Bitcoin Forum

Russia approved bitcoin as a form of money in order to hedge against the Russian ruble's depreciation and the Biden sanctions. What are your thoughts?

Putin is in favor of establishing bitcoin as a kind of money since he is threatening war and Biden's economic penalties will harm the ruble. He might still use bitcoin to transact in the global economy. I'd want to hear everyone's thoughts on this. Thanks for your response in advance :)

Can you include the source link if Russia has accepted Bitcoin as a currency

What I read last that we also discussed on this forum is that Russia wants to accept Bitcoin as a currency, they are still on it, you can check this thread for that: Russia to make bitcoin a currency (https://bitcointalk.org/index.php?topic=5385051.msg59198827#msg59198827)

Maybe it is political reason or not, nobody can know why, it can be and it might not be the reason. I do not have any point regarding this but one of the function of bitcoin is to help during inflation just like gold.

They haven't officially accepted it yet. They are being fickle banning them recently and reversing their stance primarily due to the entire Russia-Ukraine-USA fiasco.

https://www.google.com/amp/s/cointelegraph.com/news/russian-gov-t-and-central-bank-agree-to-treat-bitcoin-as-currency/amp

https://www.google.com/amp/s/www.moneycontrol.com/news/business/cryptocurrency/russia-likely-to-recognise-as-crypto-as-form-of-currency-report-8066631.html/amp

Also, I don't really think Putin is a big fan of BTC or anything and is only supporting it now due to the pressure from USA and its allies.

This is true as just recently Russian bank proposes the banning of crypto as published below -

https://www.reuters.com/business/finance/russian-cbank-proposes-banning-cryptocurrencies-crypto-mining-2022-01-20/

But with their current  mess they are in, I believe, they are changing their stance towards crypto. So let us see how this will finally be decided by their government. Are they going to follow the banks' proposal or will follow the government's decision?

Of course he is not. I believe he has proven himself authoritarian enough for not to be friendly towards an idea like decentralized money.
However, as you mentioned, the nature of Bitcoin may come handy to face future sanctions.  ::)

IMO government decision are more higher than bank proposal, so it should be government decision. But this news is very recen and some people said it will be decided on 18th this month, however it's seems like they doesn't have a lot preparation and discussion about this matter... so this decision might be postponed. Take a look with El Salvador accept Bitcoin as legal tender after around 3 months planning.

Apparently they're working on it — but don't run around celebrating just yet, because it doesn't mean that it's already guaranteed to happen. And if it does happen, it could mean that they really are just going to legalize it, not necessarily use it themselves.

Biden's economic sanction is just SWIFT exclusion which Russia or China had already tried excluding themselves. If they cut SWIFT, Russia will just use thier own or the Cross-Border Interbank Payment System (CIPS) of China.

Seeing how much China despised BTC which they ban crypto and yet Russia made it a currency could be something that might hold the relationship between the two countries. They might have something to disagree with this time.

There is a mix  news circulating about russia in the social media. Some say that Russia will accept cryptocurrencies while there is also news where banks are thinking to ban crypto. Don't know what that's the exact situation there. However the tension of Ukraine and Russia is not good for bitcoin and the overall crypto market.

I am sure that Putin or maybe one or two of his ministers may have thought that they can use Bitcoin as a way to get around the economic embargo just in case the man in Kremlin will push through his grand plan to evade Ukraine and annexed it to Russia so he can succeed in putting up again the glory of the former USSR. And yes, Bitcoin can be an effective tool to get away from any embargo...this is the same reason why Iran is toying with the same idea.

Not yet.

Bitcoin is not big enough and Russian government doesn't own enough bitcoin (if anything at all) to hedge a country's economy against it.

The word is "annexation" not "war".

You seem to have forgotten that Russia annexed part of Ukraine in 2014 and bitcoin existed back then too and the economy didn't care that much either. Today Europe depends on Russia and they have secured enough revenue for any sanctions to not matter as much.


P.S. To be clear I believe that we are moving towards a world where different countries use bitcoin officially as a legal tender and also for their global trades but I don't think this is happening overnight or on a large scale all of a sudden. For example some countries like Iran (trade partners with Russia) are already using bitcoin for their import/exports but on a small scale.

Both the ban and acceptance news are correct as contained in Cointelegraph news. In January, the Bank of Russia called for a nationwide crypto ban due to the speculative nature of the industry and also stated that financial firms should not facilitate crypto transactions.

However, the call for the crypto ban by the  Bank of Russia did not go well with the Russian Ministry of Finance. Few days after the central bank’s call for a ban, Ivan Chebeskov, a ministry official, called for crypto regulation instead of a total ban. He warned that a total ban might result in Russia falling behind in technology. There were  also reports that President Vladimir Putin supports efforts to regulate the country’s crypto mining sector. Details are contained on the news site: https://cointelegraph.com/news/russian-gov-t-and-central-bank-agree-to-treat-bitcoin-as-currency.

In my opinion Bitcoin is a hedge against ailing economies. Russia views adoption of crypto as option B, should they face sanctions or other financial threats or penalties. That is one of the reasons El Salvador has approved the use of Bitcoin officially in their country. We are all watching to see how El Salvador's economy will perform since the country's adoption of Bitcoin as the countries legal currency.

As others have said, I think as of now Russia sees BTC & crypto as a bargaining chip against economic sanctions. But, I don't see it helping them that much if it comes to that.

There will always be people who will do trade with places that their country tells them not to do. People have been getting caught using cash or gold or diamonds. Using BTC might be a new way of people trying to get around the laws of their country to trade with places they should not. But, I don't think it's going to do that much in the grand scheme of things.

Just my opinion.

-Dave

It's being considered but don't jump to the conclusion that it's already been approved and confirmed. We're excited to see it happen that one of the countries that have imposed a ban on crypto will start considering making bitcoin a currency.

On this decision that may come out soon. Is he the only one to decide whether bitcoin is approved as a currency in Russia or there go the other persons in authority on his administration that have to agree/disagree with such a decision? I'm not just familiar with their government.

What kind of revival of the glory of the former USSR through Putin's takeover of Ukraine? Now empires are not being revived by capturing the territories of neighboring states, and in general, on the blood of other peoples in the 21st century, trying to create a strong state will not work. Ukraine, on the other hand, could well be the cause of Russia's further decline and disintegration if Putin does decide to attack Ukraine.
As for bitcoin, there is still no consensus regarding the legalization of the cryptocurrency in Russia. Given the current virtual isolation of Russia in the international arena, temporarily state institutions can use bitcoin to avoid international sanctions. But with the creation of its own digitized currency or some kind of regional CBDC, Russia is unlikely to use bitcoin in the future in international settlements.

Think the biggest sanction impact I can see right now is excluding Russia from SWIFT. It's problematic enough sending money to certain banks in the former Soviet nations -- I know as I always have to find the right bank there, but once SWIFT is gone, they're almost completely cut off.


Yeah I don't think it's about old glories. Though there are always those segments in these countries, like Ukraine, who feel disenfranchised from the EU love affair and corrupt governments. They perhaps misguidedly yearn for the old days but more likely want to be on the "winning" side of the right oligarchs.

And? You can trade with your neighbor's cat rats for catnip that doesn't mean you've managed to bypass and find a better solution than calling a specialist.

If they cut them from SWIFT is goodbye, carrier pigeons if you want to deal with the rest of the world banks, if there will be economical sanctions good luck using BTC. The aim of sanctions is not to sever the direct payment link between the buyer and seller but to make the seller refuse completely any deal with the sanctioned part.
Look at Huawei, once the king of 5G, nowadays they can't even launch their flagship with a 5G chip, those are sanctions, why aren't they using CIPS or Bitcoin to get their 5g chips? Oh, because of sanctions, cause everybody refuses to deal with them.

This will be the same here, you can use Monero or Love Potion or any other coins, as long as not even  Lrrr, ruler of the Planet Omicron Persei 8 would want to trade with you the only thing you can do is stick them on down your ass or get out of Ukraine.


He needs to show the masses something.
You claim you're the richest country, a  superpower, bla bla bla, and you have a lower wage than Bulgaria, you're losing millions as poeple flee from the country, you claimed to be in control of the virus but a million has died from it, the ruble is going down the drain and there is no change in people's life. He must show them something. Just like the Crimea Bridge, they've built that as a symbol, the rest of the country's infrastructure is a joke, but they need symbols, just like 80 years ago.

 

I think Russia is still in the process of deciding on whether to accept crypto in their country or not. Although recently I've read news on the internet that says they are not banning it unlike China and are not yet on the verge of legalizing it like El Salvador. They are still planning perhaps and calculating the pros and cons of fully approving the usage of BTC in their country. Which is a good thing in my opinion because making haste decisions could lead to nowhere good. Of course, there are people and groups who are in favor and against it and they must face both and handle them well to avoid chaos and unnecessary trouble.

The real question is can Europe survive sanctioning Russia. The way Europe is hooked up Russian energy if Putin suddenly decides to go on a cut off spree and if the conflict increases some more "incidents" to other suppliers like in Red Sea, Europe could easily see 80% of its imports vanish and face a widespread energy crisis.

Yeah, and the number of people who actually like (love?) those symbols, a scant reminder of the scraps they thought they once had. The sun has long set on all these empires but they still gather around the embers, hoping to restore pride because they still think the rest of the world looks on in awe at caviar-laden halls of decadence. And all we see are vodka-infused dancing bear videos.

The lengths they go to for this theatre would only be amusing if it weren't tragic for millions.


Tell me about it... my gas bill's more than tripled in past couple of months. My provider folded back in November, so multi-year contract ripped up, and on new tariffs that's been absolutely painful. State here's in talks to approve tax rebates to help but I'm already doing my numbers and it's tough on me, but I have no idea how most people with single-income family members are going to pull through next winter (if not already this cold spring).

Exactly. Russia can simply create its own financial system that would be impervious from US sanctions. By using Blockchain technology, they can achieve this and many more. Just like China did with its "digital Yuan", Russia can create a "digital Ruble" and use Bitcoin as its reserve currency. I'm not sure if Russia will approve the use of BTC and other cryptocurrencies, especially when China banned it completely. If they approve it, there could be a tense relationship between the two countries (China and Russia).

No matter what happens, Bitcoin will remain unaffected thanks to its decentralized and censorship-resistant nature. Citizens of Russia can get access to Bitcoin through other means if the government decides to ban it completely. It'll be difficult, due to the governments' surveillance efforts. But not, impossible. We need as much countries into Bitcoin as possible, so "hyperbitcoinization" can become a reality. Just my opinion :)

Could be that the reason why Putin and Russian government has accepted Bitcoin, is the fact that they want to start a war and are in a state of inflation.
Investing in bitcoin to raise funds for the war ?
Putin cannot be trusted, not a single bit!

Yeah you are quite right, but it seems that it will stand, because since i know bitcoin, no information of a nation trying to adopt cryptocurrency or legalize it that doesn't come to reality, the possibility is not in doubt that if they legalize it they will not implement the uses generally.

They always have to wait till they're in dire need of rescue from a financial crisis before they acknowledge the supremacy of Bitcoin. This goes to show how self centered politicians can be, it really doesn't matter what continent these politicians a re from. Self preservation matters a lot to them. They only rescind their selfishness when they know there will be a public outcry to what they want. So, without the perceived clash with the US and the sanction therein, Russia would be acting like it hasn't even heard of anything called Bitcoin before, right?

How would someone legalize something and then not use it themselves? This part isn't clear to me, or you meant adopting it as a legal tender for the country?

If the news is true then that's a good thing, that way more and more countries are starting to accept Bitcoin because it is not easy for a country to accept Bitcoin and other cryptos with the policies of their respective countries. a country has the authority to accept or reject Bitcoin and that is what Russia does in dealing with Bitcoin. The development of Bitcoin that is getting better and better makes many people interested in following it and making good use of it. so as long as you get it in your own country, then use it well.

I think intelligent financiers live in Russia and they will always have fallback options in order to once again "beautifully" circumvent sanctions in order to once again help some of their economic sectors, as it already happened with the agricultural sector. What did those who imposed sanctions achieve? In addition to the fact that they themselves lost billions of dollars of profit, they also made Mother Russia number one in the expert and income in this area. A new region has just appeared in Russia. (CRIMEA).

Russian Government is working on a draft law that would make BTC a legal currency.

https://cointelegraph.com/news/russian-gov-t-and-central-bank-agree-to-treat-bitcoin-as-currency

But the beauty of cryptocurrencies are their privacy and freedom from national regulations. Russia wants to regulate BTC transactions using Banks which would undermine the uniqueness of cryptocurrencies.

It has been argued by some political-economists that Putin wants to use funds from BTC transactions to fund the war and shield itself from EU sanctions. But it has not been verified.

My heart goes out to you. I have some relatives and friends living in Europe and they have been complaining about rising prices for a long time now. Actually 2 of them are migrating back since they couldn't take it anymore and miss paying bills that don't exceed $1.

I do believe that crypto mining is going to benefit the economy of Russia. as lots of cryptomining Companies continues to move to Russia as their next location since they have been banned from operating in other locations such as China, I believe that it is really going to make an impact and will help the economy to keep growing in the country.

I wouldn’t really say the same of cryptocurrency itself, but the business of crypto mining is something that is worth mentioning, because I know for sure it would make an impact. So, they have really made a good decision by considering cryptocurrency and crypto mining legal in their country.

Actually, that number is still quite high.

I've seen it in a lot of countries, the poorer and less educated about the outside world they are the easier it is to trigger those nationalist feelings in the population and to blame an adversary they have no clue about and don't even know where to put it on a blank map. This fake nationalism which is not about making your country and life better but making it worse for everyone else is hiring in such conditions, "panem et circense" the simple tool to keep the masses happy.
The Russian poeple will have their ego satisfied that they've shown the west tho the boss is, they will have two extra loaves of bread because of higher oil prices, and the leaders will build three more palaces and order another batch of yachts.

Europe needs to cut the crap with all those eco dreams of pigeon tanning panels and carnival windmills and go back to nuclear power, France is the only one still having some common sense right now in all of EU energy policy.

I don’t think that Russia has really approved of Bitcoin as a currency, although cryptocurrency mining is now legal in their country and people are allowed to buy and hold it as an asset. As for what you have said as being their intention for legalizing cryptocurrency, we are not even sure yet whether that is true or not. So, I am supposing that you just made that up. And moreover going to war at a time like this it’s really a bad idea. I wouldn’t support any country that is going for war at a time like this where things are really getting hard for a lot of people. In fact there is no perfect time for war, it is a bad thing.

We need to think positive. What if there is no war, will Putin and russian government will back off from this descsion ? I thnk NO.
This decsion is taken in best interest of both government and the general public. Russia is a big country and adoptaion of bitcoin means a lot to them and give a strong message to the outside world.

You don't understand anything about politics. Information about a possible Russian attack on Ukraine is very often published in the American and European media in order to put pressure on Ukraine. Ukraine will not be attacked, and the business in Ukraine is suffering big losses because foreign companies are closing offices and stopping all contracts.

You mean Oligarchs? They definitely have fallbacks but I don't think that they're going to risk their money to help their country unless they're affected directly or Putin is the one that talks to them and I can guarantee that they'll help when it's Putin doing the asking because previous Oligarchs that was against Putin didn't get good results.

Of course. Crypto mining can bring huge taxation benefits to the government. China may've reluctantly rejected Bitcoin, but other countries are opening their doors to the "crypto revolution" in order to avoid being left behind in the dust. Russia knows how important Blockchain technology is in today's society and what better way to embrace its benefits by approving Bitcoin for legal use?

If I'm not mistaken, Russia is already the second-largest Bitcoin mining hub in the world. The Russian government can simply tax miners themselves in order to get a piece of the pie. We need as much countries into Bitcoin as possible in order to accelerate "hyperbitcoinization". Ultimately, Bitcoin will survive with or without Russia's support. That's because of its decentralized and censorship-resistant design. If it wasn't that way, it would've died after China decided to do a "full blanket" mining ban. Let's see how the situation further develops with Russia's adoption of Bitcoin, as US sanctions put strong pressure on its economy. Just my thoughts ;D

They just see what China messing on and they could earn with it if they adopt then make realize to china that they are losing a billions of dollars taken from the tax came from cryptocurrency. For sure if Russia will gather more power for adopting crypto then most provably those other country like China which ban bitcoin will come back and tink about competing with Russia on its adoption with bitcoin.

The government and the central bank in Russia have now reached an agreement on how to regulate cryptocurrencies. Meanwhile, the Russian government and the central bank are also currently working on a bill that would define crypto as an 'analog currency' rather than a digital financial asset, and will start rolling out on February 18th.  this cryptocurrency will function in every legal industry if it has complete identification through a banking system or a licensed intermediary. According to Kommersant, Bitcoin transactions and cryptocurrency holdings in Russia are not prohibited. However, this must be done through a peer-to-peer exchange that has been licensed in Russia.

Despite Russia claiming to pull the troops out of the Belarus, there is still no proof with the bridge appearing overnight just few miles away from Ukraine, with then targeting Kiev and asking for so much, trying to make diplomatic relations with US while targeting Ukraine, there is no security that they would not extend this to Europe and target the smaller nations with weaker troops. Not just that they are also legalizing the mining for limited areas meaning the government will have full control over that and can take maximum profit from bitcoins. I do think that US might have to make tougher restrictions

At least, the Russian government is thinking clearly. Not like China which decided to reject innovation in the financial sector. It'll be left behind in the dust as other countries take the lead in the adoption of crypto/Blockchain tech. I believe Russia's approval of BTC is good news to Russian citizens. They can now trade and acquire Bitcoin freely without restrictions. Not to mention, that the Russian government will benefit a lot by collecting taxes from crypto operations.

With crypto-friendly regulations, Bitcoin will only grow bigger and stronger than ever. Who knows if we're much closer to "hyperbitcoinization" than we've previously imagined? Just my thoughts ;D

There must be more than a handful considerations for Russia to finally recognize Bitcoin, considering that it had just recently contemplated on putting a blanket ban on it. The more or less sudden U-turn is interesting. Especially that it is accepting its use not just as an asset but as a currency. This means that Russia is looking forward to its use as a medium of payment and not just something to invest in.

Perhaps, as others have mentioned, Putin and his team are already looking for a way to somehow get away with the effects of the heavy sanctions on the Russian ruble.

That is quite good, although I am hoping that they do not end up changing their mind, as some of the comments here have said that they haven’t really accepted it fully. But, I saw news that a lot of crypto mining companies has been moving to Russia as of recently. So, it is likely that Russia is a better place for all these cryptocurrency companies to start up their businesses and thrive. So, let’s look forward to their progress in this country. And let’s also hope that their government won’t also change their mind just like the Chinese government did.

I can’t remember seeing so many times of news that kept saying that the Chinese government banned cryptocurrency, while some of them would say that they never did, but at last they finally did, which was a really bad news. So I hope that it is different this time with Russia.

I don't know about cryptocurrency but Chinese government has never banned bitcoin. What you saw on the internet has always been pure FUD. The only thing Chinese government did was shutting down a bunch of centralized exchanges in China that have been laundering a ton of money which was too obvious since their trading volume was completely fake (IIRC it was at least 50 times higher than any other bitcoin exchange elsewhere!) and recently banned bitcoin mining because they were facing an energy crisis and thought it could solve their issues (which it didn't do anything for it).

I do not think they have really decided on this. Yes, I did see the news earlier this February when it was said that the Russian government and the Bank of Russia reached an agreement on how they would regulate Bitcoin and has accepted it to be a form of currency, but some sources said that they haven’t really come to any agreement.

As of recent I started seeing another news, I think that was two days ago , that the Bank of Russia has started to push for crypto ban again. They have chosen to go for digital ruble, which I believe would be their CBDC (central bank digital currency). With that said, their neighboring country which is Ukraine has as of recent declared Bitcoin a legal asset in their country.

Insuring yourself in such a situation is not a bad idea. True, I absolutely cannot believe that Russia, even in the most terrible events, will be disconnected from SWIFT. This is the dumbest thing you can do. Firstly, in recent years Russia has demonstrated an excellent ability to circumvent any sanctions, reduce their impact on the national economy, and secondly, even if this happens, who will benefit from this? When one door closes, another opens somewhere. So it will be here. China will help Russia cope with such a problem, but Russia will never come back.

I still think there are doubts about the Russian government.  Because between the Central Bank and the Ministry of Finance do not have a plan that is in line.  This means that there is still unpreparedness between officials in the government.  It could be that this is just an issue that was built so that the market reacts to it.  That way, speculation can be carried out with a busy market.  Many for bearish.

Russia yesterday recognized part of two regions of Ukraine as independent republics, and at night it officially sent its troops there. The USA, Europe, England, Canada and other states will introduce the first heavy sanctions against Putin, his entourage and Russia as a whole today.
Whether Russia will be up to cryptocurrency in the conditions of its global isolation and in fact the start of an open war with Ukraine and the civilized world - we'll see. Perhaps, on the contrary, it will push the Putin regime towards the full legalization of cryptocurrencies in order to try to circumvent international sanctions.

Ukraine also suddenly legalized cryptocurrencies a few days ago. (https://theforexreview.com/2022/02/21/newly-passed-law-in-ukraine-legalizes-crypto/) The Ukrainian parliament had declared that all crypto assets will be treated legally after a new bill passed. The new law was met with approval after 272 votes vote “for”.
I can't help but thing that both sides of the conflict did so at least partially because of the conflict.

Russia can certainly make a difference if it approves Bitcoin for legal use. A communist/socialist country legalizing Bitcoin is something you don't see quite often. I believe Russia's approval of Bitcoin will be a huge blow to China. The Chinese government better embrace crypto/Blockchain tech or be left behind in the dust.

I'm guessing major mining companies will move their operations to Russia after the government becomes friendly to Bitcoin. The more miners flock to Russia, the higher the taxation opportunities will be. Let's hope "hyperbitcoinization" becomes a reality in the future as more countries join the Bitcoin bandwagon. Just my opinion :)

Bitcoin has officially become a currency or means of payment in Russia after being jointly approved by the Government and the Central Bank of Russia. they are working on regulations that would define cryptocurrencies as “analog currencies” rather than digital financial assets. The regulations launched, among other things, state that cryptocurrencies will function in the legal industry only if they have complete identification through a banking system or a licensed intermediary.

Of course this adds to the row of countries that are starting to legally recognize and are certainly very positive for bitcoin, even though this breakthrough has not changed the positive movement for bitcoin so far. we certainly need to be patient with this and hope for lots of good news for bitcoin.

               I honestly can't imagine how Russia would suddenly allow bitcoin. This may not go as smooth as what you are saying OP. You must remember that Russia, specifically Puttin was never in favor of bitcoin in the past. This is why I am thinking that the transition won't be that smooth even with it being the best option for Russia right now if they are really thinking of pursuing the war with Ukraine. A lot of variables are still to be considered so it would be best to not mislead people with unsure things yet.

You're certainly right bud, a while ago we are dealing on the information that Russia government will not going to allow bitcoin in their economy but now here this is the news that stating Russia is approving bitcoin however it may seem impossible for me but this kind of positive news for me knowing that step by step even slowly bitcoin is now gaining approval to other nation. Well, I just do hope that this news may help make bitcoin back to bullish again.

it is not easy and there are still many countries that do not yet have clear provisions regarding bitcoin. regulators choose to use a wait and see approach or wait for bitcoin developments in the long term. Although on the other hand, several countries have also made rules that allow bitcoin to be used as a currency.

Until now, there have been enough countries that have accepted bitcoin with the provisions that apply to each country.
The US, South Korea, Japan, Denmark, Finland, Nigeria, Ukraine are the ones that are currently accepting and recently the countries that have allowed bitcoin as a legal currency are El Salvador and now Russia is following.

Hopefully this good news will make changes for the better for the development of bitcoin in the future, especially at this time where the price has been corrected for a long time and there has been no change to increase.

Russia has already said that while it is "legalising Bitcoin", it still is not accepting Bitcoin for payments. So basically Russia is on the right track but this all is just a pseudo legalisation. And Ukraine is incredibly poor, so, not that big of a bull move legalising Bitcoin. Notably, the both bills do not recognize Bitcoin or other cryptocurrencies as legal tender.

All in all, people in Russia and Ukraine were buying and mining Bitcoin before, and are still doing so now. The only things that have changed are the new regulations and the perspective that it will become legal tender in those countries someday.

Since 2014, Russia has reduced its holdings of USD, instead hoarding gold and currencies such as Euro and Yuan. Putin had a plan to reduce dependence on the US dollar many years ago, disagreement between the US and Russia over Ukraine recently. I'm not surprised that Russia accepts bitcoin and crypto. Based on gold reserves, crude oil and crypto, all form a solid shield to help the Russian economy avoid a crisis before the economic sanctions of the US and its close allies.

Russia as we knew had been in against US so what can we expect from this country ? supporting Yuan shows how China and Russia getting their feet together .
so the chance of accepting bitcoin is there specially nowadays.

and soon we will be seeing the adoption of Bitcoin same as Ukraine their rival country .

Even if Russia now legalizes cryptocurrency as a means of payment, this is unlikely to help it. On Putin's orders today, Russian troops, tanks and planes invaded Ukraine, starting a large-scale war in the center of Europe. This, of course, will completely change the concept of security in the world. I think that now such sanctions will be introduced against Russia, Putin and his entourage, which will almost completely isolate Russia from the civilized world. Cryptocurrency will no longer help him. Europe has already understood that Putin will not stop in Ukraine. Therefore, Lithuania and Moldova have already declared a state of emergency in their countries. The instinct of self-preservation will finally force them to take measures that the Russian economy will not be able to withstand.

It is still a mystery why Putin decided to declare Bitcoin a legal asset in the country as of recent. None of us really knows what his intentions are, although most people would likely be linking it to what has been happening now between Russia and Ukraine, and as you have said probably. We all have seen what happened as of recent as Russia has decided to attack Ukraine, and we’re all just waiting to see what is going to happen next, and what action the world is going to take.

Personally, I am hoping for the better and I never really wish this kind of thing to take place, because we all know the word it’s already in a messed up situation, since 2020 coming out from the pandemic, so we shouldn’t start facing War problem now, the world really needs peace at this moment, and not war.

I am sure that Vladimir Putin and his minions have had thoroughly think on many scenarios that can happen once they will eventually invade Ukraine. And I know that Putin has many ways to evade the side-effects of any economic embargo and he is a living testimony on the power of oil as a big bargaining power. Europe could have a hard time without the oil of Russia and their people are not prepared for such an eventuality. Now, having said that, there is really a big possibility that Russia will be utilizing Bitcoin or any crypto for that matter for international transactions but this can also mean that USA and its allies might be pressuring Bitcoin and the whole crypto industry to do something about it. Right now, situations are very fluid and nobody knows where things will go.

I am sure that bitcoin would not be a good means of payment in Russia. If only as a bypass to some kind of sanctions or bans on the use of dollars in foreign policy. The ruble will collapse anyway, and no one will want to trade with Russia after this has happened.

I don’t remember reading any news that say that Russia accepted Bitcoin as a money, maybe if there is any news that said such, wouldn’t mind if you can link me up to that news so that I can read about it.

When you say that they accepted it as a money form I guess that you mean the way El Salvador has declared it a legal tender? Meaning that it is the same thing with their dollar and can be used to purchase anywhere? I don’t think that’s the case with Russia, the news I read said that they have declared it a legal asset, there is a difference between that and what you have said here.

The truth is BTC can't replace fiat currencies on a much bigger transactions like import and export between countries as of today, so I don't think that BTC can solve the problem.

Another point is that the US government can decide to ban BTC as a matter of national security if by any chance Russian federation have a bit of success in using bitcoin to carry-out transactions. Let's face it, BTC as of today is best for peer to peer txs and a store of value.

Russia's adoption of bitcoin is inevitable. After the hostilities in Ukraine, most countries have cut off Russian banks from foreign exchange transactions. So Russia will follow Iran's path and use bitcoins for international settlements. Maybe a new bull run can start because of this.

I had different thought earlier but now things are way different. The Russia and Ukraine war has changed many things now. Does anyone see a conspiracy theory behind the acceptance of bitcoin? Like Putin knew Russia gonna evade the Ukraine and he will face detachment from the rest of the world for this act of his. So to overcome the financial burden with the time they might be keeping crypto currencies as second space to keep the finances safe. Now how and what they could’ve thought is different story, but war changes everything.

Bitcoin is becoming increasingly popular with criminals. In fact, some experts believe that over half of all illegal goods purchased online could be paid for using this cryptocurrency. Check this number (https://www.zodiacsigns-horoscope.com/angel-numbers/angel-number-333-meaning/)

There will be a lot of sanctions on Russia due to their recent attack on Ukraine. Russia would have no option left but to adopt bitcoin. This will indirectly benefit the bitcoin market because there is a lot of demand for bitcoin and crypto in Russia.

All the news about Russia's agreement to btc still has not found a bright spot, they are only making plans, and there is no certainty, what is certain is that they are currently at war with Ukraine, which makes all investors affected by this war, such as Chelsea club owner Roman Abramovich who suffered a share loss of 9.6 trillion due to the heated impact between Russia and Ukraine.

Previously Russia had planned to hold a parliamentary meeting to discuss the legality of bitcoin in their country and also find a solution to the differences of opinion that occurred between the pro-bitcoin parliament and the Russian central bank which rejected bitcoin, but I think the discussion has been delayed due to the current conflict, However, I suspect that if Russia is subject to economic sanctions from NATO countries and as a result of the invasion right now America has prohibited Russia from using the dollar as a tool for its current import export transactions, so it is not impossible that Russia will use bitcoin or other crypto in conducting international transactions.

Yes. It's confusing with his quick decision to accept bitcoin, because Russia's central bank had previously proposed banning bitcoin altogether. Many experts say that Mr. Putin legalizing bitcoin wants to use bitcoin to fight sanctions from the US and the West, but I don't think so.
Nobody wants war, mate. The world has experienced a deadly year with the covid 19 pandemic and I pray that everything will be over soon, Russia and Ukraine will come together to the negotiating table to end this war.

Talks about cryptocurrency in the Russian government have started recently. At first, the Central Bank criticised cryptocurrency and suggested that the government introduce a complete ban on its use within the country. But there are smart people in parliament who rejected such a proposal. The status is not final yet, but it is likely that cryptocurrencies will be officially accepted.

With the wave of sanctions approved by the West, it's likely Russia will fully approve Bitcoin for their own benefit. This could make Bitcoin's price soar to the moon, but it will not be viewed with good eyes by opposing countries. These are uncertain times we're living into, so anything can be expected. At least, we'll have one more country joining the revolution. If all of the world's governments approve Bitcoin as legal tender, then "hyperbitcoinization" will become a reality. Who knows if we're beginning to see the end of Fiat before our very eyes? Just my opinion :)

Russians have already started buying and this is one of the reasons we are seeing massive movements in bitcoin prices. Also, the world has realized that in a war situation, only the cash in hand and crypto in decentralized wallets are the safest way to store the wealth. The banks and plastic cards are useless in this situation. People are unable to use debit or credit cards if the governments/banks ban their usage in crisis situations.

Exactly.

Banks can't halt their ATMs and no one can ever withdraw their money even at desperate times. That's why purchases made through crypto have been happening there.

Although this news might not be from Russia, it's possible that it's also happening there.

News: Danish Reporters in Ukraine Buy Used Car with Bitcoin (https://coincodecap.com/danish-reporters-in-ukraine-buy-used-car-with-bitcoins)

With the war crisis, people in the affected countries will find a way how to get their assets to safety. And crypto is indeed a very good option because if they will send it to their own wallet, they have the full control and the government won't know its existence. So in this situation, they can buy from the exchange but they need to transfer it fast to noncustodial wallets where they have their own keys. Otherwise, if they will leave it to their centralized exchanges, the exchange can easily freeze their accounts in case their government mandates it. Purchase via crypto will increase in the coming days as they want to make it fast and anonymous as much as possible.

Is there a confirmation to this supposedly "good decision to accepted bitcoin in their country" you are talking about? I don't think this news has been confirmed and even if it has which I still say it hasn't, how much of an investment do you think the Russian people will make with the level of the country's currency right now?

This is a welcome development by the Ukrainian parliament, passing the law will encourage having access and usage of crypto to met their urgent demands of the country citizens at this trying time period of crisis.
it's good to read news about donations to their country via cryptos, Binance recently made their donations and other individual donors are also donating cryptos for the same purpose, all these will obviously make an impact on the prices of cryptocurrencies, however my hope is that the conflict is resolved as soon as possible to forstall human casualties and refugees crisis.

They are doing that and it is for sure.

In times of war, you need cash and money and the wealth you have in the bank is going to be unuseful if the banks have been closed and won't allow money to come out from them.

CEXs are also like the banks and they can do the same as freezing accounts, it's not safe ever since to leave their funds there.

Historical events will prove that Bitcoin has the characteristics of borderless and super-sovereignty, and the only international monetary system and settlement network is the sense of security we are looking for.

Of cause but hopefully, they will continue to support the use of cryptocurrencies long after this war is ended. This is no surprise as it is easier now to use crypto or receive donations by crypto rather than fiat money as we have seen since most of the banks are not working or have been destroyed, so this is why I said hopefully they remember how useful crypto was during this hard times for their country.

Of course. Russia had no other choice but to buy Bitcoin in order to help circumvent economic sanctions imposed by several countries worldwide. Bitcoin is truly unstoppable, so that makes it the best sound money the world has ever seen. And that is just the tip of the iceberg as the best is yet to come. Slowly but surely, we've been seeing a new wave of countries legalizing Bitcoin for mainstream use. We now have Russia & Ukraine in the game, so I wonder which country will be next?

With major investments from companies to mainstream governments into Bitcoin, the price per coin should've soared by now. If Gold reached a new ATH, then Bitcoin can do better. We'll see how everything will play out in the long run as Fiat collapses in its entirety. I'd be surprised if Bitcoin becomes the new unit of account used in global commerce. That would be a real game-changer. Just my opinion :)

Putin has talked a lot about bitcoin inconsistently. But in fact, nothing has been done to recognize bitcoin or another cryptocurrency as a means of payment. The previous law on digital assets passed still prohibits the use of cryptocurrency as a means of payment. The Central Bank of Russia also advocates a complete ban on cryptocurrencies. Only the Ministry of Finance of the Russian Federation proposed to legalize and regulate cryptocurrency, but nothing was adopted at the legislative level.
Now, after the failure of the attack on Ukraine and the imposition of unprecedented international sanctions against Russia, the Russian government must have changed its priorities and tasks. The main thing for Russia now is not to let the remaining capital flow out of the country. Cryptocurrency will just contribute to this. Therefore, I do not think that now they will turn to cryptocurrency there.

Russia knows, if it doesn't take the right steps for now Bitcoin as an Alternative, it might get even worse in the future, for now Russia knows Bitcoin is the right move to counter european policy on ruble sanctions.

Maybe putin thinks the ruble, will experience a sharp decline and fall due to this war, Bitcoin does not, if Bitcoin is made as a shield to protect the value of the ruble, i think that makes sense, i think if putin holds bitcoin as a value asset during this war, my judgment is that Biden and Europe are a little tired of silencing Russia despite the sanctions imposed on the ruble, for now there is no mystery that can dissuade users from using Bitcoin.

Seeing how much China despised BTC which they ban crypto and yet Russia made it a currency could be something that might hold the relationship between the two countries. They might have something to disagree with this time.

Biden's economic sanction is just SWIFT exclusion which Russia or China had already tried excluding themselves. If they cut SWIFT, Russia will just use thier own or the Cross-Border Interbank Payment System (CIPS) of China.

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please stop spamming the forum of your Site link , your account posted that since february

and your post history tells that all

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agreed on that mate, this is what people must learn if they really wanted to invest and trust bitcoin for long term process .

Almost 19 million out of 21 possible bitcoins have been mined. Why would Russia use bitcoin as a means of settlement with other countries if you do not control the issue and do not understand who controls most of the bitcoins. After all, at any moment the price of bitcoin can increase or decrease, which is very bad for world trade. It is probably more profitable to create your own payment system on the blockchain. And for small transactions, cryptocurrencies are very convenient.

Thats bad for us, thats bad for the bitcoin economy. The man might just manipulate the market heavily as he would be angry after the sanctions that are being imposed on the country. I think he had great plan ahead of everything when he was planning for the war. He might knew what would happen after this, how ruble will fall as America is the biggest enemy who will be in the favour of Ukraine. Same thing happened, and he knew Bitcoin would be the safe heaven to inject those penalties back into the global economy. They can shut down the internet, they might get banned from the banks, but how will they ban the crypto's and its trades?

Russia has not officially made bitcoin a legal tender, they only started the process before the war broke out. As if Russia was not prepared for all the economic sanctions before embarking the war, their currency depreciated and Bitcoin came to their aid. Bitcoin also helped their opponent country which is Ukraine by giving them a means to recieve international donation from people and government. This is telling us that bitcoin is for everyone who loves it and if you don't love bitcoin when this kind of challenge happens to you, you will embrace bitcoin.
After the war, the two countries will no longer be enemies of bitcoin. The two countries may likely fully legalise the use of cryptocurrency in their various countries. This will be a very great success for bitcoin if it happens.

Cryptocurrencies are not legal tender, but a new business is already emerging in Russia. In telegram channels, you can buy household appliances from Poland, through Belarus or in other countries, through Kazakhstan and pay for it with cryptocurrencies. Guarantors are already appearing and prices are much more profitable. After such sanctions, most of the business will be able to use cryptocurrencies.

Nope. Russia will need to buy $80billion in BTC to cover for the trade balance sheet imports. That would also imply its remaining trading partners will accept BTC.
It would be totally stupid buying 80 billion in BTC since there is not that much available on exchanges and will need to keep buying at prices of 500k and 1million USD if so much Rubble or foreign exchange held by Russia finds an entrance to exchanges or any OTC desks.

It could buy a few million here and there, and those selling will get visits from the feds.

The interests of the state and the interests of the people very often do not coincide. Bitcoin gives great freedom, and now the leadership does not have the ability to control cryptocurrencies, so Russia has the largest dark market in the world. But the most important thing is that no one forbids the use of cryptocurrencies, and the current prohibitions in the form of payment with cryptocurrencies for goods are not controlled. I very often meet on trading platforms the phrase that it is possible to pay in USDT :)

I think it's very hard that a country move part of their capital in a cryptocurrency. The world is organized with trading/financial agencies that gives a rating to your country. Which would be be the rating for Russia if they move assets in BTC / other currencies? For this reason, I think this is not suitable.

I was thinking that too. From what I understand, western agencies can't even rate Russia anymore, didn't the EU forbid them from doing it? Or am I mistaken?

Russia as a big country certainly has things to rely on, if indeed there will be sanctions imposed on them. we know that Russia could use cryptocurrency to blunt all countries that want to do any sanctions. including at this time because of their war with ukraine which has been heard at this time that the sanctions are coming from the USA.

Russia has indeed prepared well with the help of companies having many cryptocurrency tools at their disposal to evade sanctions, including a so-called digital ruble and ransomware.
Of course they will do whatever it takes to not be afraid of all the possible sanctions.

I see that this is only talk about the adoption of bitcoin, and hypothetical ideas about it, there are no laws and supporting documents, perhaps they will soon adopt laws on cryptocurrency and bitcoin, so it's premature to talk about the adoption of bitcoin and cryptocurrencies in the Russian Federation.

They will not do that for sure, that is just way too much money, but do not tell me it is impossible neither. I mean of course you can't do that all together, but like 100 million a day? That would not be impossible to hide, and considering the main export of Russia is hiding information and stealing it from others, I would say that putting up 100 million a day should not be a big deal. That would not cover all of it, so they would have to do big numbers once in a while, but it is really not impossible to get like 5-10 billion out in the next 3 months, and maybe even 20 billion or so by the end of the summer. That is not all of it, but it is not zero neither.

true, because bitcoin will not only bring Russia out of the economic crisis but the main role is that it will not make anyone in the world who will be able to embargo them. because it is currently seen in many countries that have started freezing the assets of Russian citizens, both for individuals and even for companies that have assets in the country that carried out the freezing. Of course this will make the Russian economy disrupted because the Russian currency will be difficult to accept, by providing an opportunity to receive bitcoin, there is a solution that can be done from the embargo that has been carried out.

If they use other things it will be sanction and freeze but if they use bitcoin they can use it everywhere and can transact for other government entities who accept to deal with such transactions. But I wonder if they can able to handle the volatility wince we know bit is volatile and they are dealing a huge money their so every negative movements will cost a lot of money to them, but if market is green then they can also earn with it so I think what they need is to handle the market stress which I think they know and allow since as of the moment they are using this to escape those sanctions impose to them.

That's certainly true, mate. Just because people are interested in Bitcoin, doesn't mean it's approved by the state. Everything will depend on how beneficial Bitcoin can be to the government itself. In these troubled times where the Russian Ruble is falling, Bitcoin can be seen as an alternative or escape route from economic sanctions imposed by Western countries and the EU. Russia can also decide to create its own digital currency, but it can be easily penalized by other countries due to its centralized design. Something that's resilient, decentralized, and censorship-resistant would be the ideal tool for the Russian government to become self-sustainable and impervious from international sanctions.

If Russia decides to approve BTC for legal use, then adoption for the cryptocurrency will soar towards new heights. That and also the fact that other countries will try to tighten regulations in order to stifle Bitcoin's growth in the mainstream world (but without any widespread success at all). No one can predict the future, so all we can do is hope for the best. Just my opinion :)

The sudden approval of bitcoin before the war started, I think they only see bitcoin as one of the temporary solutions when sanctions are imposed. Bitcoin is very difficult to help Russia out of the economic crisis, it is impossible. Bitcoin will be better for individuals than Russian government.
Assuming the Russian government accepts bitcoin as legal tender to evade sanctions, the US and Europe will impose bans on the crypto. We need to see clearly that the US is looking for ways to kill the Russian economy so they won't give up any way.
A China bans bitcoin, it probably won't affect bitcoin much, but the US and all its allies ban bitcoin, I think that's a big problem with crypto.

Recent news shows that cryptocurrency is banned in Russia, although people are still working in many countries despite the ban. Due to sanctions imposed on Russia by various countries, their currencies have depreciated, resulting in Bitcoin transactions.

Yes, in fact from the clearest point we could talk about adoption, but in reality we would be talking about the way in which money from different parts of the world can enter Russia, it is no secret to anyone that the immense sanctions that have been tax is like for people to go crazy and that each necessary item of food or necessity is incomparable, because it is obvious that the Ruble fell and that they can have an exorbitant inflation, here through BTC and other cryptocurrencies is how it can move faster money, fortunately through BTC is the safest way to handle money, I have friends in Russia and they tell me that they have never been through a situation like this, that many are against the war, but if you protest they put you in jail.

We can't disregard the fact that that scenario could happen but I guess it would be better if we'll focus on the positive side first. It will benefit innocent Russians because they will be able to transact using Bitcoin since they're affected by the banning of Swift in Russia. If this news is true, I hope that they will only use Bitcoin in a positive way and to survive the possible.the economic crisis that might hit them.

Judging from the movement of Bitcoin from day to day, the steps taken by Russia are the right and smart steps in protecting the current ruble against sanctions imposed by other European countries, Bitcoin continues to have good value for now, I'm sure the Russians have no constraint on the value of the ruble, if they stick to Bitcoin.

Good move to protect their country there is also experience collaboration with the bitcoin world bulgarian based bitcoin exchange service btc is using their accounts for bank accounts and facilities. It can be said that the largest banks in russia and europe have been given the opportunity to get ample information on new trends in the finance environment.

I tend to disagree that Russia approval of bitcoin might be a worst idea, their currency is being depreciated by the Western countries, once they use bitcoin as an alternative the west will have no option than to look for a possible ways to form dialogue, eventually if its totally approved, they might use it to fund war, approval of bitcoin by Russia will place a great impact to bitcoin generally, a developed country approved bitcoin thats a huge plus

In Russia, bitcoin and other crypto-currencies have not yet been legalized for free circulation. Most likely, the cryptocurrency in Russia will no longer be legalized due to the fact that they are taking tough measures to ensure that the currency does not leave the country. And cryptocurrencies will contribute to this. The Putin regime, if necessary, can use bitcoin to circumvent sanctions without the official legalization of cryptocurrency. Therefore, they are not interested in legalization itself.

The Russian government can still use Bitcoin "under the scenes" without approving its legal use among citizens. What action will Putin will take towards BTC is a mystery. No matter if Russia approves or disapproves of BTC, it will always be possible to use Bitcoin thanks to its decentralized and censorship-resistant design. Bitcoin doesn't need the government's approval as long as there's a strong community backing it every step of the way. If one government rejects Bitcoin, another one will embrace it with open arms. As long as decentralization wins in the long run, nothing else matters. Just my thoughts ;D

I think that gradually bitcoin will be approved in Russia. For example, I recently used a service known on this forum - Bestchange.org. I wanted to buy cryptocurrency with a VISA plastic card. And in all exchangers where I tried to exchange, I was offered to complete the KYC procedure by taking a picture of the card against the background of the application or standardly a passport with a face. Although a week ago there was no such thing. In other words, the state has already started collecting data on citizens who use cryptocurrency.

Russia's approval of btc may sound good, but the agreement is not certain, maybe they issued this policy because their country is in an unstable condition because they are still inflating Ukraine, maybe they made this decision because they just want to avoid sanctions issued by other countries, many media that I have read and searched there is no concrete news about Russia's decision on btc, all of that is still gray and the decision is uncertain.

Which country is permanently approving this bitcoin? Me and all of us have seen Bitcoin from different countries being approved by someone and then not approved again after a while.As before, the Chinese government approved Bitcoin and banded it again. The Indian government has banned Bitcoin and banned it permanently.We want countries to approve bitcoin as they approve it permanently.

What I am seeing here is that those countries who are still banning the crypto market will soon alter their decision as they will be seeing that even though they ban this market, it will continue to proliferate outside their country. As more and more advanced countries are embracing the crypto market, they will question their regulations towards crypto, and they may possibly change their stance towards it.

The fate of cryptocurrency in the Russian Federation will largely depend on the outcome of its invasion of Ukraine. The hopes of the aggressor country did not come true, Russia was unable to capture Ukraine in a short time, and now it is suffering a military defeat from the Armed Forces of Ukraine. With any outcome, it is almost obvious that Russia will not win this war. If the Putin regime falls under the influence of internal or external forces, and a more democratic government comes to power, then the cryptocurrency in this country has a better chance of being legalized.
However, there are forecasts that after the imminent death of Putin, Russia may split into several, predict up to four independent states. Then the issue of cryptocurrency will be resolved in each such state.

The intentions of Russia should not come true. After the invasion of Russia on Ukraine has resulted in cutting off Russia from the global financial system. The sanctions imposed have plunged the Russian Ruble. And now they see cryptos as the hope of securing their financial system. But, that won’t be sufficient.

The result of the war will not matter. Russia is the enemy of the west right now and it will stay that way no matter what, and sanctions do not look like they will be off quickly, and Russians will remember this and will remember that the whole world froze their money, so they will always look at bitcoin as a way to overcome that.

They will not end up suddenly being friendly again and buying teams and buying companies and real estate and putting money in western banks. Those days are gone because they have seen it getting "stolen" (by their idea) already and they will never trust them again. Bitcoin will be the thing they use to overcome that even after the war.

Russia is a country that has the largest reserves of resources that benefit a large part of the world, it is considered the third world power for a reason, its actions against Ukraine have weakened its stability to such a degree that it has to look for alternatives to be able to deal with the sanctions carried out by the EU and the United States, the drastic measures taken by this Russian government strongly affected the ruble and in turn the comforts of its citizens. Putin, seeing himself at a crossroads, decided to involve Bitcoin as a purchase choice for his main exports and in this way be able to survive the blow of these restrictions implemented by governments against

Although I recently made a post related to this topic, where the European Union already took measures to stop any cryptographic transaction, its objective? Possibly to force Putin to stop his invasion

Source:
 https://www.google.com/amp/s/cointelegraph.com/news/eu-bans-providing-high-value-crypto-asset-services-to-russia/amp

Who are you to decide for what is to happen and also the country had their own views and decisions ? Russia will do what they think will  help them out specially this time that there are too much  sanctions .
But Ukraine also decided to adopt bitcoin also .

They were too late in adoption. This will help mitigate effects of sanctions but if they really wanted to be immune from matters related to asset freezes, they should've put their reserve holdings in crypto. Some years ago Russia began dumping USD from their reserves, to the tune of hundreds of billions, but that hasn't done much in saving the ruble because they're still cut off economically.

Crypto isn't the saving grace for Russia. They cannot use Bitcoin to get their way out of this. If they wanted relief, they should've gone down this path years ago.

Russia has approved bitcoin as a form of money. This is good news for Bitcoin. Hopefully Gradually all countries will one day start giving importance to bitcoin.

But this is russia mate and not other countries as we knew that they are having sanction here and there meaning that maybe more countries will take out support from bitcoin and crypto jusy not to support what Russian government is imposing now.
I think better to look in the other side and not just for what is in the table now.

It is difficult to pronounce when there are arguments that are very good, and obviously the natural thing is that yes, it is that BTC is a way out for the Russian government and for anyone in Russia it is, because by removing the swift and any other way of being able the Russians receive money, how could it be done? or in what way? if it is blocked everywhere, only the local internal russian banking system is the one that is not blocked but with more restrictions, the only way is to create a mini-economization where everything is bought and sold through btc, and I think those options Putin must have already taken them.

Exactly. Russia should've adopted Bitcoin long ago, if it had plans to become self-sufficient. Now that economic sanctions are in place, it's too late to do something about it. Only China might save Russia's economy. But making the Ruble rise from the ground up is not an easy task. Pressure is already mounting on Putin, so either he ceases and desists or face terrible consequences in the long run. It doesn't matter if Russia approves or disapproves of BTC as long as Putin is in power. Who knows what will be of the country within a couple of years from now? Just my opinion :)

it is true that as self-protection, countries need to continue to run their economies in every trade, so of course they will always look for alternatives that can be done so that their economic movements are not disturbed by the embargo that may be carried out by many countries, who do not like their invasion of ukraine. there is no other alternative, of course bitcoin can be used the most to get around the embargo, even though it was forbidden in the past, now they have to accept it as an alternative that can be used.

On the note of China, they are in fact conducting bilateral transactions with Russia without using USD outputs. So on top of the Russian currency reserves being emptied, China is willing to do business with Russia on their own terms.

Interesting side note, Israel is a major U.S. ally, and for the first time, they've adopted Yuan into their own currency reserves dropping their share of USD. It isn't just Russia that is diversifying their assets.

It's going to be a problem if the CCP's currency becomes the global standard.

Firstly, Russia is yet to accept bitcoin as a legal tender but it is permitted for use by the citizens and initially we thought Russia could circumvent sanction through bitcoin but the US as at current is tightening the whole situation on Russia to find a means through. although swift sanction is the major available option to curb Russia off the invassion of Ukraine.


Base on the recent move to trace Russians account on centralized exchanges and holding down of users accounts find related to Russians or involved in a transaction with then and every bitcoin mining activities were put on hold as well in the country, while Putin is finding every possible means to wave away this embargo the more is the US implementing more strategies against Russia and the war isn't going any more as expected in favor of Russia but rather Ukraine,  so bitcoin that could be the only way out is being monitored under the centralized exchanges.

Russia did not approve of bitcoin or other cryptocurrencies as a means of payment. And a few days ago, in the second reading, amendments were made in Russia to the previously adopted law on digital assets, in which citizens were obliged to store cryptocurrency on controlled centralized exchanges or on their wallets, but with the condition of reporting their secret keys to authorized bodies. In view of the lack of control of law enforcement agencies, this will practically mean that citizens were obliged to give their cryptocurrency to officials, because if they use the citizens’ cryptocurrency and declare that they did not do this, or perhaps the wallet was hacked by hackers, none of the ordinary citizens can prove anything to the contrary.
At the same time, the Putin regime may be trying to circumvent sanctions with the help of bitcoin and without a corresponding law.

China's Yuan becoming the global standard will be a total nightmare for sure. If that happens, communism/socialism will win. I'm pretty sure the US won't let that happen or that will mean the end of democracy for good. Russia may be falling, but it still has China (and some allies) by its side. That may not be enough to help rise its economy from the ground up, but if the US and its allies continue to show weakness, then the tables will turn faster than you can imagine.

On the issue of approving BTC, I don't think Russia will take such measures since that will mean going against China. The Russian government will still use BTC in secret, but it won't be approved for use by the people. It really doesn't matter which country approves or disapproves of Bitcoin since regulations can't really be enforced. That's the beauty of decentralization. Who knows what the future holds for Bitcoin as it becomes too big to fail? Just my thoughts ;D

Looking at the present, USD is under threat and weaker than ever, but I believe that the US will do everything, regardless of not losing its position as a leading power. China and Russia are creating a new alliance that restricts the use of USD and EURO in their transactions and they want to overthrow the dominance of USD and EURO but it is still difficult to say whether China's Yuan will soon replace the USD.

Bitcoin is only one method in Russia's choice of means of payment with its counterparty, so it will not affect the relationship of the two countries. Yes, bitcoin has become too big to beat even if China gets rid of bitcoin.

Good news to make bitcoin shine more, I'm sure there will be many countries that legalize Bitcoin because it is proven to be more profitable and can overcome economic and financial problems, I hope that more and more Bitcoin ATM and ATM outlets so that it will make it easier for users in Russia

Russia's approval of btc might be a good step for all who adopt bitcoin, if this news is true, and can be trusted maybe other countries will also take part in legalizing bitcoin in their country, as El Salvador did bukele, maybe Russia's move to approve btc just to avoid sanctions imposed by other countries.

Putin shot off reports that Russia was considering banning cryptocurrency. Although he stated that the central bank "does not stand in the way of our technical progress" and sees its own path to cutting-edge technology, and that the bank has some valid concerns with risky economic investments made around bitcoin, he also stated that Russia cannot ignore its "certain competitive advantages here, especially in mining."

Putin's remarks suggest that Bitcoin is beginning to persuade world leaders with a simple argument: it has far too much potential to be ignored or treated negatively.
https://www.nasdaq.com/articles/despite-central-bank-ban-recommendations-putin-sees-future-for-bitcoin-in-russia

Currently, Russia is still actively finalizing the ideas in the bill to legalize bitcoin.  But Putin clearly understands that accepting bitcoin as a payment method is not promising for the ruble's value back.  And I think Putin clearly recognizes bitcoin as putting more pressure on the dollar.  I think these are good ideas and incentives for Russia to soon publish what is allowed to be "legal" soon.

This war showed us that maybe we should stop being reliant on the people we dislike. West dislikes china and Russia which is not a secret, I dislike them too, they are a dictatorship that pressures their people into horrible militaristic life, and there is no freedom if you ask me.

However, if you depend on China for all the products, and depends on Russia for all the energy, then go out and act as if you dislike them, then I am sorry but people will just go to them because they can provide what they need, instead of you just because you have the money for it. I wouldn't be shocked if Chinese Yuan became the main reserve currency at some point, not in short term, in short term they could only go up, but to be main will take a few years at least, maybe a decade.

Obviously this is good news for the development of bitcoin, but this is an action to annul what has been done before, all this because of the pressure experienced by Russia because of the impact of the embargo which is likely to disrupt the Russian economy. by being able to accept bitcoin at least they can take action using bitcoin in making transactions.
Russia is already doing a very good job of using bitcoins from all the pressures they might experience from the impact of their invasion of Ukraine.

Yes, I personally think Russia will fully adopt bitcoin until the Ruble recovers and the best part is we don't know if it will recover, and Russian citizens are already using bitcoin and other cryptocurrencies as a safe haven, and whatever the reason bitcoin will be the best alternative to restore the economy and all the sanctions that occur.

On the issue of cryptocurrency, the positions of the government and the positions of Russian citizens are very different. Now the government is doing everything possible to prevent the flight of capital from Russia abroad. At the same time, tough measures are being taken to stabilize the ruble exchange rate, and they prefer a short-term effect, and this has a bad effect on the stability of the ruble in the long run. Therefore, the current Putin regime in Russia is not interested in legalizing cryptocurrency and giving citizens the right to use it freely. In an environment where the flow of people who leave Russia due to war and sanctions is increasing, the legalization of cryptocurrency will quickly collapse the ruble. This is well understood in the government.

so there is no best way for the Russian leader "Putin" to immediately exercise the option to accept bitcoin as a means of payment and transactions for them. because the embargo will continue to be carried out and the way out to avoid the country's economic difficulties is to be willing to do and accept bitcoin as a legal tender, to reduce the ongoing sanctions for the country.
I agree with the colleagues above, that bitcoin is a way out for any country in resolving the embargo sanctions that may be experienced.

I firmly believe that with the embargo on Russia, it is certain that there will also be big countries that will help for political reasons which have been their enemies. China is a country that will probably help Russia to avoid experiencing the hardships of the embargo. If this will happen, it will likely be due to long term political interests.
But right now it is important for Russia to accept and recognize bitcoin as a legal tender.

All this news are just meant to generate ecstasy among bitcoin traders and enthusiast. Such information or development does not push the market to bull market but I feel they are development that can help in the long run. Putin will not put bitcoin above Rubie and no news from Russia prove all the information coming here on the country adoption. Bitcoin does not run in trillions of dollar and we know the amount on exchanges and trading at the moment, The available amount cant pay fuel fund at the moment

Putin will have to decide whenever he wants his country to collapse due to economic pressure or all the other way around. Bitcoin may be an alternative to help restore the Russian economy, but it's not the only option available. With Russia's own natural reserves and strong alliances with China, it's possible the country will rise again back to its former glory (if it ever does). Bitcoin's been going downhill recently, so there's no rush for Russia to approve its use anytime soon. Even if Russia never legalizes Bitcoin, the government can still use it in secret.

For what I know, Bitcoin doesn't need the approval of countries in order to survive. What matters is how many people support the blockchain so that it can stand the test of time. With many nodes and miners supporting the network, it's likely Bitcoin will last a lifetime. Just my opinion :)

Yes, if Russia agrees to have BTC as legal tender, where would the Ruble be? It would be a double-edged sword for Putin, because everyone would buy pure crypto, and the currency would simply lose more and more liquidity, because you can't compare a government-backed currency to BTC and everything that has to do with crypto. In addition to the fact that the inflationary economy will always be below the economy that manages BTC, any deflationary economy will have more influence and much more guarantee than the traditional economy, it is no secret to anyone that the high hands in Russia manage BTC.

The world is gradually moving into technology by making things easy, when it come for financial sectors, by Russia's approval of BTC as a means of payment in the country, i think is a good one, and it will increase more demand of bitcoin transaction across the nation.

It is undeniable that the world in the future cannot be separated from crypto technology, currently the elsalvador country has proven progress in legalizing bitcoin in their country, maybe in the future Russia will follow like the elsalvador country and yesterday i read in one thread there were 30 countries that wanted to discuss with This elsavador country proves that many countries want to legalize bitcoin in their country.

If Russian government can approve bitcoin to be legalized in their country,it will be a welcome development to Russian citizens to be part of this progress other countries that made bitcoin legal are enjoying in their land. It will really help the economy of Russian to grow faster so that their citizens will return back to bulling economy that will help them to recover all the things the war has destroyed in their country.

The idea is that if they do this, then they could make sure that they sell that bitcoin for ruble and gather all the ruble all around the world. Not just inside their nation, but get bitcoin from others, and this would earn them a ton of bitcoin, then sell it and get dollars, or euros, and then they could sell those and get ruble.

What this does is put a lot more dollars into the world since they are selling it, and taking more ruble out of the circulation because they are buying it. As we can see, that would work. However, they are already doing fine to be fair and I do not think that they would need something like that at this point.

Russian corruption move millions of dollars in coins !!! and after sanction, they will be thsnt move BLN'S of dollar in crypto, and they  can thant nake coins more more liqidity, more demnand and supply of  coins for them vvolume...

Corruption is veru bad !!! War with Ukrain start corruption in fase of putin..

With decentralized exchanges and P2P trading platforms, it may be possible to trade BTC for Ruble or vice versa even with economic sanctions in play. But Russia still has some allies willing to purchase its petroleum and natural gas reserves, so legalizing Bitcoin would not be a priority right now. Even if Bitcoin never gets the approval of Russia, government officials can still use it "behind the scenes". It's a decentralized and open source cryptocurrency after all.

Adoption for BTC is growing worldwide, so it should only be a matter of time before "hyperbitcoinization" becomes a reality. Just my opinion :)

It is necessary to take a realistic look at Russia's current position in the field of finance both inside and outside the country, due to the fact that for more than three months Russian troops have been attacking Ukraine with all their might, almost completely destroying settlements and killing its civilians on their way. , and also taking into account the fact that almost the entire civilized world has united around Ukraine in an effort to punish the aggressor and applies unprecedented sanctions against Russia and its citizens for such aggression. Russia is increasingly isolated from the outside world and this is directly reflected in the financial sector.
The Putin regime is now trying in every possible way to maintain the appearance of the ineffectiveness of the sanctions, and thereby drive their payment system into a big dead end. Many wealthy citizens leave Russia, no longer seeing their future in this country, which is thrown back in its development for many decades. The Russian government is trying to prevent the flight of capital from the country. Therefore, they definitely will not legalize cryptocurrency for the population.

like China, India, they are allies of Russia who are willing to buy oil and gas from Russia, so the sanctions imposed on Russia do not seem to be a significant obstacle, on the other hand Russia sends vaccines to North Korea which means that they also have good relations, So in this case Russia is not alone, especially for western countries, oil and gas from Russia are the dominant supply for them, so that by imposing sanctions, they will certainly find themselves in trouble.

In fact, for a long time Russia through the Central Bank of Russia (CBR) has rejected the use of bitcoin and the like for fear of misuse that leads to money laundering, but now the situation is much different. because of the crisis with ukraine and it seems russia must also be willing to accept the fact that the development of crypto is very fast and all countries have to renew to be able to accept crypto.

I agree with you that in the future all countries will not be separated from a renewable technology called crypto, because many countries have accepted it as a legal tender, so that all countries are definitely forced to accept progress regarding this crypto. Of course with Russia, where we know that crypto users in Russia are very large, the government must be able to provide protection.

To what extent is this information accurate? It has been observed that Binance has started enabling users to buy cryptocurrencies using cards issued by Russian banks, a step perceived as an attempt to bypass international sanctions that had previously restricted its services in Russia.

Russia do not only approve bitcoin legally, they also will accept bitcoin for exporting activities of their natural resource. This was said by Pavel Zavalnya ¹ (The chairman of the Russian congress energy committee) that Rusia will open bitcoin as one of payment methode to their natural recourse.  Accepting bitcoin in Rusia will centainly allow to change trade flows in the country, as Putin have rejected the possibility last year..

Source ¹ (https://www.cnbcindonecom/newsia.s/20220326203206-4-326293/rusia-bersiap-jual-gas-alam-dalam-bentuk-bitcoin)

In Russia, various officials periodically express conflicting opinions about the prospects for the legalization of cryptocurrency in this country. Only the actions of the State Duma of Russia and the Central Bank of this country are clearly aimed at the complete prohibition of the use of cryptocurrency as a means of payment. Today, the use of cryptocurrency as a means of payment is completely prohibited in Russia, and I do not see any changes for the better in relation to cryptocurrency in the foreseeable future in Russia. On the contrary, given the defeat of the Russian army in the war against Ukraine, the increase in spending on the war, the growing budget deficit, the imposition of additional taxes on businesses and citizens, Russia will try to use any means to prevent the flight of capital from the country. Therefore, they are unlikely to legalize cryptocurrency there.

That is true. But things could change now that China is starting to embrace crypto/Blockchain tech through Hong Kong. It's likely Russia will follow its "partner's footsteps" by doing the same after it recovers from the Ukraine war. This is a process that could take years to accomplish, considering that the Russian economy had a severe downfall due to sanctions and the war itself. Even if Russia doesn't approve the use of crypto, people can still get access to it as long as it remains decentralized and censorship-resistant. The only downside is that it will be almost impossible to buy/sell crypto using Russian Rubles alone.

These are uncertain times we're living into, so expect the unexpected. Who knows what would be of Bitcoin within the country in a decade from now? Just my thoughts ;D

Here I agreed with you about this no one can predict about future how things will change and who is going to have better ways of life with cryptocurrency because now China is moving through Hong Kong and things getting better for them and this could be positive change for many other countries which are also having studying case about cryptocurrency with adopting can bring good investments and positive changes in communities as well.

Russia which is suffering badly due to their wrong decisions about Ukraine and few other things if try to have regulated things about crypto and allow things for their peoples surely can improve their economy and also have better response from the peoples as well even with the current situation buy/sell is not easy just because of Rubble but still many peoples can do as few countries are having use of Rubble which will be helpful for the peoples even still not easy.

The situation with cryptocurrency can quickly change in Hong Kong, even China, but not in Russia. Russia's military invasion of Ukraine and the destruction and atrocities inflicted by the Russians in Ukraine will set Russia back in development not even years, but decades.

The Russian economy is now slowly and confidently entering a steep peak and it will simply not be possible to get out of it in the coming years. The situation could be changed relatively quickly if the occupying Russian troops were withdrawn from Ukraine and reparations started to be paid to Ukraine for the material and moral damage caused. Only then could one hope for a phased lifting of sanctions. But this is hardly to be expected. Putin will not accept such a decision. For him, leaving Ukraine is tantamount to death, since in this case his own people will kill him. He has no other choice than to continue the war, clinging to his life and continuing to push Russia into the abyss.

On the other hand, there has been no opposition in Russia for a long time, it has long been destroyed by Putin and there is no real candidate to replace him. If Putin is removed, then there will most likely begin an armed struggle for power, this is facilitated by the presence now of many private armies that are supposedly being formed for a war with Ukraine, but in fact to protect individual politicians and businessmen in the coming troubled times. Therefore, the chaos in Russia will last for a very long time and a sharp shift in this direction will occur after the successful expected counter-offensive of the Armed Forces of Ukraine.

True, Russia has close economic relationships with nations like China and India, and these ties can lessen the effects of sanctions. Additionally, Russia has considerable negotiating power in the face of impending sanctions thanks to its capacity to export gas and oil to Western nations.

If Russia has a stable source of income, then it will have no need to adopt BTC as an alternative to the Ruble. The pioneer cryptocurrency will stay "banned" unless Russia is in a "tight situation" where it has no ways to fund its operations in the long run. There's no need to worry about this, as long as there are other countries supporting the cryptocurrency. Russian people would have no choice but to recur to P2P exchanges and DEXs to get access to the world of crypto/Blockchain tech. Bitcoin is already decentralized and censorship-resistant, so it's possible to access it through other means without bringing unwanted attention.

The world is changing at a fast pace, thus we should expect the unexpected in the future. Who knows if someday the Russian government changes its mind and gives the "green light" for Bitcoin use within the country? Just my thoughts ;D