Russia to Allow Cryptocurrencies for “Contractual” Payments

[zasad@]

Russia to Allow Cryptocurrencies for “Contractual” Payments

"Russia will allow cryptocurrencies to be used as a “contractual” means of payment in the country, partially lifting the crypto payment ban.
Russia may consider cryptocurrencies as an opponent to its CBDC.
The country also plans to release a digital prototype of the national fiat currency by the end of this year."

https://fullycrypto.com/russia-to-allow-cryptocurrencies-for-contractual-payments

I read this news in Russian but everyone has already forgotten about it

"can be used" and "will be used" in the Russian sense are very distant things.

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[Vargas98]

will be like in the US state of Nebraska passed a bill allowing depositories that store digital assets to obtain a banking license - the law was developed by local Senator Mike Flood in conjunction with the blockchain company Telcoin

[bocyaj]

This will be the good news for the traders.Actually it will help the Russian origin the lot compared to other country people.This will increase more online transaction using cryptocurrencies and further increase the flow of bitcoin in the Russia.The ban of cryptocurrencies in Russia will became a null one.Can be used is enough for the growth of crypto in Russia .

[Theb]

I was wondering what is the update regarding this one since from what I have seen before Russia still has a pending bill for cryptocurrencies as a means of payment and they have a separate bill for crypto mining in their country but I haven't seen any latest update regarding the bill/s if there are any new developments for it. The bill for crypto payments revolves heavily around the declaration of their citizens regarding their crypto holdings and other requirements that will surveil the industry.

"can be used" and "will be used" in the Russian sense are very distant things.

Cryptocurrencies in Russia from what I have seen is very popular in that country but not in a good way from what I have seen a lot of HYIP sites are pointing Russia as both the creators as well as the main users of it and maybe this is one of the reasons why they are creating a bill to heavily regulate it.

[dansus021]

I don't know much about russia but are they trying ban and unban the crypto like china did  but if this true it really help adoption of crypto, correct me if im wrong i heard about russia ban bitcoin mining ? it is true

[dothebeats]

Russia is really on par with China in terms of decision-making. They don't know what their stance is on a cryptocurrencies and they will put forth different rules, laws, and regulations, only to retract it later on and then enforce it once more. I don't know if this is classic bait-and-switch to lure people into thinking that it's already safe to use crypto and then nab them the second the people let their guard down. But yeah, as you've said, 'will' and 'can' are two entirely different things in Russian policy-making, and perhaps this time this is the real deal (I hope).

[zasad@]

The law does not work in Russia yet. There are no amendments to the tax code and there are no forms for declaring cryptocurrency transactions and clarifications. Therefore, the situation has not changed. Citizens are in no hurry to declare their coins.
Amendments to the legislation are promised to be published in the 3rd quarter of 2021. There will be described fines and other measures for violators of the law.

[Kittygalore]

The law does not work in Russia yet. There are no amendments to the tax code and there are no forms for declaring cryptocurrency transactions and clarifications. Therefore, the situation has not changed. Citizens are in no hurry to declare their coins.
Amendments to the legislation are promised to be published in the 3rd quarter of 2021. There will be described fines and other measures for violators of the law.

What's the problem as to why it hasn't been passed yet. Seems to me that this will be really helpful to those people who work on a contractual because they have no regular jobs and money is definitely tight for this people so having a salary that can grow or go down pretty much evens the playing field.

[zasad@]

The law does not work in Russia yet. There are no amendments to the tax code and there are no forms for declaring cryptocurrency transactions and clarifications. Therefore, the situation has not changed. Citizens are in no hurry to declare their coins.
Amendments to the legislation are promised to be published in the 3rd quarter of 2021. There will be described fines and other measures for violators of the law.

What's the problem as to why it hasn't been passed yet. Seems to me that this will be really helpful to those people who work on a contractual because they have no regular jobs and money is definitely tight for this people so having a salary that can grow or go down pretty much evens the playing field.

The law has already been passed, but no one yet knows how to work. According to the legislation, any Russian bank can already give its customers the opportunity to buy and sell cryptocurrency, as PayPal does. But there are no recommendations, no forms of declarations, no administrative and criminal legislation and instructions.
In the Russian Federation, cryptocurrency is legalized as property.
Therefore, everyone is waiting for new amendments to the legislation to get started. The largest bank in Russia, Sberbank, promises to launch its own cryptocurrency (Sbercoin) in 2022.

[magneto]

This is actually huge in terms of the legal recognition that BTC is receiving.

People talk about crypto potentially becoming legal tender all the time, but this is the closest that it's going to get. As long as people can use BTC voluntarily as a means of payment, grassroot adoption can occur at a massive scale.

We don't necessarily need regulators to actively embrace BTC for it to succeed - as long as reasonable regulations are made and no draconian restrictions are imposed, Bitcoin will find a way to thrive.

[jossiel]

We don't necessarily need regulators to actively embrace BTC for it to succeed - as long as reasonable regulations are made and no draconian restrictions are imposed, Bitcoin will find a way to thrive.

Yeah that's what bitcoin really needs.

Whilst most are hoping about passing law of making bitcoin as a legal tender, it does only need recognition and being allowed to be used the way it's meant to be.

[zasad@]

https://tass.com/economy/1308437
Russian Central Bank forms pilot group of 12 banks for testing digital ruble

Testing will begin in January 2022. The Russians are already joking that we are following the Chinese path
This project is being implemented very quickly, because with its help it will be convenient to keep track of all the inhabitants of the country and their income and expenses.

[Kyraishi]

What an absolutely useless approval.

If two private entities wanted to transact using bitcoin, did they have any means to shut that transaction down in the first place? No.

If there was no enforceability to begin with, any legislation that deems a particular transaction to be legal is completely useless and more symbolic other than anything else. Sure, this isn't bad news by any means, but people shouldn't be this over the moon about it either.

[zasad@]

What an absolutely useless approval.

If two private entities wanted to transact using bitcoin, did they have any means to shut that transaction down in the first place? No.

If there was no enforceability to begin with, any legislation that deems a particular transaction to be legal is completely useless and more symbolic other than anything else. Sure, this isn't bad news by any means, but people shouldn't be this over the moon about it either.

I did not understand your position. Bitcoin in Russian law is property.
If one organization does not fulfill the promise to transfer property to another, then it will bear the consequences in accordance with the agreement and the legislation of Russia.
Naturally, it is impossible to control bitcoins, but all losses can be recovered from a partner through the courts.