Russia to make bitcoin a currency

[witcher_sense]

This article Russia Shares Plan To Regulate Bitcoin, Crypto summarizes pretty much everything the Russian government has said about how they want bitcoin to work in Russia. They don't like the idea of bitcoin being a decentralized digital currency with which people can transact absolutely free without having to rely on banks or any other intermediaries and without having to identify themselves in order to get permission to make a transaction. That is why they want banks to surveil and control every bitcoin transaction that is made by Russian citizens. They also don't like the idea of people having full custody over their money, and they will likely force citizens to give up their private keys and hand over them to banks and other centralized custodial services to minimize risks of money laundering, terrorism and opposition financing, and other risks associated with money that is open for everyone to access and use. I'd rather prefer the Russian government banning bitcoin because what they are proposing is harmful and antithetical to the whole ecosystem and the principles on which bitcoin stands.

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[adzino]

So the central bank couldn't ban bitcoin and other crypto currencies? Like I said before, if Putin says yes, it is a yes. If Putin says no, it is a no. I am sure the president knew the benefits of crypto currencies and I am more sure that he and his entourage are going to take advantage of this for their own good based on the way they are going to regulate it.

If the president had not made his own research, the Central Bank of Russia might have succeeded. After the good news from Vladimir Putin, Russia wants to make bitcoin a currency.

Are you saying the Central bank did no research prior to proposing a ban on bitcoin but the president did? You think the president does his own research and isn't advised by someone else? By the way, Bitcoin "is" a currency.
At least they aren't banning bitcoin like few countries did. It's better to start from somewhere.

[davis196]

I think that we should stop caring that much about what the Russian government/central bank thinks about crypto.This week,they are friendly,next week they will become hostile towards crypto.
It's a never ending roller coaster.
These proposals are just proposals.A proposal doesn't mean anything.Even if they change their legislation in regards to crypto,that still doesn't mean that much,because they could change their laws,rules and regulations anytime they want.
Russia is becoming the new China.I got tired reading news about the opinions of the Russian government in regards to cryptocurrencies.Most of these news are rumors and clickbait gossips.

[TheNineClub]

I am not surprised by their shift towards crypto (BTC). Not because BTC is that important to their economy, but because BTC and crypto are in a transition period and the sentiment is constantly shifting towards and forward. So even though Putin said it could be a good option, the sentiment could shift back again if something in their economy changes or they see a benefit in doing so. Bottom line is that BTC and crypto do not need mass government adoption right now, what it does need is to be left alone for a while, not baned. Adoption is the next step in evolution, but not right now.

[Kasabus]

I am not surprised by their shift towards crypto (BTC). Not because BTC is that important to their economy, but because BTC and crypto are in a transition period and the sentiment is constantly shifting towards and forward. So even though Putin said it could be a good option, the sentiment could shift back again if something in their economy changes or they see a benefit in doing so. Bottom line is that BTC and crypto do not need mass government adoption right now, what it does need is to be left alone for a while, not baned. Adoption is the next step in evolution, but not right now.

The decision of Russia government may not be too convincing for me as they have their own motive why there is sudden change of decision towards crypto. Last month, they were banning it, and now they are planning to adopt it. But what is important is that bitcoin is now starting to be widely accepted as a currency, and not just a sole investment.  Hopefully, more countries will see the advantages of bitcoin especially today that it will be the best option to protect the people from inflation.

[royalfestus]

After the good news from Vladimir Putin, Russia wants to make bitcoin a currency.

Isn't this too hasty? Yesterday, we heard them plan to ban crypto, but today want Bitcoin to be a currency. I'm a bit confused with the Rusia style in treating crypto. I don't want to speculate about the future of crypto in Rusia, it may change again in a short time. But surely this news will bring good impacts to crypto market. At least, this news triggers the prices of crypto coins to increase again. Regarding whether Rusia is serious to make BTC be a legal currency there, to be honest I doubt it.

The advisers in the area of technology let the Government know the danger of rejection of bitcoin and the possible implication in the area of technology the long term. The best Idea of the Government is to regulate like they did, but I dont know the period of trade of 600,000 rubies of cryptocurrency asset, Is it in a day or a month?
What do they mean by calling it an analogue currency?

[Sterbens]

There are two opposing camps between the Russian finance minister and the central bank who still don't want cryptocurrencies to be given space in Russia. Therefore, we will wait for the results of the board's decision which will be held later on February 11. Because the decision will show Russia's alignment with cryptocurrencies. We really hope that the Russian government council meeting can be won by the Russian Ministry of Finance who is more pro-crypto and wants to make it an alternative payment.

[_act_]

I see from recent news developments there is no doubt, but in this case it is related to the issue of corruption which does not rule out the possibility that it can also be done because many of the corrupt practices that end up laundering money into bitcoin to avoid the investigation process when it is considered something that is illegal. suspect.
will this be a breakthrough that can be tied to the rules systematically on bitcoin, I think it is impossible.

All I can comment about this is that fiat have successfully been used and continuously been used for corruption, this is just because fiat have value, what has value can be used for money laundering, terrorism, corruption and other illicit activities. According to United States SEC, only little amount of bitcoin are involved in corrupt practices while trillions of fiat are involved. Bitcoin transaction is more transparent than fiat transactions also. Know that I am not implying DeFi or NFT that have more features that harbours illicit activities.

[paxmao]

...
If the president had not made his own research, the Central Bank of Russia might have succeeded. After the good news from Vladimir Putin, Russia wants to make bitcoin a currency.
...

I could not help but chuckle at Mr. Putin not "doing his own research" bearing in mind that he is an ex-KGB and notoriously known for keeping tabs on pretty much everything and everyone. Regarding the benefits of bitcoin, there is an economic point on liberalising bitcoin trade, taxing and managing it, but the fact remains that it concedes plenty of autonomy to people and that is seldom to the like of the centralised authoritarian governments.

I hope I could believe it.

[cheezcarls]

I do not want to repeat what I have posted before about what was going on in Russia and how the Central Bank of Russia were making moves to make sure crypto transactions are banned in the country, they want to follow what China did. But the president of Russia, Vladimir Putin later spoke good about bitcoin mining and believe this will do the country good.

If you are interested to read about it:
Fate of bitcoin in Russia

If the president had not made his own research, the Central Bank of Russia might have succeeded. After the good news from Vladimir Putin, Russia wants to make bitcoin a currency.

Russian government and central bank agree to treat Bitcoin as currency

Russia’s government and central bank are now working on a draft law that will define crypto as an “analogue of currencies” rather than digital financial assets set to be launched on Feb. 18. Cryptocurrencies would function in the legal industry only if they have complete identification through the banking system or licensed intermediaries.

Kommersant noted that Bitcoin (BTC) transactions and possession of cryptocurrency in the Russian Federation are not prohibited; however, they must be done through a “digital currency exchange organizer” (a bank) or a peer-to-peer exchange licensed in the country.

Despite the rising tensions between Russia and Ukraine, I find this as a key factor that made BTC and other cryptocurrencies on a bull run. But I don’t know how long will this bull run can be sustained though. It was rejected when it reaches more than $45.2k on CoinMarketCap.

I just wanted both sides to settle though and remain in peace, because if it escalates into a war, the price of BTC and other cryptocurrencies might be affected and going downhill once again.

[poldanmig]

So I really have some doubts about bitcoin being buddy buddy with Putin, maybe he wants the corruption in his regime reach a new heights

Click on the link, read about it very well, only what people can against is that banks and legalized exchanges that will be used will be centralized, but what do we expect, it would. In this way, I do not see any corruption that will occur that fiat is not used for. Do not be of the mindset that bitcoin bring about scam and corruption like fiat and DeFi.

I see from recent news developments there is no doubt, but in this case it is related to the issue of corruption which does not rule out the possibility that it can also be done because many of the corrupt practices that end up laundering money into bitcoin to avoid the investigation process when it is considered something that is illegal. suspect.
will this be a breakthrough that can be tied to the rules systematically on bitcoin, I think it is impossible.

After a lot of polemics about crypto in Russia, reportedly now Russia has reached an agreement with the central bank to make bitcoin one of the legal tender for transactions in Russia, what Russia does in my opinion is the right thing and they seem to be open to accepting alternative payment using digital currency.
https://www.google.com/amp/s/cointelegraph.com/news/russian-gov-t-and-central-bank-agree-to-treat-bitcoin-as-currency/amp

Indeed many countries reject bitcoin only because of the risk of money laundering resulting from corruption, but in fact corruptors have also been laundering money in various modes and not only with bitcoin, in my opinion it is very difficult for many countries to eradicating corruption that occurs, if indeed the threat of punishment is not quite severe for corruptors and until now there may be very little news that we hear if there are corruptors who are proven to use bitcoin as a money laundering tool.

[_act_]

Despite the rising tensions between Russia and Ukraine, I find this as a key factor that made BTC and other cryptocurrencies on a bull run. But I don’t know how long will this bull run can be sustained though. It was rejected when it reaches more than $45.2k on CoinMarketCap.

It can be one of the reasons for the recent increase of Bitcoin price but I have never linked it to it. I link the recent increase of Bitcoin price to be because of the massive bear market which make Bitcoin to fall from above $47000 to $32800. This alone can trigger bull run.

I just wanted both sides to settle though and remain in peace, because if it escalates into a war, the price of BTC and other cryptocurrencies might be affected and going downhill once again.

I do not wish war to break out, I think people can start to convert to bitcoin if there is war and can lead to increase in Bitcoin price but I may not be right, this can lead to world war that can have a great negative effect on Bitcoin price of it becomes world war.

[Findingnemo]

Its good thing but they are going to take the nature of decentralization which is anonymity so they are doing in their own way and who knows after they collect all the data they can say now we are banning Bitcoin.

Or this just proves the statement is roaming around the internet which is Russia created the Bitcoin.

[mia_houston]

I do not want to repeat what I have posted before about what was going on in Russia and how the Central Bank of Russia were making moves to make sure crypto transactions are banned in the country, they want to follow what China did. But the president of Russia, Vladimir Putin later spoke good about bitcoin mining and believe this will do the country good.

If you are interested to read about it:
Fate of bitcoin in Russia

If the president had not made his own research, the Central Bank of Russia might have succeeded. After the good news from Vladimir Putin, Russia wants to make bitcoin a currency.

Russian government and central bank agree to treat Bitcoin as currency

Russia’s government and central bank are now working on a draft law that will define crypto as an “analogue of currencies” rather than digital financial assets set to be launched on Feb. 18. Cryptocurrencies would function in the legal industry only if they have complete identification through the banking system or licensed intermediaries.

Kommersant noted that Bitcoin (BTC) transactions and possession of cryptocurrency in the Russian Federation are not prohibited; however, they must be done through a “digital currency exchange organizer” (a bank) or a peer-to-peer exchange licensed in the country.

Right now the russian government has ratified bitcoin as a legal tender in the country, and maybe this is one of the reasons for the strengthening of bitcoin prices today, with the approval of the russian government, of course investors and traders in russia can make every transaction crypto without any worries anymore, but the russian government has set strict regulations in this regard, such as one about crypto transactions that occur more than $8000 must be reported and if not then the government will consider it a criminal act that will be subject to penalties or fines , although it has certain limitations on crypto, but I think this is quite good news for all of us, especially the crypto community in Russia, so this can be the first step of positive developments for bitcoin and other cryptocurrencies in this big country in the future.

[iv4n]

Its good thing but they are going to take the nature of decentralization which is anonymity so they are doing in their own way and who knows after they collect all the data they can say now we are banning Bitcoin.

Or this just proves the statement is roaming around the internet which is Russia created the Bitcoin.

I saw this news a few days ago:
How Russia can earn $13 billion annually by regulating cryptocurrency? - https://www.wionews.com/technology/how-russia-can-earn-13-billion-annually-by-regulating-cryptocurrency-451488#:~:text=A%20new%20report%20has%20claimed,well%20as%20income%20from%20investments.

And now I am reading this thread and I see some connections... I guess this is a lot of money just from taxes, so this could be the reason why they are doing that! This part is interesting:

Kremlin had estimated the Russian cryptocurrency market at more than 16.5 trillion rubles ($214 billion), which is around 12 percent of the total value of global crypto market capitalization.

Well, in the end, it's Russia, many times we saw the news about banning crypto, and they didn't do anything about it, now we see this and I am not sure how serious they are about it or it's just some of their games! We will see what will happen, but I am not optimistic about this matter... for sure I will not believe it until I see it happening!

[Sterbens]

I really doubt the intention of Russia to legalized Bitcoin as currency because they are a communist like China. If ever they will gonna approve it later, There's a high chance that they might screw Bitcoin once they already gain on it like what China did. Russia reportedly planning to ban Bitcoin mining before after China announce there stand against Bitcoin mining. We know communist only wants profit in there country and they don't care about Bitcoin personally. I hope that people will think differently on news like this because this is the reason why crypto can be easily FUD whenever a country release a statement against Bitcoin.

Such is the fact that the closeness of Russia and China as an alliance in building their economies is becoming clearer in which direction it will lead. I also don't want Russia to be seen as supporting it, but later on, what China is doing also applies to Russia. Taking profits after Bitcoin Bullish by rolling out prohibition laws.

[Mometaskers]

I don't know how to feel about this. On one hand this is a MAJOR country when it comes to adoption. Many people have never heard of El Salvador before but definitely Russia. It gives it an air of legitimacy when crypto outsiders hear about it.

On the other hand, we don't know what Russia is trying to achieve with this announcement, considering they've been going after miners just a couple years ago. I think there's an element of desperation in this, maybe they see this as a way to make some money despite whatever sanctions they are currently on (at least they didn't outright stole Bitcoins like NoKor did). What I'm worried is this could elicit an opposing response from US/NATO, although that might be unlikely.

[justdimin]

Probably Gozie51 skipped the main part of the story, his comment is about the first link which I only used to explain what was going on before the second link. @Gozie51, click on the second link and read it or read some part of it from the quote. You have also been told that legal tender is not the same as legal currency, it is not necessary to make bitcoin a legal tender before you can make it a legal currency.

The sad part is, our nation doesn't even see it as a currency, it sees it as an asset (like stocks or gold instead of money) so maybe he got confused and assumed it was turning it that way instead. Yeah, most nations see it as a currency but there are more nations that see it as an asset and not as a currency and there is a big difference between them.

Dollar or Euro is not an asset, it is fiat, it is a currency that you spend, you can't call it an investment. Whereas having gold or stocks or real estate or anything to that level would mean that it is an asset. Most nations unfortunately do not know the difference and list crypto as an asset which makes taxes a lot higher unfortunately.

[redsun114]

I think that we should stop caring that much about what the Russian government/central bank thinks about crypto.This week,they are friendly,next week they will become hostile towards crypto.
It's a never ending roller coaster.
These proposals are just proposals.A proposal doesn't mean anything.Even if they change their legislation in regards to crypto,that still doesn't mean that much,because they could change their laws,rules and regulations anytime they want.
Russia is becoming the new China.I got tired reading news about the opinions of the Russian government in regards to cryptocurrencies.Most of these news are rumors and clickbait gossips.

Why not care? But, it is all up to you that's your life but to us this issue was important because it talks about crypto and we are involved in it. Russia is a big country and if they ban or unban crypto, it could greatly affect the market. This is not just a clickbait but i check the source and it came from reputable sites, one of them is yahoo finance.

I do not think they will make fake articles because that will damage their reputation. I am familiar to what happened to china, India and other countries where they ban and unban crypto but not to this one on Russia. This can be their first move if ever their plans came true and i hope they will stick on it.

[Bitstar_coin]

As a btc supporter, I think it is not bad to appreciate any good news (no matter how insignificant it might appear) that comes out in regards to btc, to me, I think this is another giant step towards btc adoption which is more important, although we know that this type of news will always attract some form of regulations,
And since we already know that adoption will not be possible without regulations, we can only accept it as it is,
I also saw the news from another source and I thought it was just to attract readers, it is a good thing it is not, Russia accepting btc as legal tender is big news, unlike El-Salvador, Russia is a big country and this can have more impact on the overall market than that of El-Salvador, not to mention how popular it will make btc to become.