Russia considers accepting Bitcoin for oil and gas

[Semar Mesem]

Russia understands that the use of Fiat in the future will be many problems, namely inflation, the presence of Bitcoin is certainly the best Russian solution to be able to be safer and more profitable because future bitcoin prices will be more stable and certainly can be anti-inflation.

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[mindrust]

They are willing to accept anything (gold, crypto, local currencies) but the dollar because uncle Sam can seize the dollars but not the others. I think every country should do the same. They should either accept their local currencies or some decentralized currency like gold or bitcoin. Local currencies are not always the most practical solution so gold and bitcoin would be the best choices imo.

[LUCKMCFLY]

Russia understands that the use of Fiat in the future will be many problems, namely inflation, the presence of Bitcoin is certainly the best Russian solution to be able to be safer and more profitable because future bitcoin prices will be more stable and certainly can be anti-inflation.

You are right, in fact Putin by accepting BTC as a means of payment can easily be injected into the Russian economy and thus show that the Ruble is not totally destroyed but isolated with a lack of economic opportunity which is what he wants to sell to the world, In fact, I only know that he wants is that they buy his oil and gas with Rubles, that is the demand, in fact he has what to demand it with, it is obvious that he does not want his economy to collapse and he does what is in his hands to defend it This is something that no one can turn a blind eye to, they cannot fight against it, besides, when this conflict is resolved, I am sure that the price of oil and gas will drop.

[Ozero]

What do you think of this news? Russia could accept Bitcoins from some countries as payment for oil and gas supplies: the BBC writes, quoting the head of the Duma's energy commission, Pavel Zavalny.


https://www.bbc.com/news/business-60870100

This is just a thought for now. Even if such a decision is made in Russia, it remains to be seen how other states will look at paying for Russian oil and gas with bitcoins. After all, when Putin wanted Russia to be paid in rubles, the states refused to do this on the grounds that another currency was indicated in the supply contracts - dollars and euros. It is clear that in this case, Putin wanted to circumvent the sanctions, but Europe did not agree to this. The rest of Europe has also taken a course to abandon Russian oil and gas in order to avoid blackmail from Russia in the future.

[iv4n]

They are willing to accept anything (gold, crypto, local currencies) but the dollar because uncle Sam can seize the dollars but not the others. I think every country should do the same. They should either accept their local currencies or some decentralized currency like gold or bitcoin. Local currencies are not always the most practical solution so gold and bitcoin would be the best choices imo.

I think the same! The Russians can no longer afford to be dependent on the dollar and the euro, while at the same time America and Europe imposing different sanctions on them! They want an alternative and maybe Bitcoin is just what they need, something that neither Europeans nor Americans control! For me, it’s simple, everyone can bargain with what they have and it's normal to try to get the best out of it! As in poker, cards can be good but you also need to know how to play them! So cards are dealt, we can see which cards are being used by some players, but still a lot is hidden, so we will have to wait to see what will happen!
And the situation is getting more complicated day by day! There is too much fake news from all sides, so I don't believe in anything if I can't confirm it from multiple sources!

[Erumo]

Hard to believe Russia starts to accept anonymous cryptocurrency as a payment for national resources. It is like trying to solve corruption with anonymity. I can already imagine how many new businesses and companies are going to be nationalized by that move. How much more money will be stolen and how huge new castles politicians would build.

[wozzek23]

The Russians can no longer afford to be dependent on the dollar and the euro, while at the same time America and Europe imposing different sanctions on them! They want an alternative and maybe Bitcoin is just what they need, something that neither Europeans nor Americans control! For me, it’s simple, everyone can bargain with what they have and it's normal to try to get the best out of it! As in poker, cards can be good but you also need to know how to play them! So cards are dealt, we can see which cards are being used by some players, but still a lot is hidden, so we will have to wait to see what will happen!
And the situation is getting more complicated day by day! There is too much fake news from all sides, so I don't believe in anything if I can't confirm it from multiple sources!

It also allows them to still be a bit dependent on it as well. How? Well, they could earn their money in ruble, or any currency that they could from the nations that did not put sanctions to them, and then use that to purchase bitcoin and keep that going.

This way they would be able to basically move money around however they wish so, since Russian exchanges wouldn't share information and addresses of the Russians, that means we could never know which wallet is Russian or not. This would allow rich people to hide their money from the foreign governments, and still purchase anything if they want to. It is wildly easier way of moving money around anyway, so it is not a bad idea at all.

[adaseb]

I don’t know what to make of this. Is this bullish or bearish.

Keep in mind, if they are accepting Bitcoin then the import country needs to buy Bitcoin which is bullish however after they send it to Russia, what will Russia do with it? Most likely sell it back to Rubles which is bearish. So this entire transaction is neutral if anything.

What it will do is create a bad name and people will be saying that Bitcoin is used by criminals and such.

[YOSHIE]

What do you think of this news? Russia could accept Bitcoins from some countries as payment for oil and gas supplies: the BBC writes, quoting the head of the Duma's energy commission, Pavel Zavalny.

Of course, they are Russians must consider the risk of huge losses to Bitcoin, Russia must be really mature to take into account the advantages and disadvantages in the form of Bitcoin, if suddenly the Bitcoin price drops in seconds, Bitcoin is not as stable as the dollar, Bitcoin can change in seconds, so it is very natural for Russia to consider Bitcoin profit or loss.

[Pujangga]

Oil and gas transactions are of very high value, if this happens we may get used to seeing transaction volumes of thousands and even tens of thousands of btc in 1 transaction, and this is what makes us worthy to be optimistic that the future of bitcoin is getting brighter because of the russian plan .

[Smartprofit]

Russia understands that the use of Fiat in the future will be many problems, namely inflation, the presence of Bitcoin is certainly the best Russian solution to be able to be safer and more profitable because future bitcoin prices will be more stable and certainly can be anti-inflation.

Currently, the Russian government is accumulating all foreign currency funds in order to be able to pay off external debt and prevent default.  

Exporting enterprises are forced to sell 100% of their foreign exchange earnings to the state.  At the same time, they do not have any currency left for the purchase of spare parts for technological equipment.  Complex industrial equipment tends to break down and requires periodic overhaul.  

In this situation, bitcoin mining by large industrial organizations is the way out of this very difficult situation.  As a result, exporting enterprises will receive a financial asset to pay for the supply of spare parts from abroad.  

However, this gives exporting enterprises greater independence in making managerial decisions.  

It is likely that this is unacceptable for the central government, which is used to keeping all processes under control.

[Oasisman]

I don’t know what to make of this. Is this bullish or bearish.

Keep in mind, if they are accepting Bitcoin then the import country needs to buy Bitcoin which is bullish however after they send it to Russia, what will Russia do with it? Most likely sell it back to Rubles which is bearish. So this entire transaction is neutral if anything.

What it will do is create a bad name and people will be saying that Bitcoin is used by criminals and such.

I guess this could mean a bullishness for crypto market If Russia decides to accept just Bitcoin for those countries who has heavily sanctioned them. But, no Russia will still prefer to let them pay with Roubles for them to recover for their own currency.
So, most probably Bitcoin is not the priority here, just an alternative payment.
It will always going to be the Roubles.
Russia however felt the effect of heavy economic sanctions so I guess they are testing options to recover economically.

[AicecreaME]

What do you think of this news? Russia could accept Bitcoins from some countries as payment for oil and gas supplies: the BBC writes, quoting the head of the Duma's energy commission, Pavel Zavalny.


https://www.bbc.com/news/business-60870100

I think due to sanctions imposed to them they are resorting to this kind of set up. It's a good news for crypto community because the possibility of bitcoin becoming a payment method even just temporarily could make a positive impact on bitcoin's market price. However, the question would be, are other countries willing to pay in bitcoin? Because after all, not everyone is open with the idea of bitcoin being a payment method, most especially those government officials that are blinded by fiat monetary system.

If other countries would be willing to use bitcoin in order to transact, then good for Russia because at some point easing of transaction could happen. Since transactions is impossible for the moment due to restrictions given to them, using bitcoin as digital method in order to bypass the buying and selling of gas will make it happen. It could be a win-win situation because the other countries would get the the resources at a lower price and Russia will be able to circulate their supply amidst sanctions.

[sana54210]

I think due to sanctions imposed to them they are resorting to this kind of set up. It's a good news for crypto community because the possibility of bitcoin becoming a payment method even just temporarily could make a positive impact on bitcoin's market price. However, the question would be, are other countries willing to pay in bitcoin? Because after all, not everyone is open with the idea of bitcoin being a payment method, most especially those government officials that are blinded by fiat monetary system.

If other countries would be willing to use bitcoin in order to transact, then good for Russia because at some point easing of transaction could happen. Since transactions is impossible for the moment due to restrictions given to them, using bitcoin as digital method in order to bypass the buying and selling of gas will make it happen. It could be a win-win situation because the other countries would get the the resources at a lower price and Russia will be able to circulate their supply amidst sanctions.

I am not sure if other countries would be willing to do that, but at the same time if Russia requires it, or even makes it like a legal tender thing for that specific purchase, then people may end up starting to use it.

However, their entire emphasis is trying to build something better for the future of ruble, and that means if they started to accept something other than ruble, even if it is bitcoin then it could create a bit of a trouble for them. They need to use Ruble for every single thing that they could, in order to keep it going and that would make a lot more sense in order to power their economy back up again after so many sanctions.

[fiulpro]

Russia would accept anything for oil and gas. There were comments made about how "cryptocurrencies are too small for Russia"
Then EU making it clear that "Bitcoins is involved in sanctions against Russia"
Them making it clear that they are not going to ban the crypto mining in the country makes it clear that they are in a desperate situation and in the last if they would have tried banning bitcoins they would not do it again since at this moment it's actually very important to get financial aid from some place and since no one would agree to pay in rubles they might be more malleable to pay in Bitcoins therefore I do think that this is something that Russians would try to do. Sell oil for bitcoins but EU won't let them take advantage of cryptocurrencies like that and still try and track them. Also these transactions are not hidden, they are semi transparent therefore I do think that it can be used against them as well.

[wiss19]

I guess this could mean a bullishness for crypto market If Russia decides to accept just Bitcoin for those countries who has heavily sanctioned them. But, no Russia will still prefer to let them pay with Roubles for them to recover for their own currency.
So, most probably Bitcoin is not the priority here, just an alternative payment.
It will always going to be the Roubles.
Russia however felt the effect of heavy economic sanctions so I guess they are testing options to recover economically.

There is a post here last time which states that Russia will revert to accept rubles and not bitcoin. We should not worry anymore for btc. Every country prioritize their fiat currency because it was their own while btc is only just an adopted. El Salvador that already made btc as a legal tender still have their fiat and I think they still prioritize it over bitcoins.

The sanctions given in Russia are too much so obviously they will feel its effect. They are strong but not strong enough to endure the pain or the effects of this sanctions. We ask if what will Russia do their bitcoins? But, we don't ask our selves the same question. Of course, we will all sell it for a profit because no one holds their btc forever. It can trigger a bear but bulls will always find its way again.

[Gozie51]

It is a smart move by the Russian government as the energy chief says it would accept Bitcoin for oil and gas, including Russian rubles, Chinese yuan, Turkish lira.

Among the countries, turkey is European country. If this is true, I now see the reason EU is criticizing turkey for not taking side of this war because looking at it turkey is part of the few countries that didn't vote to support the sanction against Russia and they have not been outspoken on it including that they have been receiving Putin in their government house. This therefore means they are having close ties with Russia.

[Cryptoctupus]

The issue of russia is somewhat complex, because everything is still speculative and there is nothing true or concrete other than rumors and some news with inclinations, but what is true is that there will be an economic adjustment regarding the way of use of the inputs and goods, exports and imports, in addition to new forms of economic exchange through services.