has increased from around six percent (6%) to over eleven percent (11%), that’s like almost a double increase and it shows that miners are now focusing on Russia as the right location for them to start their mining business, although United States stays at the number one on the list with around thirty percent (30%) of mining operations being carried out there.

It's changed a lot and that perspective and narrative portray very positive to bitcoin. This will change the outlook of others upon hearing that it's Putin that has said that bitcoin has value. A powerful guy that considers it, those words were very plain and simple yet the impact to it to the market and changing the perspective of others is truly encouraging and attractive. Are there more miners moving to Russia? is there any source that can validate that thing?

Russia will probably have taken this seriously and wanted to make some competition as well in the crypto space. As one of the developing countries, I believe they could make it and contributed a lot to the crypto space, and make some influence to encourage others.
We don't know if this has been related to the China issue but what I see in this situation is that President Putin has finally seen Bitcoin as huge potential and not just for investment but for them to enjoy the benefits of this new technology. And they don't want to look behind the development.

If Putin is positive about that, there are two things that come to my mind.
1. Either this man is doing evil thing (Can't remember something kind from him).
2. He really sees the value and predicts the future of cryptocurrencies and this will be a new cold war between the Russian and USA. So, this statement from Putin will turn alarm for USA to do more research around crypto and say another statement or act according to it.
When Russia does something, USA always keeps an eye on it and opposite, so, this news can accelerate the adoption process in both countries.

It is necessary to judge not by Putin's words, but by his deeds. Over the past five years, Putin has said a lot of controversy about cryptocurrency. However, we see that Russia has adopted one of the worst laws among all states. People in Russia are prohibited from using cryptocurrency as a means of payment, and it is still possible that criminal liability will be established for this violation.
Putin said that cryptocurrency has a certain value? Is it Putin's credit for admitting the obvious? If bitcoin is now valued at more than $ 60,000 worldwide, it would be foolish to deny that it has value.

I’ve read that article. The answer of Russian president is quit misty. Despite he have said that “BTC has value”, he also said that it is “too early” to use it as means of payment of public contracts. This position can be interpreted differently. One thing we can say for sure now, it was not the words of fierce opponent of cryptocurrency, so Russia won’t make BTC illegal, Russian people will continue freely trade and mine BTC.

Russia is an important energy provider for Eastern Europe. They have energy in abundance especially from gas and coal sources. The prices stay around 0.064$/kWh. It's half of the energy's price in my country, and although it looks great for me for that reason, I don't know if it's an attractive price to set up mining farms or if it should be even cheaper.
The negative side is that renewable sources of energy are almost inexistent in Russia, what could lead many people to criticize this move from russian government and bitcoin once again, just like we have seen in another countries.

Wrong thing that I do read up is that they do generalize or mentioned crypto as a whole and not just basically talking about Bitcoin.Whenever these kind of positive sentiments do pop out then it is at least

showing off that they are at least neither be neutral-positive impressions towards it but I wont really be surprised if they wouldn't really recognized bitcoin and instead go with other alternatives

which they do seem to be worth to be adopted but in overall this is actually a positive news for those people who do get involved with crypto in Russia.

The people will criticize this move if they don't understand this thing but if they consider this as additional revenue, I believe they will open their minds and embrace this new technology. They can put out renewable sources of energy if they want to just to support miners, this will be the best remedy to high mining costs and electricity charges. There are always ways to find if they want to and I think, the Russian government has to think that as well. This will not just give benefits to a few people but this could be for everyone. 

I personally do not believe a single word of Putin. His words are constantly at odds with his actions. He lies constantly and in everything. This is especially evident in Russia's foreign policy. As for the cryptocurrency, the laws that are being adopted and prepared in this country are simply draconian. In my opinion, Russia is on the verge of completely banning its movement. For a long time, many have understood that Putin is not giving the people the opportunity to use cryptocurrency to make money and profit. Probably because he understood its value, he does not even allow her to circulate in Russia.

fortunately someone who thinks like me appeared, this putin chases political opponents, he would not give people a chance to be free because he wants to die in power, just see that the guy does not leave power to understand what kind of person he is, until today I can't understand how it is possible that bitcoin news channels are wrong with putin, putin is worse than china, at least china has outright banned bitcoin and don't pretend to like bitcoin, putin is cynical