Russia to make bitcoin a currency

[TheCoinGrabber]

Guess it's just more regulations getting slapped on bitcoin. At least it's gonna be legal. And I haven't heard of any news yet about something like a 30% tax like in India. It seems Russia really is gearing up for possible conflicts. I'm seeing this as a way to skirt around restrictions that could be placed on it if tensions regarding Ukraine intensify.

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[CaptainCrapper]

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.

It's a piece of very good news for all investors and traders so waiting for good something just someday ago china was manipulated market but now big country trying to create good news.

[DrBeer]

It's a piece of very good news for all investors and traders so waiting for good something just someday ago china was manipulated market but now big country trying to create good news.

Manipulation of this market by Russia will be another "gift" to the crypto market. Given the status of the country, almost a pariah, up to its neck in sanctions and almost guaranteed prospects for the collapse of the economy and the highest internal tension! Believe me - China, if I may say so, was a much better "manipulator"

[Tellek Garing]

Most countries that ban Bitcoin were at the advice of the central bank, as Bitcoin is seen as a currency that will take banking and other transactions out of the third party system, and become independent of the bank and they are seeing this as a threat to them.

But when the president is a civilized Democrat it will know the advantage of blockchain technology and the many advantages of Bitcoin as a financial tool within the system.
The government just has to find a way around it and focused on the many advantages of blockchain and how it helps to improve the general economy of the country.
Russian President Putin has vast knowledge in economic management and the many advantages of cryptocurrency.

[teosanru]

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.

This is a very welcoming move for everyone in cryptos world. Now everyone knows that whatever happens there is atleast this one major country which totally supports bitcoin and even Bitcoin mining, so it's not only a safe haven for hodlers but also for miners whose countries are deciding to ban bitcoin. Moreover with Russia the best thing is there is no Government change so you will never see a change in ideology too.

[Anonylz]

Guess it's just more regulations getting slapped on bitcoin. At least it's gonna be legal. And I haven't heard of any news yet about something like a 30% tax like in India. It seems Russia really is gearing up for possible conflicts. I'm seeing this as a way to skirt around restrictions that could be placed on it if tensions regarding Ukraine intensify.

You should know that once government is involved there is no way they will make it easy for the citizens. 

The report also highlights that cryptocurrency transactions of more than 600,000 rubles (roughly $8,000) would have to be declared; otherwise, it could be considered a criminal act. Those who illegally accept cryptocurrencies as payment will incur fines.

Maybe soon they will make public the tax % that will be imposed by the government, I guess this are tye stricter laws Michael Saylor was referring in other for btc to be generally adopted.

[bhooscream]

It's a piece of very good news for all investors and traders so waiting for good something just someday ago china was manipulated market but now big country trying to create good news.

Do you mean Russia is trying to make good news? I don't know what you mean, but I never heard that a country created news. What Russia or China did was to make policies related to crypto status in their countries. Unfortunately, the policies made by Russia or China bring some impacts on crypto market. Russia ban issue and China ban on mining, have triggered crypto market to experience a big downtrend phase in the last few months.

[eaLiTy]

~
Unfortunately, the policies made by Russia or China bring some impacts on crypto market. Russia ban issue and China ban on mining, have triggered crypto market to experience a big downtrend phase in the last few months.

It is a speculative market and what do you expect. If you are trading in cryptocurrency you need to understand that you are in a highly volatile market and any news can change the market in either direction, all you need to do if you are investing, is to enter at a good price and then sit on top of it and book your profit. Consider the price last year and then you can very well say that it is a upward trend  .

[TheCoinGrabber]

Guess it's just more regulations getting slapped on bitcoin. At least it's gonna be legal. And I haven't heard of any news yet about something like a 30% tax like in India. It seems Russia really is gearing up for possible conflicts. I'm seeing this as a way to skirt around restrictions that could be placed on it if tensions regarding Ukraine intensify.

You should know that once government is involved there is no way they will make it easy for the citizens. 

Yes. I am somewhat worried with how the government could slowly restrict our use of bitcoins and crypto in general. I suppose it's still possible to live under that though it'll probably be easier to track the activity than it is with fiat when engaging in an underground economy instead.

[Tumanggor]

It's a piece of very good news for all investors and traders so waiting for good something just someday ago china was manipulated market but now big country trying to create good news.

Manipulation of this market by Russia will be another "gift" to the crypto market. Given the status of the country, almost a pariah, up to its neck in sanctions and almost guaranteed prospects for the collapse of the economy and the highest internal tension! Believe me - China, if I may say so, was a much better "manipulator"

my view is also the same, the chinese government is a good drama maker, much better than other countries

I still feel there is something big behind Russia's decision at this time, I don't know why I didn't so sincerely recognize bitcoin as a currency. I hope that's just my own feel

[DrBeer]

Guess it's just more regulations getting slapped on bitcoin. At least it's gonna be legal. And I haven't heard of any news yet about something like a 30% tax like in India. It seems Russia really is gearing up for possible conflicts. I'm seeing this as a way to skirt around restrictions that could be placed on it if tensions regarding Ukraine intensify.

You should know that once government is involved there is no way they will make it easy for the citizens.  

Yes. I am somewhat worried with how the government could slowly restrict our use of bitcoins and crypto in general. I suppose it's still possible to live under that though it'll probably be easier to track the activity than it is with fiat when engaging in an underground economy instead.

Both regimes, that  Kremlin, that Beijing - totalitarian regimes. This must always be remembered! This means that they have always made and will make all decisions, not to promote the solution "to the masses", but only to solve their problems, and often not very legal or moral ones. For example, Russia has a "domocles sword" of blocking the accounts of aligarhs who are part of Putin's entourage. And for them, the withdrawal of funds through the crypt is a very convenient strategy, maybe that's why they fell in love with it so much?

[dbc23]

Can we say it's a positive impact of the war even though it's happening in an awful manner . Since it's officially legal to own and transact crypto just like every other fiat I would rather suggest Russians go completely decentralized to avoid been trapped in any sort of regularization. Where I am not comfortable with the adoption is the declaration of transactions above 600,000 rubies  ($8,000) this is one of the worst cases Bitcoin has encountered in the hands of law makers

[ninis45]

Can we say it's a positive impact of the war even though it's happening in an awful manner . Since it's officially legal to own and transact crypto just like every other fiat I would rather suggest Russians go completely decentralized to avoid been trapped in any sort of regularization. Where I am not comfortable with the adoption is the declaration of transactions above 600,000 rubies  ($8,000) this is one of the worst cases Bitcoin has encountered in the hands of law makers

I think this is part of Russia's strategy in dealing with cryptocurrencies there so that society does not increase the economic crisis due to war, but government regularization seems to be there but I hope it doesn't pressure and harm crypto users of Russian society itself
considering that Russia is one of the bitcoin holders and users who should be taken into account and can also have an effect on further developments and price trends

[LUCKMCFLY]

For me, the Russian government has been using Btc for many years, and it is obvious that they must have a large amount of BTC bought and generated through mining, another thing is that they do not make it known, but I am sure they are doing it , these people are not stupid at all, they are aware of the potential that BTC has as an asset almost as a Safe Haven, and it is not surprising that they are using it at the moment, that is why Biden has tried to block them through the Exchanges , but this is something almost impossible, you can lock them with some but not with all.

[AmoreJaz]

Can we say it's a positive impact of the war even though it's happening in an awful manner . Since it's officially legal to own and transact crypto just like every other fiat I would rather suggest Russians go completely decentralized to avoid been trapped in any sort of regularization. Where I am not comfortable with the adoption is the declaration of transactions above 600,000 rubies  ($8,000) this is one of the worst cases Bitcoin has encountered in the hands of law makers

the amount is already bigger than what other countries are requiring to their constituents. it is true that this war may have have positive impact with regards to adoption in russia. they have limited choice as of now as many financial institutions are putting sanctions on many russian-owned or related businesses. so they need other options of payment method. that's where bitcoin or other crypto comes in along with chinese yuan and other currencies.
some will go into bitcoin for decentralisation purposes. but they should know that if it is being stored in a centralised exchange, they are subjecting themselves also for some possible restrictions, which means, they need to keep up what's the latest protocol. because these exchanges can also hold their funds.

[Abiky]

For me, the Russian government has been using Btc for many years, and it is obvious that they must have a large amount of BTC bought and generated through mining, another thing is that they do not make it known, but I am sure they are doing it , these people are not stupid at all, they are aware of the potential that BTC has as an asset almost as a Safe Haven, and it is not surprising that they are using it at the moment, that is why Biden has tried to block them through the Exchanges , but this is something almost impossible, you can lock them with some but not with all.

Of course they are not stupid. They're secretly mining and hoarding Bitcoin to become as self-sustainable as possible. Who can blame them since Bitcoin is a decentralized and censorship-resistant cryptocurrency? The US and its allies may try to restrict centralized exchanges from dealing with Russian customers, but they won't be able to have much success doing so with decentralized exchanges and in-person trades.

Imagine if Russia adopts Bitcoin as legal tender just like El Salvador did. It'll be a complete "nightmare" for the West and the EU. US President Biden already signed an executive order with the intent of regulating the use of crypto, but that it's as far as it gets. I wouldn't worry about that as long as people are still able to achieve true financial freedom. Just my opinion

[Tellek Garing]

The impact of cryptocurrency ban or regulation on the market can not be underestimated and RUSIA being a world leader adopting cryptocurrency is such a big news but the fact that the world is currently not in support of the Rusia invasion of Ukraine have made their economy downsize so adopting bitcoin In this period may likely not have any big influence on the market but again it will increase the rate of Bitcoin global adoption.

[Silberman]

For me, the Russian government has been using Btc for many years, and it is obvious that they must have a large amount of BTC bought and generated through mining, another thing is that they do not make it known, but I am sure they are doing it , these people are not stupid at all, they are aware of the potential that BTC has as an asset almost as a Safe Haven, and it is not surprising that they are using it at the moment, that is why Biden has tried to block them through the Exchanges , but this is something almost impossible, you can lock them with some but not with all.

Of course they are not stupid. They're secretly mining and hoarding Bitcoin to become as self-sustainable as possible. Who can blame them since Bitcoin is a decentralized and censorship-resistant cryptocurrency? The US and its allies may try to restrict centralized exchanges from dealing with Russian customers, but they won't be able to have much success doing so with decentralized exchanges and in-person trades.

Imagine if Russia adopts Bitcoin as legal tender just like El Salvador did. It'll be a complete "nightmare" for the West and the EU. US President Biden already signed an executive order with the intent of regulating the use of crypto, but that it's as far as it gets. I wouldn't worry about that as long as people are still able to achieve true financial freedom. Just my opinion

Russia adopting bitcoin as a legal tender could be an interesting scenario, after all China which is their most powerful ally has decided to go the opposite route for the time being, what will this mean for their relationship? What will be the reaction of the US? And what will this mean for bitcoin? After all El Salvador is a small country, and even if Russia is not an economic juggernaut it is way bigger in almost any metric we can imagine than El Salvador, which means doing something like this will be many times more complicated.

[Abiky]

Russia adopting bitcoin as a legal tender could be an interesting scenario, after all China which is their most powerful ally has decided to go the opposite route for the time being, what will this mean for their relationship? What will be the reaction of the US? And what will this mean for bitcoin? After all El Salvador is a small country, and even if Russia is not an economic juggernaut it is way bigger in almost any metric we can imagine than El Salvador, which means doing something like this will be many times more complicated.

If Russia adopts Bitcoin as legal tender, that would mean a complete disagreement with China's actions. Knowing that China is a long-standing ally of Russia, it's probable the Russian government will never embrace Bitcoin for its own benefit. Maybe Russia will decide to "mimic" China by launching a CBDC of its own?

Even if it doesn't adopt Bitcoin as legal tender, it can still survive on its own. With a vast number of natural resources at its disposal, Russia can build its own self-sustainable economy that could be immune from sanctions. No one knows what's in Putin's mind right now, so anything can be expected in the future. Just my thoughts

[Pomogator]

For me, the Russian government has been using Btc for many years, and it is obvious that they must have a large amount of BTC bought and generated through mining, another thing is that they do not make it known, but I am sure they are doing it , these people are not stupid at all, they are aware of the potential that BTC has as an asset almost as a Safe Haven, and it is not surprising that they are using it at the moment, that is why Biden has tried to block them through the Exchanges , but this is something almost impossible, you can lock them with some but not with all.

I agree with you. Im also sure that Russia has its own BTC reserves, but these actions are not aimed at justifying these reserves, but will only provide an opportunity to earn additional funds from ordinary investors.  Everything that is done in the economic sphere isnt aimed at supporting investors, but only destroys them more.
First of all, they ruin ordinary small investors who are not ready to pay taxes and register themselves as an investor officially