Bitcoin Forum

Hi Guys,

i would like to discuss a thought.

Russia is experiencing heavy sanctions by EU and US, especially the SWIFT Ban from the EU is a hard one.
So what would happen if Russia went full adoption on BTC as this would be an unregulated alternative.

In my opinion, this could throw BTC in a black hole, as US and Europe would be forced to ban or regulate it to death. (Quickly)

What is your opinion on this topic, lets discuss :)

Kind regards
AD

Won't help. The problem isn't the Russian currency, the problem actually is resources that Russia needs and the debts it is under. Even if you start using bitcoin as a currency you would still have to pay for the resources also you still have to repay the debt you have taken. The problem would become even wilder as Russia would then have just limited bitcoins it just can't print more of it the way it can do for Ruble. So I don't really think this is a wise idea for Russia at this point.

russia has a dictatorial government and it has a thought that its citizens cannot be given freedom, they will not accept bitcoin, they have china that can help them and they have very similar policies, see a recent case in which Visa and Mastercard banned russian banks from using Visa and Mastercard, what did russia do? went to use the chinese system Unionpay, russia didn't use bitcoin and they didn't even put it as an option, they rushed to use Unionpay from the chinese, we have to start looking that only democratic countries will accept and like bitcoin, countries like russia and china and more others who have a dark regime don't like bitcoin

Most wealthy Russians without international investments will probably have seen about 99%+ of their wealth eroded away in the time since the start of their government's occupation in Ukraine. They can use bitcoin now but they'll just be locking in that lower value of their net worth.

I doubt the West will ban bitcoin but I could imagine wealthy people attempting heavy price manipulation (and I don't think I'd be displeased to see that if the Russian government or its allies did turn to use bitcoin).

There's already reports Russia are going to find it hard to sell their gold now though and they've already found it hard to sell oil.

They have a hard time already but there are a few countries that still continue to trade with them. Those are probably the countries that will make business in Russia so far and because Russia is closely aligned to the energy markets it will affect every country's economy. They still could import products from some other countries that are still open for them but that might also be limited.

There could be truth to BTC going to be regulated to death if Russia will fully adopt BTC now that they are finding it hard to sell their oil. If the possibility is that they will turn these gas into mining BTC. If countries even penalized sports athletes just for being Russian athletes, penalties can also extend to what Russia will use.

yes russia can use crypto to bypass sanction. But in my personal opinion if big nation suspended crypto probably it's only for russians not included other countries.

Because crypto is a big help nowadays in Ukrainians despite of crisis and indeed most donations came from cryptocurrency. so perhaps it will not be affected in other country if however US and Europe ban crypto wherein for Russian people only.

Bitcoin doesn't have anything to do with Russia currency for now. The issue is Swift ban and that has cut Russia off from access to cash this is part of the reason for rupees crashing. On bitcoin, if Russia goes full adoption on bitcoin, it won't change the fortune of Russian economy, it can only get bitcoin price going higher because whales will take opportunity for more investment.

Doesn't make sense that the West will have to go to the length and ban bitcoin or put a heavy regulation just because Russia is using it to circumvent the sanctions.  If they do that, bitcoin and the rest of the crypto will be another casualties of the war.

It's already enough, economic and financial sanctions have been imposed on Russia already. They will suffer a lot, of course they might be thinking of using bitcoin now but there could be other ways that the Russian government can survived this game. They have allies outside like China that can secretly help them.

Would bitcoin be able to actually circumvent the ban, banking transactions cannot be replaced by bitcoin as its adoption is limited and cannoct connect them to the rest of the world. Bitcoin could be used to an extent to confirm some transactions but cannot sufficiently finance all transactions in the country.

The U.S and European banks are not financed by bitcoin and it does not influence the SWIFT ban, so there would be no need to regulate bitcoin further.

Fully adopting Bitcoin probably won't be done by the Russian government, I think maybe Russia will create its own centralized crypto on blockchain if the EU and US SWIFT sanctions continue. SWIFT sanctions decide the money that goes in and out so that the impact on all companies in Russia as well as to suppress the economy of the Russian government especially bank, but Russia is the largest country in the world where he said there was a retaliatory sanction from the president regarding the supply of oil, gas etc. to foreign countries maybe we will see the crisis once again in oil scarcity if the sanctions continue.

I think if Russia were to go full Bitcoin we would see regulation step up in ways we had only toyed with being reality.  The freezing of accounts would become normal around the world (more than it already has become).  You never know how regulators would step up to combat this type of thing, but you can bet it would hurt Bitcoiners around the world.  Sure, maybe Bitcoin would end up winning and show it's resilience, but I'm betting many innocent people would be jailed, have their lives ruined, and their life savings confiscated as a result.  Rather than provoke regulators and the legacy financial system, we should hope to keep growing without aiding war efforts.  

satoshi once said that donating to wikileaks was kicking the hornets nest...  Russia adopting it to avoid sanctions and commit acts of war would be like pissing on the hornets nest naked and covered in honey while a bear had it's paw in the nest.

Bitcoin won't save Russia even if they go full adoption on it. As Swift has banned Russia, well, there's no other place where Russia would get help but from their allies and that's China. With such news, China's Union Pay is going to be where Russia is putting their back lean for them to keep up with such transactions in and out of the country.
(https://www.wsj.com/articles/russian-banks-turn-to-china-to-sidestep-cutoff-from-payments-systems-11646578489)

And I don't think they will go all in in bitcoin. It means, they will forget their ruble, which is not likely to happen. They will find other alternatives just like you said, they still have China on their side. They may accept bitcoin as part in their payment system but it won't be their top currency, it will still be their Russian Ruble. But in case, they will include bitcoin in their system, we don't know what kind of restrictions will other countries put into this. Anyway, we will see that somewhere down the road what will happen next. For now, we are just speculating what may happen because of this war.

Russia , china and south korea gather around and build their own world with serious financial ecosystem using blockchain technology where bitcoin lean on. That's everyone day dream .. isolated themselves till everyone around the world see and feel that they are just fine doing that full adoption without banks.

Dammit , i wish that shit come true and the peace for sure at the end of the day.

IMO, just temporarily adopting Bitcoin but not permanently or full adoption of Bitcoin.
As per see, Bitcoin can't save their economy and maybe they used this Bitcoin now to bypass sanctions, still, they have other countries to support them and use their own currency still which is better for them, for alternate currency it might this way, Bitcoin is useful to them.

But I worried since China was banning Bitcoin several times and might Russia will do the same, so we don't really know what their government decision is.

They might not go all-in for bitcoin and that's okay but people are expecting that it will be bitcoin that will be pushing their economy upwards. Its' not like that.
It's likely that they'll have all the alternatives and any possible currency that won't have any problems connecting to them. Whilst for bitcoin, it's for all and there's no government that can stop it and whether they adopt it or not but likely that they will, no one can stop it and even US or UK, they can't sanction bitcoin.  ;D

Bitcoin is already accepted in Russia but it is definitely not yet in a full state of adoption. But even at this point when Bitcoin is introduced as a legal currency, it is not an unregulated alternative. In fact the Russian government is strict in its regulation. Bitcoin in Russia may be accepted but only within the tight regulatory policies of the government. One of the policies is that Bitcoin could only be used after complete KYC. And such use could only be done through banks and other licensed third parties.

Russia and China have their own financial messaging system even Germany has its own afaik but them creating new I think will really make this world have a bipolar system. The separation from the West will indeed isolate them. That's an incredible turn of the event but its no guarantee that it will have peace. I think the world will gradually start to be decentralized thru the initiative of these countries.

Perhaps not the majority of wealthy Russians locked in their wealth into Bitcoin. Maybe just a couple who wants to try this new assets but for sure just a portion of their wealth.

And most probably their wealth is liliquid already, stocks, oil, gold. So it doesn't have a net positive for Bitcoin as we can see it right now. Bitcoin will be there no doubt for both Russians and Ukrainians, but I don't think they will go full retard and put all their money on Bitcoin market.

I don’t think they will make it legal tender like in El Salvador. There isn’t enough knowledge for the older folks and how to use it. Plus it’s also very volatile and not a good store of value in the short term.

I doubt they will accept Bitcoin for their oil. I don’t see Shell or Mobil sending them Bitcoin in exchange for their oil. Plus they are going to use Unionpay which is Chinese based since visa and MasterCard are blocked there.

Your Point is valid because we knew how complicated the relationship between US/EU vs Russia, but have you take a look about what will China stands if this truly happened?

this may Lead china to choose side and surely they will stand for Russia and may adopt Bitcoin also.

so lets make this not that complicated guys, and besides crypto stands nothing for every country but for the user only .

To begin with, the case you raise is quite improbable, and the consequences you foresee, too. Adopting Bitcoin fully would not solve Russia's problems as you have been told, but if Putin were to take a position like Bukele, Europe and the US would not ban Bitcoin as it would be shooting themselves in the foot. All this taking into account that apart from Bitcoin the adoption by some governments has already started. There is a list in the following thread:

Governments that accept Bitcoin for public services. (https://bitcointalk.org/index.php?topic=5388237.0)

Some of those listed are local governments, but that's a start.

I don't think that this is a likely scenario.

Since bitcoin is decentralized, I doubt Russia would be that interested in adopting it full-time. They are much more likely to do a digital rouble on the blockchain though.

Also, I doubt that western nations would do such a knee-jerk reaction to banning BTC. Not only is that impossible, there are now publicly listed corporations with massive market cap that is either holding BTC on their balance sheets or providing exchange services. Banning BTC could create serious systemic risk now.

They can but it will just a band-aid solution.

The sanctions that other countries have been put to Russia really is severe that will affect the country in the long run especially the people out there that is why they are protesting to stop the war as well because they are the ones who are suffering the most in the current war that is happening. They can adopt it but I don't think that all of them will accept it as not all of the people out there can access it but even though they will try to adopt it, their economy will still suffer and will suffer even more in the future as sanctions are being given to Russia.

What would "full" Bitcoin adoption look like? El Salvador's gone "full" Bitcoin is legal tender and we still have yet to get a flood of El Salvadorians here telling us breathlessly about their experiences using Bitcoin to pay bills and coffee.

Those truly needing to use Bitcoin after being blocked out have already gone that way, no need for a state to go "full-blown" for them. No need to get or ask for permission, isn't that the nice thing about it?

Well yeah , look at north korea ..

They have been isolated themselves for decades , they are all living their life despite from outsider point of view sometimes we called / considered them were left behind far away .. but who knows? They are isolating themselves and nobody knows what kind economic / technology / military development there , they looks really outdated but once again we seeing it through our point of view from a different standard.
Here what im trying to say .. there might be a two blocks if these shit keep going .. the sanctions that given by the west will forced the other block of west to have their own system and with a strong allies like china .. and possibly india .. i think this kind fantasy could went really in favor to bitcoin but a bit scary at once tho.

Russia will not abandon Rubel for Bitcoin, they just use Bitcoin as an alternative...

China is a way out for Russia when they receive economic sanctions from European countries (SWIFT). Being cut off from international transactions will throw the Russian economy into chaos. Lucky they have friends like China. If the war is not stopped then these sanctions will not be lifted, but China will certainly continue to support Russia of course with fair exchanges.

In russia, bitcoin cannot be used everywhere because it is a big country and many parts of it don't even have internet and most people don't use plastic cards. Only in big cities where modern people live is it possible to use bitcoin and other cryptocurrencies. But now it is very inconvenient because the national currency is depreciating and it is not known how bitcoin will be valued. Now is the best time to buy and hold bitcoins long term.

It is 100% quite improbable. I wouldn't say impossible neither because technically speaking it is not impossible, but when most of them already regulated it in a way that would make it quite legal and lawful to use and trade, it would be unwise to turn that all around and do something totally different on the opposite direction. Sure Russia deal with crypto is a bit bad for the nations that put sanctions, they would prefer if Russia got out of crypto, but they won't get out of crypto just because Russians got in.

Plus, it is a bit about putting a political stance to put sanctions and not some economical approach since they would probably keep working with them anyway.

This is true because going full on bitcoin adoption isn't a saviour for Russia. Russia has sanctions every where and that has weakened their economy strength because many European countries and US have boycott trading with them. I don't think bitcoin really have any addition to make for Russia it is just for the sake of convenience sake for those that understand it and not that it will really help the economy.

There’s a hard sanction against Russia where almost all the financial institution take their part, and recently the visa and mastercard impose their sanction and because of this, it can affect many people in Russia where they might not be able to use their online money again, so having an option with Bitcoin is a big thing.

I’m just curious what will be the next move of western countries if Russia made Bitcoin legal, this might be the next target if ever because even if we are decentralized, there are still a system under the regulations of the government which they can control and force then to ban Russia on their system, making Bitcoin as legal for Russia might not be good for the whole market.

Actually you made a valid points here.Because their was not a huge transaction without SWIFT. Russia need of some source for the transaction.If they chose a bitcoin for it. It was an amazing one.Because their will huge flow in the bitcoin and ten times rise in the price from now. Atleast their will be double of the current price.So it's better to inverse huge amount of dollars in bitcoin. The big things going to happened in a short period.

Fiat currency are slowly crashing, there a huge world debt and inflation is rising, so the best option is gold and Bitcoin, with regards to the situation of Russia, they can really make Bitcoin legal but I doubt that the price will pump because of this, since restrictions can still happen against Russia.

For what people knows about it for sure majority will go for gold right now because this is more stable and they can able to exchange this everywhere in the world, for sure oligarch from Russia are using this right now to make their wealth safe from inflation also for what heavy sanction they are experiencing right now. Maybe crypto people are just exaggerate things and think about bitcoin is the solution but to be honest this is the risky option for them to so since if we look at it the price is dumping when there's a bad development happening in Ukraine and Russia so for this situation the rich man who exchange their money to this will be at lost and might there wealth will get huge cut if bitcoin dumps more.

I think OP is reffering to using BTC as a mean if doing transactions in and out of the country since most banks stopped working with russia so i guess  it's a great alternative i mean that's why it was created in the first place.

Maybe OP is referring to bitcoin as an alternate, but considering the prevailing situation it is hard. Most of support systems has stopped functioning within and for Russia. So, even if someone wants to buy bitcoin this is going to be a big problem. Even the mastercard and Visa services have been stopped. What we can expect is a long term recovery after the war. There is no immediate impact to happen with Russia's economy even if it goes full on bitcoin.

I understand this reason and I believe it's not only Russia who is experiencing it. But if you think about what is happening in Russia right now, to be honest, Bitcoin is the best thing to use especially on payment methods. Like disregard first about how other areas can't connect to the internet.
Bitcoin is decentralized, no one can control it, especially with a lot of sanctions on Russia, for sure people there started to use Bitcoin even for the first time, they will be somehow forced to use Bitcoin if ever they will start have got trouble using some of the modes of payments such as online banking.

1.Russia would never adopt Bitcoin.Adopting a cryptocurrency that will leave the central bankers with no control over the money supply?Nope.Not going to happen.
2.Russia doesn't need to adopt Bitcoin,Russia needs to find new markets for it's export.Maybe the Asian countries like China,India,Vietnam,Indonesia would buy more Russian goods and commodities.
3.Russia also needs access to technologies,since the western countries(and probably Japan and South Korea) will stop selling hi-tech products and technologies to Russia.Bitcoin has nothing to do with this problem and it certainly won't help for solving it.

 I agree, and even if there are places with even no internet connection, and many people who are old enough to not be able to use it, that doesn't stop bitcoin from being used. Even on the first days of sanctions, the wallet count with more than 1k bitcoins in it increased like crazy. That doesn't mean that we are going to se a lot more of it, it also doesn't mean it will stop neither. Anything could happen and thats just the rich people. We may start to see more and more Russians online, trying to make money. They have been online for a while, but we may end up seeing even more. This is why I believe that crypto could be some alternative, surely not the main currency but a good alternative to help them overcome the sanctions.

Current Russia is a very corrupted place. Specially in the highest echelons of power. If they go fully Bitcoin, it will never be possible to exterminate corruption and build a bright future. If countries with weak economy use Bitcoin to save from inflation or high volatility, then if Russia goes Bitcoin, country with such powers and resources, it would be a global disaster.

Country like Russian can not adopt Bitcoin because of crisis condition From my perspective, and if Russian adopt bitcoin generally, an each of the branches or circle will adopt the uses of bitcoin massively, and other countries will emulate the uses of bitcoin and especially most of the countries that seems cryptocurrency as a genesis of scam

They can choose bitcoin as an alternative but they can't let it all dependent on it. Do not be problematic about swift for Russia because they have already found a way to sustain and replace it. As swift was gone to them, Russian Banks Consider Using China's UnionPay; Big Accounting Firms Exit. (https://time.com/6155539/russian-banks-china-unionpay/)
That's the replacement that they have so there's no problem on them anymore and it's from their ally that's just there building connection and relationship to almost every country that needs them.

It is difficult to know what will exactly happen, after all as far as I remember the only country that has declared bitcoin as a legal tender is El Salvador, a country as big as Russia and with such a large population will bring a new set of challenges to bitcoin that it has never faced before, so I doubt that it will help Russia that much to do a movement like that at this moment, however if the sanctions keep mounting then the Russian government may be forced to take a decision like this and hope for the best, even if they know the potential positive effects they could expect would be on the low side.

Sanctions between the parties only increase tensions, and there will be no so-called solution if things continue as they are. It is possible that BTC is an alternative to Russia's economic sanctions, but the reality is that it cannot be effective because the economic problems of a country are very large. Although it is undesirable, I think the war between Russia and Ukraine will affect the economy for at least the next 2–5 years.

Bitcoin may be used as an alternative in the face of various economic sanctions imposed on Russia, but how much of an alternative is it? I think not that much. The government, the banks, and the companies of the oligarchs being targeted by the sanctions, how much could they actually transact with Bitcoin instead of fiat? Do the other parties in their global transactions located in other places of the world accept Bitcoin?

I think it is a good alternative if you only think of keeping your money in a way it is not affected by the devalued rouble.

Until now, other countries have continued to impose sanctions and condemn what Russia has done, but until now I have never heard of a neutral country suggesting that this issue should be resolved through a dialogue to find solutions to existing problems, as described above what you say is probably almost the same as what CZ Binance said if crypto is not an effective tool to help Russia get out of its current economic problems, but it is enough to wait for  how Putin makes decisions in stabilizing their economy in the future.

Turkey has been suggesting that since the start of the way. They are one of the biggest military in the whole Europe, and anyone can buy drones from them as well, they do not donate it to Ukraine, they sell it (private company anyway). So, even though Ukraine likes to act as if Turkey is with them, president and the whole nation has repeated said that they do not want to get involved.

Obviously the general population supports Ukraine psychologically and emotionally, but they do not want their nation to be part of the war. This is why they even suggested to get Putin and Zelensky in a room with their president and offer a solution and be a middle ground for them both.

Only just a talk or a dialogue to fix the problem? I don't think this will work easily because of what Russia did to Ukraine. They have started a war and created damages to the opposing country, this should deserve a proper punishment but a sanction can be enough already for Russia to realize their mistakes, or shall I say Putin only?

@FairUser no solution? What about btc? It is one of the solutions that Russia is currently considering to continue their financial needs and I think there are also other solutions that they might think of later on, on how to survive the sanctions that they are currently facing. 5 years war effect is I think too long, but to me, the effect can last 1 or 2 years max.

Then wouldn't the west be forced to forcibly ban every type of safe-haven asset there is? Plus, even if they did try to do this, as I said in another post of mine, they're trying to preserve their individual wealth, in the overall scheme of things, Bitcoin adoption would not save the economy of Russia with all the sanctions placed on them. In the end the damage implemented by the sanctions will stay and will be felt by the country, whether adoption happens or not imo.

And even if they did, I don't think the west would ban crypto. It's a move that basically does nothing, might as well just strictly regulate Russia instead.

They don't need to ban crypto because Russians are going to Chinese Yuan.
So even if there is no more US$ on their soil, these people have found Yuan to be a good alternative to USD.
But when it comes to crypto, banning is just futile as there are so many options to take to go around the government.
We will know what will happen in the next couple of months regarding this crisis.

What do you mean by "full adoption"? Russia allows Bitcoin investment and it can be used as a payment tool, it is a full adoption, isn't it? The Russian government is aware of the sanction from this war, they won't make a complicated regulation for Bitcoin and crypto. As it is one of the possible alternatives, they actually have fully adopted the Bitcoin/crypto. However, I don't think Russia can rely on Bitcoin or crypto to survive. They need other countries to help them, China or North Korea must help. But it may not be enough, Russia still needs other countries to support them.

War will never end if both countries continue to put their egos forward now, president putin and zelensky should be able to think clearly for the good of both countries, but in this case I think the president of ukraine is too stubborn by continuing to challenge russia and even recently me hearing if Zelensky said the Russian nuclear strike was just bullshit, wouldn't that just heat things up even more?
As president, Zelensky should have been wiser and even if he apologized to putin I don't think his pride would ever fall.

Maybe it will have a positive impact but in my opinion if russia adopts bitcoin of course it will not completely help them get out of the current economic sanctions, adopting bitcoin is not an easy thing to do maybe there will be pros and cons that occur in russia like what happened in el salvador right now.
I think the adoption of bitcoin cannot completely stop the threat of corruption, indeed we can track every transaction in the bitcoin wallet  and we can even see the amount of balance in that the wallet, but the problem is that it is impossible for someone to only use one wallet to make transactions in storing bitcoins, after all, the decentralized nature of bitcoin certainly does not require a bank and also a person name, so that when we manage to track existing transactions, of course we also can't know who the owner of the wallet is because that is anonymous

Don't just look on the bright side mate  always look at the other area in which what will favor the our market , but remember that what will this brings good there will be some bad effect because surely the sanctions by other countries so they might ban or regulate bitcoin in that sense .
so lets not expect everything for good but expect something bad as well.

It will give good and bad effect on bitcoin and the good one is bitcoin might got solid adoption from Russia and many might see its potential for seeing how Russia survive by using it even if there's a huge sanctions happening to them.

The bad sides is maybe the other governments of the world will also do sanction on bitcoin since they will see that Russia use this to escape their consequence and they ban it because they don't want to give Russia a room to take advantage with.

The Russians going full into Bitcoin adoption or not won't stop the US or Europe regulation on Cryptocurrency and if you have the impression that the government will support crypto without any form of regulatory rules and regulation, guess what you're wrong.
However, if Russian does make the move. Can blame alcohol for making people tipsy or the person that chooses to drink when she knows she's going to drive?

I do understand that you should expect bad things to happen as well as good. However, I would say that we should always have only good when we are looking at the future. If you are looking at long term enough then you should be always looking at good side and never the bad possibility.

For example, if we are talking about the price in 2030, I would never assume anything bad, I would just assume 1+ million dollars for bitcoin, and easily 200-300k for ETH as well and everything else moved up like that. However,  if we are talking about rest of march, then you could always assume something that is bad as well, not going to be easy but it could happen.

If only Russian people could do that but come to think about it, how does Bitcoin help them during their war? I think what they meant here was the people who are using banks transfer their assets into Bitcoin and if they do so we'll probably see a FOMO these days. But it turns out it's all just a bluff and I think it's more like a manipulation when Bitcoin did pump last week.

Well, most people would want to switch to Bitcoin if they really want to protect their wealth but it's not happening since there are some complications when buying or selling since Swift ban them but they have China who's willing to help them through trading.

Bitcoin is not the only option for them. Right now, some are turning to CNY (Chinese Yuan), and instead of USD they are now starting to utilize the Yuan for international transactions. So bitcoin is just one of the options here but more than likely, they will still prefer fiat for most of their transactions. So I don't think they will go full in bitcoin because they have other options to take. But maybe, it will contribute to more adoption in crypto market.

Correct, bitcoin will be nothing more but another option on the arsenal of options Russia will try to use to somehow get around the sanctions, the problem is that the US is probably then going to use this as yet another reason to try to regulate bitcoin even further, it will be just an excuse and they know it but they are not going to miss any chance to try to damage the image of bitcoin by claiming that now it is aiding Putin, forgetting of course of all the donations people have made to Ukraine in bitcoin to help them a little bit on their war effort.

It will be bad for bitcoin if their adoption will happen in the middle of the war since this might be added to their sanction list and bitcoin might be ban from different countries of the world so I guess this will be a bad option to make by them since we might suffer to this action. Maybe let them focus on other things and might they adopt yuan since they are allied with China and provably they will help them thru this sanctions happening to them.

Sanctions can happen to countries that commit acts and violations, sanctions can be given to the economy and products, but not with Bitcoin, that is a big challenge for Europe and the US, if Russia adopts Bitcoin as an Alternative to defend the Russian Economy, it's really possible Russia will win Europe and the US, can't do much in this regard.

That's the advantage of Bitcoin, where the outside world is imposing sanctions on certain countries, Bitcoin can actually save them from those sanctions, I think there is no other way that Europe and the US can do, other than negotiate peace, if Russia adopts Bitcoin completely.

But bitcoin can only do things for them, if it is not accepted worldwide then Russia can used bitcoin after all.


I'm not really sure if this is a good use case, recently we have the pandemic as a good example. But I don't see war as very advantageous to either of the warring party. Yes it is decentralized, but it could not be used 100% as a tool to evade economic sanctions.

For Russia, the main thing now is to rebuild its economy in isolation from the outside world. I don't think the government will use bitcoin inside the country, because there are a lot of other problems now. For the most part, people here are not very educated, so they are far away from new technologies and from bitcoin too. Especially recently, the central bank was preparing a ban for cryptocurrencies, which also says a lot.

Russia already thinks that he is a winner because of the destruction that they made against Ukraine but not anymore by the time they face heavy sanction because this makes their economy weaker. They can adopt bitcoin and other countries can't do anything to stop that but BTC can only have a little effect in Russia.

This does not totally save them from the other sanctions but why would other countries make peace with Russia? Remember they are the ones that gave sanctions to Russia, they cant be gentle just like that as the sanctions are not even halfway and if there is the one that will make peace talks, that would only be Russia, nothing more but it's too late for them to do that.

Banning Russia from the use of Visa and Mastercard should be a great lesson to every nation not to depend on any continent for business or survival. Every country should be dependent like China to avoid situations like this.
In a matter of time, Russia will only consider using bitcoin as an alternative currency if China and India couldn't help them to boost their economy

Even in this situation where Visa Card and Master Card put on restrictions on the entire country, do you think that Russia will not be having a back up plan, as you mentioned they are having close ties with China and they have their own network and they will overcome these sanctions with the alternative provided by China and they are planning to build a strategic position in Asia and globally which is not great but that is where the situation is positioning with the developments we are seeing now.

In my opinion the US is being very careful about issuing a direct ban as other countries have tried in the past because they understand that enforcing such a ban will be almost impossible, after all if they cannot stop people from sharing their files over the Internet despite the fines they have established then it is going to be even more difficult to stop bitcoin from which people can benefit economically from it, so I do not think a ban form the US is likely, but more regulation may come our way if Russia makes heavy use of bitcoin to avoid the sanctions.

First and foremost, the Russian government will save its national currency, the ruble. If they start legalising bitcoin, the ruble will collapse, which is unacceptable in the current situation. There is still a long way to go before cryptocurrencies are legalised and accepted in Russia. It's a huge country, but not every area has the internet yet. Russia is very backward in technology, but everyone who knows about bitcoin is already using it.

Russia will accept Bitcoin for energy exports apparently and also likely gold too - https://twitter.com/disclosetv/status/1507016592722259985

This isnt full adoption but a bit of a reversal as they did not favor BTC otherwise normally.   I think BTC is moderately bullish but also challenged for this year rather then expecting any breakout near term.   We are just about at the yearly average so its relatively neutral in the larger perspective at this time.   Later it might develop further and we can guess BTC becomes a breakout scenario but imo its not occurring immediately as there is not going to be any full adoption only in parallel to a variety of trades done and since China is the largest entity and has dismissed BTC it will be largely other currency imo.

If Russia gets strict sanctions of course they will find it difficult to use fiat for transactions, the best thing that can be done is with cryptocurrencies, and what the Russian government is currently doing is certainly a good move because there will be many restrictions in international trade and using bitcoin is a best to be able to transact with international.

I guess their back is against the wall now, and they think that in order to survived, they will have to used and accept Bitcoin.

And it will be good for those who wanted to buy, at least the West won't know in the beginning as to who is secretly buying because they have to issue warnings on India if I'm not mistaken for buying oil in Russia at a discount because their is a embargo against Russia. So Russia can't do anything but to change their narrative against Bitcoin for now and readily accept it to have some money flowing for them.

As the restrictions and sanctions are getting tougher on Russia and the people are beginning to go through the expected hard times and Russia coming with full bitcoin adoption, I don't think it will make any difference to the world, they can't chase to stop the use of bitcoin, they can only stop themselves from the transaction with Russia but countries like Asian can keep transancting with Russia but the challenge for that for Russia is Asian countries are not also friendly with bitcoin.

There've been some moves toward cryptos in Russia, following sanctions, I believe. But I think it's very unlikely that Russia would adopt cryptos on a level of El Salvador, for example. It's for a number of reasons, one of them being Russian local fiat and how it's something that matters to people there and especially to Putin. Abandoning local fiat (and adoption of Bitcoin would facilitate the process of ruble going even further down because now people are kind of forced to use ruble and keep it thus afloat, and then they won't be) means admitting a serious hit on Russia, a failure of sorts. Russia is clearly not good at admitting failures, so they can't do that. Also, authoritarian regimes aren't normally friends with decentralization, so Bitcoin doesn't seem like something Russia would like. As for the world's potential reaction, I think it could've led to stricter regulations, campaigns to boycott Bitcoin, harsher requirements for crypto exchanges regarding KYC, but it won't happen.

I think Russia will try to legalize and adopt bitcoin as the Ruble exchange rate plummets following the sanctions imposed by the EU and the AS has stifled the Russian economy because of the invasion.

It's true, obviously Russia has thought that sooner or later they will be subject to sanctions, perhaps the first sanctions to be carried out are (economic sanctions) by not accepting their fiat on trade in the market, as well as confiscating and freezing existing assets in many countries.
then the way that can be done is to use bitcoin to be able to carry out transactions, so it is very important for Russia to be able to adopt bitcoin for everything that will be done during the economic sanctions in the country.
by adopting bitcoin then all the obstacles in every transaction can be easily done and they do not experience difficulties.

If so they won't be able to spend it so they will be unwilling holders.
But having governments buy BTC to pay for Russian oil and gas also sounds like an uptrend.

This is certainly getting better for making bitcoin stronger, it has been proven that bitcoins continue to be valuable because the number of users continues to grow, the latest data shows that users in africa are up more than 2500% and this will keep the market moving and this year's price could reach $100 k.

Everyone still needs oil, and even wheat that Russia provides. So, it is not really that much of a big trouble for Russia to be sanctioned off right now. It reached like 130+ ruble per dollar at one point, and it is back to 81 or so all over again. This is a proof that even sanctions couldn't hold them off. Why? Because, they have something the world needs, which is energy and with that, you could control the markets all by yourself.

I do not think they even need crypto to be fair, but if they do that, it would mean that they could sell stuff to other nations in bitcoin, and other nations wouldn't need to get ruble to pay them at all, which would allow everyone to get rid of dealing with ruble.

For the time being. There's always been alternatives -- Russia's simply been the cheapest for a very long time. Think a lot of governments in the EU are now doing estimates for the cost to the taxpayer to switch to alternatives within a year and it's not as bad as they thought. Spring and summer are also timely now to give time to make alternative arrangements.

I don't think crypto will be needed in that stopgap.

The hypothesis that Russia accepts full bitcoin legalization is possible in the context of sanctions from Europe and the world that will have a very bad impact on the Russian economy in the long term.  I think they're getting ready for that when they launch a test of accepting bitcoin as payment for oil and gas purchases.  Russia is leaving the door open to bitcoin, and will Europe buy bitcoin to buy oil and gas this way too?

+1

But they could sanction Russian bitcoin accounts and sanction anyone taking bitcoin from them.
It's all in the blockchain.

Best case scenario is what always happens in Russia. A general or other high ranking person takes out the president and claims to be better for the people and Russia takes a 30 year breather... Sanctions get lifted....

Are we sure we need a help from this country? I mean this country supposed to be our enemy for now because of what they did to Ukraine and even without their help btc is already strong. We have enough users and if those users work together (not selling btc but continue buying) for some time, btc will become more stronger.

If not Russia we still have Ukraine that will also adopt bitcoin. I think they are only returning the favor, this can be their way of saying thanks for the btc and crypto donations that they got last time. For russia, they only use btc for their own good. They think they can partially escape the sanction if they will use btc.

It seems that Russia is going to force the use of their own currency by coercing other governments to buy their resources with the Ruble, this will help their currency as this will generate a huge demand for it and will curb the descending spiral that we have seen during the last weeks, however I also think they will try to use bitcoin to help them out when it comes to dealing with the sanctions that have been imposed to them, and while this will be used against bitcoin by those governments, at the same time I see the potential of a tremendous growth coming during the next years as the usage of bitcoin as a currency will increase dramatically under those circumstances.

It's not really the help that what we are talking about here, Russia would adopt bitcoin because of the sanction that is imposed on them, with that, it means demand for bitcoin and it will result in a good price. However, there are some negative aspects as well that are pointed out by OP, but not seeing it as serious one as it is not possible to kill the entire community just to defeat one country economically.

In my opinion, it would be great if Russia adopted bitcoin completely because bitcoin could be a great haven for the Russian central bank avoiding the sanctions imposed by the EU and US because there is no censorship on the bitcoin network and cryptocurrency transactions.

It must be remembered that sanctions like this have been experienced by Russia in 2014 and they have prepared the best strategy, because they have strengthened their economy so that even if there will be the most severe sanctions, they are ready for it. they have amassed an international reserve fund of US$630 billion. This amount includes a very large amount, if there will be sanctions in the country.

We know that Russia is an exporter of most of the oil for European countries, if this sanction will be imposed, boycott will certainly have an impact on European countries to look for other reserves which will actually trigger an increase in fuel prices, and this sanction clearly there are those who agree or not. because the impact will occur in European countries in general.

Russia has also begun to give leeway to be able to accept back every transaction using crypto where a ban has been carried out in the past, this is a form to ensure that if it does happen and if you experience difficulties, crypto transactions will obviously be an alternative to be used.

Once again, Russia is indeed prepared for all that may be experienced by carefully preparing for it,

In my opinion it is very stupid to use bitcoin as a reserve currency. Because any collapse could reduce the value of the government's assets by several times. Bitcoin is very volatile and it is not suitable as a safe store of money. Another thing is if you are a private investor, you can easily invest in bitcoin. But for the state, such actions are negative. It is better for the government to have a stabilisation fund in national currency.

Some may use bitcoin in this way but it does not seems as if this is going to become the official policy from the government, as it seems they are focusing their efforts in protecting the ruble and forcing other countries to use it from now on when they deal with Russia, and at least to me this seems to be a decent measure to counter some of the sanctions against Russia due to the war at Ukraine, however depending on how long the war lasts Russia may reconsider their posture once again as I do not think that sanctions will stop coming their way if the war continues.

Adopting bitcoin doesn't mean it will now be their reserve currency. Bitcoin doesn't collapse totally but there's always a chance that it will recover but if bitcoin can collapse then what about the national currency? it can be devalued and there is no way that it can recover.

It's normal for a government to invest in different assets like stocks and others. Lately it is reported that governments are now considering bitcoin as one of their investments. They did that because they also know that their own currency or reserve assets can't stay like that forever. I think Russia have done the move last time? it's a good news for all not only for them.

Yeah, Russia has nothing to lose but everything to gain if they are going to adopt bitcoin for now. We all know what bitcoin can offer, so to protect their rubble or at least the government hedging everything they have to bitcoin, it will somewhat negate the sanctions against them temporarily. And then the Russia people too, can used bitcoin as well. But I don't think it will last, as soon as the war comes to an end, the Russian government will simply dump their bitcoin very quick.

Every country have gold as the reserve. Some countries add good volume of bitcoin to the reserve, so to overcome the unexpected needs. Probably if Russia had got good reserve of bitcoin, it could've been useful for them in this situation.
Beyond gold governments used to invest on different things. Also very few countries have disclosed that they hold bitcoin as reserve and for investment. If I'm not wrong, there is a large number of countries that have invested on bitcoin and haven't disclosed to the world.

Countries have gold but for some its under 1% perhaps, just amounts that mean nothing.   China was one of those countries at the beginning of this century and then they had great trade success but with too much reliance on dollar reserve holdings they turned to gold.  Now China is the largest producer of gold and also net buyer every year since pretty much.
  Russia wont and cant use BTC in that way, I dont trust them on much but they gave an honest answer on this probably.    If you told me China and also Russia decided on BTC as the currency between them then ok, its a circle of trade and might work out.  Last I read Russia has big sales in oil exports to India, their oil is cheap as its sanctioned and rejected by quite a few so in this market with higher oil India chooses the easy option.  They wont pay in BTC

Doubt that it'll have too much of an influence either way.

There are now significant bitcoin proponents in the government & business sectors, so I doubt it's going to be a smooth process trying to ban BTC outright.

Furthermore, why would Russia adopt BTC out of all things? I think that they will likely create their own CBDC if they were to adopt blockchain technology to circumvent sanctions. It just doesn't make sense otherwise, because they don't have reserves of BTC right now.

I think this is good news if Russia is full of bitcoin adoption, there will be a lot of new users and of course it will make the bitcoin price skyrocket, bitcoin has proven to be a very valuable asset when there is a war and now more and more countries are active and legalizing bitcoin.

That is without a doubt a possibility but it will depend on what will happen during and after the war, if Russia annexes or occupies Ukraine I doubt the sanctions are going to be lifted and they may keep increasing, so dumping whatever bitcoin they got will be a bad idea in that scenario, so I think at that point that Russia may try to counter the policies of the west by backing the ruble with gold or even bitcoin to try to strengthen the ruble against the constant sanctions.

If so,their will be new All time high in bitcoin price.When the government gives the positive move by making of some ,investment in the crypto.When the crypto involved by considering the price,then the government surely keep their investment in tron,Binance smart chain.Then the most used crypto like Busd and usdt.So the flow of crypto by government will all the time may be profit giving one.

If so, that's great, Russia fully adopts bitcoin, it will boost the price of bitcoin, bitcoin more and more people know more and more people join to attract big investors the market will be strong  Moreover, investors are not afraid to panic but dumping.

but there may some other problem that will persist as we Knew how bad the Russia vs America thing? and if Russia goes full adoption then US will surely retaliate and do necessary action towards Bitcoin.
they may bring total banning? and this will effect the rising value of Bitcoin specially now that Russia is starting to Invade neighboring country .
there will be a good and bad effect about this adoption .

This will create conflict and might affect negatively to the whole crypto community because if Russia will totally use bitcoin on their financial system USA might include this on their sanction list to crumpled again Russias economy and for sure all of us bitcoin user will get affected on this if they implement that. Hopefully this will never happen since this is really bad to us if sanction towards bitcoin will happen.

Without a doubt something like this would be incredibly problematic for bitcoin, however it is not as simple either as the institutional investors that are coming to this market have great influence on the American government and a movement like that would affect them, so even if at some point the US tried to ban bitcoin or something like that they will need to give time to those institutional investors to get out of their positions, something which could take years as some of them have invested a complete fortune in bitcoin.

I do not think that it would take years before it happens, surely it wouldn't be overnight but it could happen in a year or two as well. This is the same banks that we talk about that got out of 2008 basically unharmed, sure a bit of harmed in short term but unharmed in the long term. They wouldn't care about retail investors anyway.

However, we need to realize that that would require federal law and I doubt they would have that, a banned crypto federal law doesn't sound realistic, there are companies now all over the nation working in the crypto world, meaning they actually spent a quite bit of money and paying good taxes, doubt they would change that.

I think we are too negative thingking if Russia implements bitcoin in their financial system, in my opinion this step will further trigger the development of bitcoin for the better, besides maybe the adoption of bitcoin by Russia will trigger a significant price increase like what happened when El Salvador legalized bitcoin at that time, if it is the problem of American sanctions that you are afraid of, isn't Russia now under European sanctions?
In fact, if Russia legalizes bitcoin, it is a form of resistance to european sanctions in my opinion and the Russian economy will be able to bounce back if they accept bitcoin payments in their current export or import transactions.

I don't think the United States would go so far as to sanction Bitcoin users. Because the American government is also aware that Bitcoin is
also widely used for positive things, such as several charities accepting Bitcoin donations to help victims of the war in Ukraine. So we don't
have to worry too much if it turns out that Russia legalizes Bitcoin for their financial transactions, because America will not necessarily act
decisively against Bitcoin users. Even according to the American government Bitcoin is widely used for illegal activities, but until now America
has not banned Bitcoin. In fact, I think the impact will make the price of Bitcoin go up if Russia really adopts Bitcoin, just like what El Salvador did.
So I'm not afraid of bad impact on Bitcoin, if true it turns out that Russia is planning to adopt Bitcoin.

How can they sanction bitcoin? It's not like banks that have a central authority where they can ask to negotiate with them. If they want to, they can talk to all the bitcoin users to stop supporting bitcoin only for the sake of Russia but that will be impossible since all btc users are benefiting with bitcoin.

I think the only thing that they can do is ask centralized entities to block transactions that are coming from Russia. This can affect the price but it is fine because the price can still recover soon especially if the sanctions are over and they will allow Russian citizens again to use bitcoin but why will it take years for institutional investors to get out if they want to? they can just sell all that they got. Big exchanges can handle it easily or they can use multiple exchanges at the same time.

bitcoin does not belong to one country so another country can impose sanctions on one country. I think Russia can adopt bitcoin as much as possible without thinking about sanctions from Europe and America. each country has its own legality for local currency, while bitcoin does not have state legality but bitcoin stands alone so anyone can adopt it as long as the country does not prohibit the use of bitcoin in that country.

Russia said that they will not break sanctions via crypto but do you really believe them? I mean this is the nation attacking another nation with the hopes of taking some pieces of land from that nation in 2022, if they are as crazy enough to try to do something like that and cause death and destruction, then how could we really say that we could trust them to not break sanctions with it.

Bitcoin will continue to grow bigger because right now we are not talking about just retail investors like you and me, we are not even talking about big companies accepting bitcoin or investing into it. We are now talking about whole nations starting to use it.

In my opinion, in this case, I think it will have a boomerang effect for the EU and the US. They should also think about that, because if Russia took all the bitcoins, it would definitely be bad for them.

i don't even think bitcoin will fall into a black hole if Russia fully adopts bitcoin and makes it legal tender like el Salvador.  Currently, it is not only Russia that is trying to take advantage of Bitcoin, but countries such as the US and Europe are also competing to take advantage of Bitcoin.  Bitcoin can no longer be destroyed, Bitcoin will be the safest place for countries that receive financial sanctions from international countries.

Bitcoin adoption will gives positive impacts to the bitcoin.Meanwhile Russian will do research about the bitcoin for sure.If they do adoption of the coin,it leads to the new investors from the Russia.In Russia,huge people had enough high money,So if bitcoin get the new adoption and huge investment from Russian.Surely we able to get the high value of bitcoin in short run.

Of course this is a big thing that will make the price of bitcoin skyrocket significantly, as we know that Russia is a country that has strong economic power so that if the government fully adopts bitcoin, it can certainly make the number of users increase drastically.

In the end, all countries have realized the benefits of Bitcoin, even though Bitcoin got more attention after the wars in Russia and Ukraine, but honestly we don't want that war to happen. Bitcoin adoption in Russia is increasing because it avoids financial sanctions from European countries, if adoption continues to grow, it is certain that the Bitcoin bullish moment will be getting closer.

Once after the war we've seen a large number of individuals and companies investing into cryptocurrency. Russia and Ukraine were using it as an alternate to their traditional form of financial system. Russia going full on bitcoin is temporary in my view, because once things settled down we'll think of moving down on the track. By the time once again bitcoin will get importance as investment and people move towards traditional fiat for regular needs.

we also know that russia has a dark political regime, the government loves their currency and hates bitcoin, so they will not adopt bitcoin, they have support from china if they need it, they are very proud of their currency and i have already said that so many times that they won't replace their currency with bitcoin. people need to start to understand that bitcoin is something decentralized and that it has an anonymous creator, political regimes like russia, china and others don't like anonymous and decentralized things, because it threatens their political system


i just heard that ukraine accepts bitcoin donations, but i didn't hear anything about russian government using bitcoin, where did you see that russian government is using bitcoin?

bitcoin has an extraordinary safe point even in a state of war but bitcoin can not be blocked by any country, they can only refuse not to use bitcoin as a medium of exchange. I think Russia will adopt bitcoin because when that country starts to attack then they can store any number of assets with bitcoin and there will be no inflation of the assets held.

I think Russia will legalize the use of bitcoin as a legal tender. In the midst of the situation of the invasion of Ukraine, Russia may need another payment model that is not affected by political turmoil. If Russia really will fully adopt bitcoin, then it opens up opportunities for people who want to get out of the gray zone. On the other hand, it also has the potential to attract new investors which seems to be getting higher.

Legal tender seems like a too big of a step for the time being, especially during a war time like this. I believe that there is a good chance we could end up with bitcoin becoming some sort of lax regulated legal thing and people could deal with crypto without any problem at all.

But, at the same time legal tender is just way too much, that would be like letting it be a foreign currency and even closer to home than that. Which is why I doubt that it would happen, I believe that it will not happen and something lesser but still allowed will be the case. Russia needs people to move money out of their nation, especially foreign money like dollars, and bitcoin would help with that.

Whether it is legalised or not, people will continue to use it. War have made it even popular and both the countries involved in the war benefitted out of cryptocurrency. This has gradually made bitcoin to be legal in Ukraine and under regulated assets in Russia. Moreover when the war ends, we'll come to know the real thoughts of the government. Today Russia have made a statement that they never mind of the extending the NATO adding Sweden. So, it looks like soon the war comes to an end.

I think if Russia really legalizes bitcoin in its country then the existence of bitcoin investors and miners in Russia can breathe a little easier. However, even though Russia legalized bitcoin, it is still under strict supervision from the Russian government authorities.

You can't expect the government to lose control over bitcoin users if they legalize it. Look what the government of El Salvador is doing now with its legality and it might happen in other countries if it really wants to legalize bitcoin. It is completely unreasonable to think that the government does not want to control the finances of its people especially because they also do not want bitcoin users to misuse bitcoins for illegal activities like money laundering and so on.

It's interesting why this legality issue arose when they invaded Ukraine, when previously they didn't want to legalize bitcoin. Is there any political influence?

It is "good" for crypto for sure, but that is not really a good thing because it is based on a war itself. I have to say that I would rather have crypto not accepted in both nations, even banned and illegal to even own a single satoshi in both of them, over having a war.

When you do not have crypto legal, that is a bad thing but it would be annoyance and nothing more, but when you have a war that means there are many innocent people who are killed by soldiers, how could that be even similar. Hence, the best thing here is that crypto should be getting people even better lives, and since the war is there anyway, it is better to have it accepted at least.

The unpredictable world economic situation has forced many countries to look for alternative assets that can withstand inflation, as is happening now that bitcoin has been proven to continue to increase, making many countries, including Russia, plan to legalize bitcoin.

After the conflict between Russia and Ukraine happen, Russia continues to receive sanctions from western countries including stopping exports from Russia and also prohibiting the use of the dollar as a tool for international trade transactions by Russia at this time, the prohibition on the use of the dollar by the United States makes Russia look for other alternative payments for every transaction and bitcoin is one of the right solutions, indeed russia at this time has not officially legalized the use of bitcoin as an alternative payment but reportedly they are currently drafting a law that will legalize bitcoin as an official payment instrument in the country.

I would guess that Russia doesn't want people to pay them in Dollars anyway. They prefer people to use Ruble, which means that other nations who are buying things from Russia would need to buy Ruble from them and then give it back to them in return of that thing they buy, could be gas, oil, wheat whatever. This makes the Ruble a lot more profitable.

We all know that Russia just wants to get their money more valuable, during sanctions it went to 1to140 or whatever ratio, now it is under 60, which is literally better than before the war happened which was a bit above 70. So, it is really not a problem for Russia and they do not need crypto at this point at all.

Russia has the plan to use gold which was the original basis of both the Dollar and before it Sterling for global trade and reserve banking worldwide.    The important reason why this route is far more likely is Russia has control of a large amount of precious metals including gold so they have a bias towards this backing to currency, its also been done as recently as the last couple decades by the Swiss in their currency so remains recognized globally as valid capital.  
   Bitcoin will remain its own stateless coin imo even while some countries might find it useful and list its legitimacy for national payment, ultimately its backed by its own userbase; outside of political control its valuable as unique in that way.

Nope this will not happen for now because first bitcoin is new to them and for sure they will doubt to trust 100% the system because they could lose more because of its volatility. But maybe they will strengthen their own currency because this is their economic symbol but if they shift something valuable for them at the moment I think they will grab gold since this is much safer option for them.

Yes that is right what you said regarding gold. That is why this is happening right now:

"G-7 Set to Ban New Russian Gold Imports in Pledge Backed by US". (https://www.bloomberg.com/news/articles/2022-06-25/us-to-join-g-7-in-ban-of-new-russian-gold-imports-to-hit-putin)

They are eagerly willing to cut off Russia from the gold market exactly because their reserves are significant. Then again I've asked myself in the past whether there is a possibility that Russia has already been sitting on loads and loads of Bitcoin. I mean they are a country that has some of the best hackers in the world. It is not like they are totally stupid and don't know how valuable and useful Bitcoin could be under certain circumstances. Do you think there is a possibility that Putin behaved as if they were against Bitcoin but at the same time stocked up tremendously over years and years? If so, they might have amassed a significant fortune, not like a couple of billion in USD but hundreds of billion. This was just some thought that came to my mind a while ago. From a strategic standpoint it wouldn't have been stupid and I am sure Russia could have easily afforded to amass a lot of Bitcoin. I just don't think that Putin didn't expect to be exposed to sanctions during the war (which he most likely planned for a loooong time). What solutions are there in the world? Bitcoin is definitely one answer.

Like China who pretends to ban BTC mining but discovered that hash come from the country. Of course we don't know whether Xi himself or the CCP has Bitcoin but its possibility. What comes out of the mouth is completely different from what they do. Its possible that they didn't hack coins after all they can do it semi illegally through the exchanges they have or Putin must have bought longtime ago.

Just like doubting Peter Schiff only stack gold for his investment. Of course he owns Bitcoin but his son did it for him.

Bitcoin has been adopted by many countries, it doesn't seem to affect it, what I see there is no 1% change to Bitcoin, Russia wants to make Bitcoin adoption not a bad thing for Bitcoin in the future, here we must be able to distinguish which is a state conflict and which is a crypto conflict.

Bitcoin focuses on sellers and buyers, adoption is not a bad and good effect for Bitcoin, even though there are only 1%, Russia and US country problems, Bitcoin placement on the other hand, does not mean bad adoption of Bitcoin.

But to since the Russian incident cryptocurrency and bitcoin as well I've been going on the only problem that is noticeable is that since the problem started cryptocurrency value continue to depreciate or reduce, underage I will say indirectly and the crisis of Russian is what is cussing the falling of cryptocurrency but I believe that us will not because of Russian is not supporting cryptocurrency again and the bank repo for their own side or their own country.

No adoption of bitcoin is out of the question. Some banks have recently introduced a fee for keeping dollars in accounts. I am not talking about the fact that it is forbidden to transfer currency (dollars and euros) within the country. So it turns out that the government forbids the use of other currencies. At this rate, they would rather criminalise the use of bitcoin than approve it.

I think efforts to legalize bitcoin are still ongoing in Russia, despite the ongoing war situation with Ukraine. If Russia later officially announces that they have adopted cryptocurrency, it will have an impact on both investors and businesses operating in Russia. Thus, once adopted, it is likely to further cement Russia's status as one of the world's leading bitcoin mining centers.

Like what he said it's not an easy process so yes it might still be on going up until now and we know that there is still a war. They need to prioritize that first as that is more important than btc or making it as a legal tender. In the event the adoption is done, the effects that it can provide to the investors and business operations in Russia is going to be positive but I dont think they will be immediately known as the worlds leading bitcoin mining centre.

Afaik, China was once have that title but I think china ban btc and mining activities. For now Russia is only known to be the leading provider of oil but about btc mining, that takes time.

The President, Vladimir Putin has signed a new law that prohibits its citizens from using crypto digital assets for all payments.
This has broken previous information about the news that has been circulating, so far it has been circulating that bitcoin will be used for all transactions, even for payments for oil and gas purchases.
This action has clearly strengthened what Russia has done with crypto before and nothing changes even becomes stronger with the Act.

News link: https://www.coindesk.com/policy/2022/07/15/vladimir-putin-bans-digital-payments-in-russia/

when in fact Russia should be in an embargo situation requiring alternative means of payment that can resolve the embargo which may in fact be difficult for the country's finances. but things can change in the way and actually Russia really needs bitcoin and they should adopt it.
we will wait for further news and we know that russia is a big crypto asset trading in it.

But this will also effect the friendship of other country towards crypto/bitcoin ? we knew how the world is trying to sanction Russian Government because of their War against Ukraine and if they will adopt Bitcoin then maybe other country will react depend on how the community wanted for this action.
does Russia have this stand now? have not cross news about this can you share some link about such?

its been months had passed after this news releases yet there is nothing confirming about this adoption, maybe this is just a press release so they will have sympathy from other part of the world that consistently supporting bitcoin.
and also what they can bring to their people in adoption ? is this going to be a economy booster?

This is not going to be an economic booster, but this will make other countries prepared. Because, if cryptocurrency adoption is made by Russia then it is going to make war with some country. It is the only tool that atleast made some impact over Russia.

I don't believe Russia will officially go fo it. According to me, the changes will make the people who are with them get affected.

Legalizing bitcoin or actually changing any law is not something that is done in a single day, it takes a long time to draw up the paperwork alone, and then you argue about it and find things that people do not like, then you fix things, goes back, and repeats it all.

So, if you ever hear "bitcoin became legal!!" in a nation, know that they have been working on it for many months, maybe over a year. If they haven't done that then it would be a weird situation to let it be a law that quickly. So, Russia will make it legal for sure, it is not going to be a "done deal in a day" type of thing, it is going to be a long time until that happens, but we will see it happen.