Russia and central Bank agreed to legalize cryptocurrency as a form of currency

[Hamaber]

Just a few days ago my friends from Russia were worried about the bitcoin situation and rules in their country because according to some news from Russia bitcoin was going to get banned there so people were expecting to see the governments announcing the suspension of the bitcoin transactions, so legalizing bitcoin was not something we could expect is Russia, in the hand due to the relations between China and Russia against USA I was expecting to see Russian government banning bitcoin just like china.

Everyone around the world was worried because after every ban a community is deducted from joining us and it reduces the mainstreaming of bitcoin. With the present act from Russia a large part of that region will use bitcoin without the worry that government will do any crack down any time.

Other benefit is that many government ruled companies will also start accepting it.

In the case of bitcoin Russia took a brilliant step which China do not understand. But in the coming future China will also realize and they will also legalize bitcoin and other crypto.

[oHnK]

The condition of the Russian state and the issue of legalizing Bitcoin in trade until the new rules have reached the national news of my country.  However, this is good news that should be cheered up by the market because it is hoped that it will resolve the doubts of the Russian public who owns a proportion of the portfolio in crypto.  Unlike China, its ally, which strictly prohibits Bitcoin only for the benefit of its country's regulators.

[_act_]

I am definitely surprised that dictator controlled Russia actually made this decision, I would have expected them to take the route as China did, being that they are both counties that only care about controlling everything in the lives of their citizens. But some positive news that’s for sure.

I am not that fan of Russia but if I will not be bias, Russian is very different from China, I can say Russia is between Western nation's and countries like China. China is the worst of all, the country is very centralized and everything their government want is control unlike Russia that still accept foreign services. About cryptocurrencies, China has no good reason to ban it other than to have complete control which is for the sake of their Yuan and digital Yuan.

[Hamaber]

The condition of the Russian state and the issue of legalizing Bitcoin in trade until the new rules have reached the national news of my country.  However, this is good news that should be cheered up by the market because it is hoped that it will resolve the doubts of the Russian public who owns a proportion of the portfolio in crypto.  Unlike China, its ally, which strictly prohibits Bitcoin only for the benefit of its country's regulators.

It is because people are seeing Russia and China as of the same ideology and they think that if China will see the development of crypto in Russia and they will not see any harm to the state then China will also resume the crypto trading, its mining and its other usage. Because of the China ban many people in china are unhappy and many lost their earnings, now after this news people from China are expecting the same from their country too.

[Falconer]

I read the news carefully and I think this is still a proposal that the government may or may not approve in the near future. I would prefer countries to regulate bitcoin if they don't legalize it as a legal currency. Much more profitable for the government than having to ban it.

This news has made bitcoin fundamentals stronger which we expect will see a rise in price. Obviously not everyone in Russia likes bitcoin even within the government itself, but their desire to legalize some of bitcoin's functions should be rewarded rather than banned. The government will benefit from this legalization, but I think it's still a matter of time.

[Finestream]

I read the news carefully and I think this is still a proposal that the government may or may not approve in the near future. I would prefer countries to regulate bitcoin if they don't legalize it as a legal currency. Much more profitable for the government than having to ban it.

This news has made bitcoin fundamentals stronger which we expect will see a rise in price. Obviously not everyone in Russia likes bitcoin even within the government itself, but their desire to legalize some of bitcoin's functions should be rewarded rather than banned. The government will benefit from this legalization, but I think it's still a matter of time.

The central bank of Russia has discovered that crypto is good for their country, so instead of banning it, why not legalize it so they can also benefit from it. This made a sudden shift from being banned, and now making a proposal to accept it as a currency. This will be another El Salvador i think. The citizens will not favor bitcoin, but if the government will insists, they can do nothing but learn to study and accept it. I know once the proposal is approved, this will bring a huge impact on the crypto market that will make all the crypto prices increased again.

[Sanitough]

The condition of the Russian state and the issue of legalizing Bitcoin in trade until the new rules have reached the national news of my country.  However, this is good news that should be cheered up by the market because it is hoped that it will resolve the doubts of the Russian public who owns a proportion of the portfolio in crypto.  Unlike China, its ally, which strictly prohibits Bitcoin only for the benefit of its country's regulators.

It is because people are seeing Russia and China as of the same ideology and they think that if China will see the development of crypto in Russia and they will not see any harm to the state then China will also resume the crypto trading, its mining and its other usage. Because of the China ban many people in china are unhappy and many lost their earnings, now after this news people from China are expecting the same from their country too.

Not just for China alone but for all countries who have been eyeing bitcoin since El Salvador adopted it as a legal tender. The plan to legalize crypto is supported by the Central bank of Russia so they are now lifting the ban on crypto mining and trading. Russia was more encouraged too because they have seen India on legalizing the tax for digital assets, and from here, we can expect for a wider adoption for crypto in the next couple of months.

[Rengga Jati]

I am really little bit surprised by this. Yes, I know that the adoption of the cryptocurrency industry in this country is very big.
However,  the regulation so far is quite confusing, because sometimes, this big country also called for banning cryptocurrencies and make some FUD of this.
But now, seeing this good news, it will give very big infleunce to the crypto industries there and also around the world.
Will it be only a moment good news? Or will be permanenet? Let's see again how this will run ongoing later.

[romero121]

Similar scenario is happening with China, India, Bangladesh and few more countries. Recently India through its heavy taxation gave sign of acceptance, but there is no official statement that cryptocurrencies were legal within the country. Russia that has been coming up with different opinions on bitcoin and blockchain have now reached a better position. When the official framework along with the do's and don'ts revealed we'll get to know what form of adoption Russia has planned.

[PX-Z]

They should do it even earlier, banning something in the internet is useless. Plus it's an industry generating business, employment and taxes for their government, they should think that positive side instead of thinking of banning it in the early years - talking about mining.

Anyhow, it's good for their government and good for the community.

[jhonjhon]

Another great new in 2022 for the crypto users. I am telling it good because it is good than a full ban about which central bank was thinking.

There was a worry from the central ban who called for a ban on bitcoin in Russia in the previous month but on Tuesday in their announcement they along with the Russian government agreed to legalize and regulate the cryptocurrency as a currency for the country. On 18th Feb they will launch a draft for that step

It means that now this community will be increased much more and the crypto field will see more development and seeing this other countries will also accept crypto as their currency.

Their attempt of this step is to handle the usage of bitcoin and other coins in the country because they government do not want to ban it and central bank asked for a ban on it.

But for the transactions more than 600,000 rubles which is around $8000, there will be tax

https://www.coindesk.com/policy/2022/02/09/russia-to-license-crypto-exchanges-tax-large-transactions/

Well, this is a great news for every investors and hodlers. We're starting to see more countries start to adopt bitcoin and other cyptocurrencies around the world.

As what i have read, the central bank and russia have reached an agreement on how to regulate crypto currencies. And the report further stated that it will be only possible to use crypto in the legal sector. So if you want to use crypto to buy stuff you have your full id through the banking system or license intermediaries

https://www.binance.com/en/news/top/6942203

[Hamaber]

I read the news carefully and I think this is still a proposal that the government may or may not approve in the near future. I would prefer countries to regulate bitcoin if they don't legalize it as a legal currency. Much more profitable for the government than having to ban it.

This news has made bitcoin fundamentals stronger which we expect will see a rise in price. Obviously not everyone in Russia likes bitcoin even within the government itself, but their desire to legalize some of bitcoin's functions should be rewarded rather than banned. The government will benefit from this legalization, but I think it's still a matter of time.

I checked on number of website and up to which I got is that it is their decision and they came to an agreement to crate a draft till 18th Feb and to present that to the country.

Another great new in 2022 for the crypto users. I am telling it good because it is good than a full ban about which central bank was thinking.

There was a worry from the central ban who called for a ban on bitcoin in Russia in the previous month but on Tuesday in their announcement they along with the Russian government agreed to legalize and regulate the cryptocurrency as a currency for the country. On 18th Feb they will launch a draft for that step

It means that now this community will be increased much more and the crypto field will see more development and seeing this other countries will also accept crypto as their currency.

Their attempt of this step is to handle the usage of bitcoin and other coins in the country because they government do not want to ban it and central bank asked for a ban on it.

But for the transactions more than 600,000 rubles which is around $8000, there will be tax

https://www.coindesk.com/policy/2022/02/09/russia-to-license-crypto-exchanges-tax-large-transactions/

Well, this is a great news for every investors and hodlers. We're starting to see more countries start to adopt bitcoin and other cyptocurrencies around the world.

As what i have read, the central bank and russia have reached an agreement on how to regulate crypto currencies. And the report further stated that it will be only possible to use crypto in the legal sector. So if you want to use crypto to buy stuff you have your full id through the banking system or license intermediaries

https://www.binance.com/en/news/top/6942203

I thought about that matter yesterday that why is it needed for every country which go to legalize crypto and I came up to the point that it is because of the international law made for anti money laundering. If they will not get that detail for the money used in their country then international organizations will ask about that.

[Vaculin]

Similar scenario is happening with China, India, Bangladesh and few more countries. Recently India through its heavy taxation gave sign of acceptance, but there is no official statement that cryptocurrencies were legal within the country. Russia that has been coming up with different opinions on bitcoin and blockchain have now reached a better position. When the official framework along with the do's and don'ts revealed we'll get to know what form of adoption Russia has planned.

I just hope that Russia will not be as selfish as China because if that happens, it will be another loss for that country, and the crypto market will eventually face another market correction. However, i can see that bitcoin will be a great asset for  Russia and as Putin said, "Russia has a competitive advantage in crypto mining", and that made him think that crypto despite of its uncertainties and risks will be good enough for the country's progress.

[cheezcarls]

Everyone that says Russia is not going to invade the Ukraine, must take note of this move ...because it is a backdoor that are being opened to evade strict sanctions when they actually go ahead with the invasion.

The show of force from the US and other countries are not bothering Russia in the least, because they know those countries cannot afford to go into WWIII with Russia...and possibly China if they do. 

We cannot deny this point too. But we cannot predict about their intention too.

I hope that peace remain all over the world because in the time of peace we also need crypto and bitcoin.

We not need to think negative about bitcoin. If someone adopt bitcoin then we do not have to think that he is going to do something bad as it hurts the image of bitcoin.

While this is an interesting turn of events after fears that Russia may ban Bitcoin and crypto trading at some point last year, I was hoping that they would not start a World War III as tensions between Ukraine, US and NATO are still there. I strongly believe that it will affect the prices of cryptocurrencies when Russia decides to further escalate and invade Ukraine.

I've got amazing friends in both Russia and Ukraine, so I just want everything to remain peaceful since it's already a great sign for us to see cryptocurrencies being adopted and accepted in open arms by Russia. When this pandemic ends, two of these countries are one of my wishlist.

[im posible]

This is like a breath of fresh air for crypto users. The action that Russia is taking indirectly increases the world's confidence in crypto and does not rule out motivating other countries to take the same or even better steps in the crypto field.

[Slow death]

as we know that Russia is the largest country in Europe, especially if the country is a developed country, so if the crypto world is in that country, it can automatically make bitcoin return to life with transactions in Russia, we really hope this can surviving in the long term is not just a discourse that is echoed in the bitcoin trading process in these European countries, especially at this time bitcoin requires such things.We really hope that the existence of developed countries that trade bitcoin can have a good impact on long-term sustainability.

russina is from the same warm wing, they weigh the same as china hardly russia uria bitcoin because from what i understand from a comment from someone from their government their law only recognizes their local currency, so this already clearly shows that their problem in accepting bitcoin is a political problem, example:

they might think bitcoin was created by americans and that would make them stay away from bitcoin

[buwaytress]

They could use Yuan to evade sanction though, especially when media recently report good relationship between China and Russia.

On my last visit in 2019 to Central Asia, they were already about to begin some land trading routes on new trans-siberian highways and there were even some apps I saw that paid for toll with digital options, with even the ride sharing apps (everyone hitches rides there rather than Uber style taxi) popular in Kazakhstan were all denominated in ruble but could also accept wechat payments (RMB though I recall), this to me was a definite sign of China's plans for their digital yuan. If that ever qualifies as "crypto" (since tether does anyway) -- I understand digital yuan won't use blockchain, but there's conflicting reports on it and there already is a "Blockchain Service Network" in development -- with this legislation coming, it all begins to make more and more sense now, to me at least as a casual observer.

[Hamaber]

Similar scenario is happening with China, India, Bangladesh and few more countries. Recently India through its heavy taxation gave sign of acceptance, but there is no official statement that cryptocurrencies were legal within the country. Russia that has been coming up with different opinions on bitcoin and blockchain have now reached a better position. When the official framework along with the do's and don'ts revealed we'll get to know what form of adoption Russia has planned.

I just hope that Russia will not be as selfish as China because if that happens, it will be another loss for that country, and the crypto market will eventually face another market correction. However, i can see that bitcoin will be a great asset for  Russia and as Putin said, "Russia has a competitive advantage in crypto mining", and that made him think that crypto despite of its uncertainties and risks will be good enough for the country's progress.

In this point they are using their mind as they know if they will allow bitcoin then their citizens can earn a lot of money from mining. Any countru which will allow bitcoin and its mining will get profit to their country and prosperity will come.

Considering Russia household income per capita, IMO it's rather high.

It's high even in majority of the European Union, based on min wage values, so yeah, at face value, certainly doesn't seem unreasonable to tax such a high limit for the average Russian -- and if that's per exchange, nothing to stop people from using several exchanges to break amounts up.

Minimum wage isn't best indicator for comparison, but i agree it's relative high even on EU. They also could split it between family member.

Everyone that says Russia is not going to invade the Ukraine, must take note of this move ...because it is a backdoor that are being opened to evade strict sanctions when they actually go ahead with the invasion.

They could use Yuan to evade sanction though, especially when media recently report good relationship between China and Russia.

Your point has logic. We agree with that. We are sure that they adopt bitcoin in order to give benefit to their state and citizens from this new technology.

Everyone that says Russia is not going to invade the Ukraine, must take note of this move ...because it is a backdoor that are being opened to evade strict sanctions when they actually go ahead with the invasion.

The show of force from the US and other countries are not bothering Russia in the least, because they know those countries cannot afford to go into WWIII with Russia...and possibly China if they do.  

We cannot deny this point too. But we cannot predict about their intention too.

I hope that peace remain all over the world because in the time of peace we also need crypto and bitcoin.

We not need to think negative about bitcoin. If someone adopt bitcoin then we do not have to think that he is going to do something bad as it hurts the image of bitcoin.

While this is an interesting turn of events after fears that Russia may ban Bitcoin and crypto trading at some point last year, I was hoping that they would not start a World War III as tensions between Ukraine, US and NATO are still there. I strongly believe that it will affect the prices of cryptocurrencies when Russia decides to further escalate and invade Ukraine.

I've got amazing friends in both Russia and Ukraine, so I just want everything to remain peaceful since it's already a great sign for us to see cryptocurrencies being adopted and accepted in open arms by Russia. When this pandemic ends, two of these countries are one of my wishlist.

If we wish for the good and then good happens. We all wish that there remain peace all over the world and all of the world become a united global unit under blockchain technology.

[jamkesmas]

I did not even expect that in Russia they could make such a decision. This is really very good news for the cryptocurrency market and, apparently, the prices in the market will go up now. But earlier in Russia they argued that they could not allow the circulation of cryptocurrency as a means of payment, since it is written in their Constitution that the only means of payment in the country is the ruble. Has the current international sanctions and the threat of other, more stringent ones forced to change the attitude towards cryptocurrency, especially on the part of the Central Bank, which until then was categorically against its legalization? Apparently, finances in Russia have become very tense, and the legalization of cryptocurrency with the introduction of a tax will make it possible to receive many billions of dollars in cash, and, on the other hand, to bypass international sanctions and hide your capital.

This is good news for us Bitcoin lovers, with the legalization of bitcoin in Russia, the effect might be able to push the bitcoin price into a positive trend. although we don't know for sure that it is legalized as a currency tool or investment asset, we should wait for official information.

In my opinion this is due to financial tensions within Russia, Since Russia is subject to economic sanctions imposed by the US, and now extended by the Russia-Ukraine Conflict, Ukraine is backed by NATO, maybe this is why Bitcoin is legalized.

[hyudien]

Everyone that says Russia is not going to invade the Ukraine, must take note of this move ...because it is a backdoor that are being opened to evade strict sanctions when they actually go ahead with the invasion.

The show of force from the US and other countries are not bothering Russia in the least, because they know those countries cannot afford to go into WWIII with Russia...and possibly China if they do. 

What is being discussed now is about Russia's policy on cryptocurrencies, not about the war between the border region and Ukraine. Now the issue of the seizure of the Crimean peninsula is still in a quite tense situation. In addition, Russia and other crypto finance boards are considering the rule of law to expand crypto or ban crypto operations. So there are two very different problem contexts between the Crimean border war and cryptocurrency policy.