Russia to make bitcoin a currency

[Falconer]

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.

Russia has been known to be a very strict country with foreign currencies in my opinion but there is still a possibility that its attitude will change towards crypto especially bitcoin. There are pros and cons so far and I think both are still in the proposal stage.

The timeline for news of proposed crypto bans and legalizations is so close that it creates confusion for most people. While ban proposals have had an impact on market fluctuations and support proposals to legalize crypto have strengthened the market. It's been almost less than a month so we really need to verify it before come to a decision. I feel it will be good for adoption growth if Russia legalizes it, it will be faster than imagined.

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[_act_]

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.

If a country wants to adopt bitcoin, they will have to do with centralization and they will be centralized, according to the news, banks and centralized exchanges that are well regulated by Russian government will be the available options to go for, but we should know that there will still always be means for people that prefer decentralization by having only noncustododial wallets and decentralized exchanges, nothing about them will be about centralized organizations or they may let some part of the to remain decentralized.

Russia has been known to be a very strict country with foreign currencies in my opinion but there is still a possibility that its attitude will change towards crypto especially bitcoin. There are pros and cons so far and I think both are still in the proposal stage.

Bitcoin is not a foreign currency, anything about bitcoin is not foreign, it is decentralized and available to the world not certain countries. Russian also still accept some international currencies like USD, EURO and probably YUAN, but it is like they are not accepting USD again but I a not sure.

[Finestream]

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.

I think this is one of the reasons that bitcoin these past few days has been gaining a price surge and still increasing its price from $40k resistance level. This kind of news will help create positive feedbacks in the crypto market, and yes its working now. If Russia will be able to succeed from this proposal, this will be a giant step for bitcoin to reach an all time high, as another developed countries will surely follow the path.

[_act_]

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.

Bitcoin is all in one, you can call it an asset because its value is increasing, a currency because you can easily use if for payment. Be it anything a country call it, what is most important is its adoption.

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.

It depends on what you want to count it as, you can count fiat as an asset that lose value over time which is what fiat are, this is the reason some people will not classify it as an asset because its value is reducing because government controls itsnprice and reduce on value.

[Falconer]

Bitcoin is not a foreign currency, anything about bitcoin is not foreign, it is decentralized and available to the world not certain countries. Russian also still accept some international currencies like USD, EURO and probably YUAN, but it is like they are not accepting USD again but I a not sure.

Any currency whose circulation is prohibited in your country will be referred to as a foreign currency such as USD, Pounds, or the fiat currency of another country you are familiar with. So far I don't know about the currency of any country to use as legal tender in Russia without having to convert it to Russian Ruble. But bitcoin is certainly something different despite being called a currency.

Bitcoin is known by another name, namely internet money which is not in physical form, without a central authority controlling it so that everyone can use it as a means of payment regardless of how the government regulates it. Bitcoin is still called a foreign currency in my country although currently the regulations are limited to assets that can be traded not as a currency.

[DrBeer]

You slightly do not understand the fundamental reasons for such a "pendulum" of opinions in Russia - sometimes we don't want it, sometimes we want it. There is quite a living paranoia at the top of the Kremlin that in the process of further degradation of the economy, even the closest environment will be able to withdraw their savings through cryptocurrencies away from the economic black hole, which is on the way to collapse. Putin is used to leading and controlling everything, including the money of "friends". The second reason is the paranoia that opposition parties and organizations can be financed through cryptocurrencies.
"If you can't win something - lead it" - this principle is used in this situation. It seems that everything is beautiful, a crypto-advanced country, "freedom", but.... As always, everything is limited by the rules, and everything is totally controlled.
PS do you really think that they also believe in the fairy tale "Bitcoin is the savior of a dying economy built by crooked hands"?

[bhooscream]

-snip- 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, -snip-

Why do we need to compare Russia and El Salvador? El Salvador isn't a big country but what El Salvador did is a big thing. If El Salvador never decided to make Bitcoin as a legal tender, I don't think any other countries brave to make Bitcoin be a legal tender. So far, what El Salvador did, bring big impacts to the whole crypto industry. Sure, if Russia really decides Bitcoin as a currency there, there will be a big impact on crypto industry, too. But how far it will influence crypto market? I think it won't be too much different than the impact caused by El Salvador.

[jaberwock]

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.

If the two countries should go into war, I don’t think that it is going to affect bitcoin at all. But, I don’t want them to go into war, because war is a very bad thing and going into war over any issue at this point would be really very bad, especially now that we are all still recovering from the problems that covid-19 has caused us all.

So, anyone still talking about war at this point is really out of their mind. If they are having problems, I believe that their better ways that they can settle their problems and fighting a war wouldn’t be the way for them to go about it, they should steer clear from that part.

[Tellek Garing]

I have followed the trends of countries position on Bitcoin and cryptocurrency, the anti-crypto government agency e.g the central bank, has always been the body giving the government bad advice and making cryptocurrency look like a bad idea to the government thereby leading to banning in some cases, take all the countries that cryptocurrency is a ban, for example, it all happens on the advice of Central banks who see cryptocurrency as a threat to their dominance in the financial system.

[_act_]

Bitcoin is known by another name, namely internet money which is not in physical form, without a central authority controlling it so that everyone can use it as a means of payment regardless of how the government regulates it. Bitcoin is still called a foreign currency in my country although currently the regulations are limited to assets that can be traded not as a currency.

The governments can give people inaccurate information, it is we that will know they are not accurate at all, it is very obvious that bitcoin is not a foreign currency, how can what is decentralized be called foreign, but I hope the more your government will know what bitcoin is.

I mean foreign reserve, I post that because of what I quoted. Or maybe it should be like this, that establish country like Russia will accept and depend on foreign currencies as a legal tender or a currency to locally be in circulation.

[dataispower]

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.

From my part of understanding this nation's accepting Bitcoin is on their own detriment and on their way of benefiting into bitcoin, Russian and china. this countries in particular have inner motive plans for Bitcoin, both are doing same thing with bitcoin, without a difference, if really they want to legalize bitcoin to the country is good because it is for economic target, but in another way format they are passing scandal to bitcoin indirectly with this their news

[poldanmig]

I have followed the trends of countries position on Bitcoin and cryptocurrency, the anti-crypto government agency e.g the central bank, has always been the body giving the government bad advice and making cryptocurrency look like a bad idea to the government thereby leading to banning in some cases, take all the countries that cryptocurrency is a ban, for example, it all happens on the advice of Central banks who see cryptocurrency as a threat to their dominance in the financial system.

Many countries are now starting to look at bitcoin as a financial alternative, but as we know that so far the central bank is the party most often opposed to cryptocurrencies, many of the central banks argue that crypto will disrupt economic stability and is also prone to happen criminal  money laundering, but I don't think that's the main reason for central banks to reject bitcoin all this time, but I think central banks are afraid of losing control of their economic policies in terms of monitoring inflation and financial stability of a country, so they continue to oppose the adoption of cryptocurrencies especially bitcoin.

[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.

If a country wants to adopt bitcoin, they will have to do with centralization and they will be centralized, according to the news, banks and centralized exchanges that are well regulated by Russian government will be the available options to go for, but we should know that there will still always be means for people that prefer decentralization by having only noncustododial wallets and decentralized exchanges, nothing about them will be about centralized organizations or they may let some part of the to remain decentralized.

Of course to regulate something they have to do it with the help.of centralized database but when it comes to Russia they have been against decentralization and bitcoin in particular but suddenly their president says that they are not against it and going to regulate it is little bit surprising. People who bought bitcoins from p2p and decentralized exchanges can still remain anonymous but what government is focusing are the remaining people.

[darewaller]

Bitcoin is already started becoming a currency worldwide as we know about that, so what they are doing is to declare it legal and allow its usage in their country. As of recent Russia is one of the top countries in the world that has the highest share in the global Bitcoin mining market. So, for miner to be moving to that location shows that they were positive enough that Russia would be one country that would be in favor of Bitcoin, unlike other countries that has decided that it was best for them to ban cryptocurrency in their countries.

But, I don’t really know about this their new law that people must make use of exchanges that are licensed by the government.

[ven7net]

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.

As you can see for yourself, this information once again shows us that much that is said about the processes in Russia has nothing to do with reality. Of course, there are forces in Russia that are trying to harm the state and the people, and the fact that the President of Russia interfered in solving the problem with cryptocurrencies in Russia tells us that there is an internal struggle and, as a result of this struggle, common sense prevailed. I am also glad that President Putin was able to speak out on the topic of mining and cryptocurrencies and thereby put an end to this confrontation in favor of the recognition of cryptocurrencies in Russia.

[Fivestar4everMVP]

Well, am not surprised, to me, I think if after Russia found out that some other country is crowdfunding war against them through bitcoin and they still believe or still go ahead to make bitcoin illegal, then something must be wrong somewhere, to understand what I mean better, here is a news headlines I found on coinmarketcap yesterday and I took a screenshot of it, this probably is the reason for the change of mind.

[lalabotax]

Bitcoin is already started becoming a currency worldwide as we know about that, so what they are doing is to declare it legal and allow its usage in their country.

If we are learning about Bitcoin being a worldwide currency, it already started in previous years. What Russia planned is just one of the signs that Bitcoin finally can be the worldwide currency. We must thank to El Salvador to make it as their legal tender, it makes all countries in the world be aware of the potential of Bitcoin as a national or international currency. Then, when Russia finally declares Bitcoin as a legal currency, more big countries may follow this adoption.

[Rockstarguy]

This is a good step from the Russian government to accept bitcoin as currency , it will revive the economy of Russia to wax stronger and it will also make business to be easy for citizens.  This new development of Russia accepting bitcoin as currency is a great news, which other countries may likely adopt as Russia as taking this bold step.

[oHnK]

I actually don't really understand the political steps that Russia has taken against BTC, in fact they haven't fully legalized BTC as a currency.  Only the Minister of Finance proposed that the Bank sell crypto.  Even though a few months ago, their fud caused the crypto market to collapse due to the prohibition of mining in their country.  What's wrong with them?  why did it change so fast?  Is it because the conditions of the war with Ukraine caused them to push BTC to increase its value and they as BTC holders can sell and use the profits to finance the war?  this is my wild mind

[so98nn]

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.

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.

I don’t see anything more than regulation of the crypto currencies. I mean this is what rest of the world is doing anyways. I don’t know why are they giving it name of making it official currency, lolz. In economical way, they are clearly mentioning when you have to declare the possession of crypto which seems to be reasonable. Way good than banning the crypto. For average spending, 600,000 ruble is huge for there peeps.

Also, it’s funny; they mentioning in article that it’s mandatory to use digital currency and p2p only. Dam, Please let me know what other ways are there to buy and sell crypto.