[2021-05-25] Reversal of Russian Lawmakers on Ban Digital Currency Payments

[hv_]

https://coingeek.com/russian-lawmakers-weighing-partial-reversal-of-digital-currency-payments-ban/


Seems it works better with

[Lucius]

Another in a series of news coming from Russia over the years about how they will allow something or not when it comes to cryptocurrencies - all in order to show that there is some kind of democracy there - when the country is actually ruled by one man - so it doesn't matter at all what some lawyers or members of parliament think.

I don't think countries like Russia will allow Bitcoin to be used as a legal currency in the near future - because it's not just about paying for goods and services, but also funding various opposition movements that would certainly strengthen and pose a threat to those in power. Even if by some miracle such a law is passed, it can also be withdrawn very easily - so one should not be too optimistic when it comes to such news.

[Vishnu.Reang]

This news is at least three months old and was already posted in the Legal section of this forum:

https://bitcointalk.org/index.php?topic=5317970.0

It is always great to see some of the economic powers taking a more favorable view of the cryptocurrency. And Russia has a very influential role in the cryptocurrency market, because some of the earliest developers and crypto-based businesses originated form there. And from what I have heard, cryptocurrency mining is also booming in Russia, thanks to cheap electricity. Now with the government also being supportive, Russia has the potential to become one of the crypto superpowers.

[hv_]

This news is at least three months old and was already posted in the Legal section of this forum:

https://bitcointalk.org/index.php?topic=5317970.0

It is always great to see some of the economic powers taking a more favorable view of the cryptocurrency. And Russia has a very influential role in the cryptocurrency market, because some of the earliest developers and crypto-based businesses originated form there. And from what I have heard, cryptocurrency mining is also booming in Russia, thanks to cheap electricity. Now with the government also being supportive, Russia has the potential to become one of the crypto superpowers.

seems from today

but hu

https://bitcointalk.org/index.php?topic=5340128.0

[Gamerholic]

The only legal tender in the Russian Federation is the Russian ruble, which is issued by the central bank of the country. It was not alone and it was not about the fact that bitcoin or other cryptocurrencies will become a legal means of payment, this most likely concerns trade with foreign partners with whom it is possible and necessary to trade in cryptocurrency, as this can help Russia to evade some of the sanctions that were imposed on it and its partners to avoid problems with the fact that they do (trade) with Russia.

[Argoo]

The only legal tender in the Russian Federation is the Russian ruble, which is issued by the central bank of the country. It was not alone and it was not about the fact that bitcoin or other cryptocurrencies will become a legal means of payment, this most likely concerns trade with foreign partners with whom it is possible and necessary to trade in cryptocurrency, as this can help Russia to evade some of the sanctions that were imposed on it and its partners to avoid problems with the fact that they do (trade) with Russia.

The fact is that in Russia the laws apply only to ordinary citizens. The current authoritarian government is trying to keep its citizens under universal supervision and control, and therefore any financial freedoms, as they threaten to overthrow their regime, are suppressed. Reflections at the level of individual legislators that it would be logical to provide for the possibility of using cryptocurrency as a means of payment in internal contacts, if both parties agree to this, are practically irrelevant, because they absolutely do not solve such issues.
Evasion of international sanctions with the use of cryptocurrency is probably taking place in Russia, but such decisions are made secretly and at the highest level. It is for the citizens that there are laws, but for the higher officials, the laws are not written, they do everything that they consider necessary and never look at the laws they themselves adopt. So the existing disenfranchised position of Russian citizens may remain.

[Vishnu.Reang]

The only legal tender in the Russian Federation is the Russian ruble, which is issued by the central bank of the country. It was not alone and it was not about the fact that bitcoin or other cryptocurrencies will become a legal means of payment, this most likely concerns trade with foreign partners with whom it is possible and necessary to trade in cryptocurrency, as this can help Russia to evade some of the sanctions that were imposed on it and its partners to avoid problems with the fact that they do (trade) with Russia.

Apart from the Russian Ruble, I don't think that any other currency would be granted the status of legal tender anytime soon. Because RUR is under heavy pressure and during the last 7 years, it has lost more than 60% of its value. If BTC is allowed for payments, then people will prefer it to RUR, and it will further weaken the national currency. But as far as I am concerned, that step is not needed for now. Russian citizens are allowed to make investments with cryptocurrency and the tax rates are extremely low. For me, that makes Russia one of the most pro-Bitcoin countries in the world.

[jocker-poker1]

The Feds intrusion into the crypto realm without global co operation would make it difficult for American to participate in Crypto (Profit or Loss), might slow crypto down in the interim, but it's definitely wont stop this train. True adoption is the one true last stop.

[jocker-poker1]

Most crypto exchanges are already cutting off US citizens from trading and yet these exchanges are still thriving, Americans are no longer at the top iusage of crypto like it was a few years ago, all because of these so called fed intrusions.

[aoluain]

Another in a series of news coming from Russia over the years about how they will allow something or not when it comes to cryptocurrencies - all in order to show that there is some kind of democracy there - when the country is actually ruled by one man - so it doesn't matter at all what some lawyers or members of parliament think.

I don't think countries like Russia will allow Bitcoin to be used as a legal currency in the near future - because it's not just about paying for goods and services, but also funding various opposition movements that would certainly strengthen and pose a threat to those in power. Even if by some miracle such a law is passed, it can also be withdrawn very easily - so one should not be too optimistic when it comes to such news.

and in a country which as mentioned governed essentially by one man, Bitcoin reduces his
control over the countries finances. So any news from Russia should be taken with a pinch of salt.

The only legal tender in the Russian Federation is the Russian ruble, which is issued by the central bank of the country. It was not alone and it was not about the fact that bitcoin or other cryptocurrencies will become a legal means of payment, this most likely concerns trade with foreign partners with whom it is possible and necessary to trade in cryptocurrency, as this can help Russia to evade some of the sanctions that were imposed on it and its partners to avoid problems with the fact that they do (trade) with Russia.

Apart from the Russian Ruble, I don't think that any other currency would be granted the status of legal tender anytime soon. Because RUR is under heavy pressure and during the last 7 years, it has lost more than 60% of its value. If BTC is allowed for payments, then people will prefer it to RUR, and it will further weaken the national currency. But as far as I am concerned, that step is not needed for now. Russian citizens are allowed to make investments with cryptocurrency and the tax rates are extremely low. For me, that makes Russia one of the most pro-Bitcoin countries in the world.

i would imagine when Bitcoin gets too big the liberties which Russians are
enjoying now will be revoked with restrictions in banking or something like that.