Russia's approval of BTC

[Abiky]

Biden's economic sanction is just SWIFT exclusion which Russia or China had already tried excluding themselves. If they cut SWIFT, Russia will just use thier own or the Cross-Border Interbank Payment System (CIPS) of China.

Seeing how much China despised BTC which they ban crypto and yet Russia made it a currency could be something that might hold the relationship between the two countries. They might have something to disagree with this time.

Exactly. Russia can simply create its own financial system that would be impervious from US sanctions. By using Blockchain technology, they can achieve this and many more. Just like China did with its "digital Yuan", Russia can create a "digital Ruble" and use Bitcoin as its reserve currency. I'm not sure if Russia will approve the use of BTC and other cryptocurrencies, especially when China banned it completely. If they approve it, there could be a tense relationship between the two countries (China and Russia).

No matter what happens, Bitcoin will remain unaffected thanks to its decentralized and censorship-resistant nature. Citizens of Russia can get access to Bitcoin through other means if the government decides to ban it completely. It'll be difficult, due to the governments' surveillance efforts. But not, impossible. We need as much countries into Bitcoin as possible, so "hyperbitcoinization" can become a reality. Just my opinion

[D-law]

Could be that the reason why Putin and Russian government has accepted Bitcoin, is the fact that they want to start a war and are in a state of inflation.
Investing in bitcoin to raise funds for the war ?
Putin cannot be trusted, not a single bit!

[GeorgeJohn]

Apparently they're working on it — but don't run around celebrating just yet, because it doesn't mean that it's already guaranteed to happen. And if it does happen, it could mean that they really are just going to legalize it, not necessarily use it themselves.

Yeah you are quite right, but it seems that it will stand, because since i know bitcoin, no information of a nation trying to adopt cryptocurrency or legalize it that doesn't come to reality, the possibility is not in doubt that if they legalize it they will not implement the uses generally.

[Mpamaegbu]

Russia approved bitcoin as a form of money in order to hedge against the Russian ruble's depreciation and the Biden sanctions. What are your thoughts?

They always have to wait till they're in dire need of rescue from a financial crisis before they acknowledge the supremacy of Bitcoin. This goes to show how self centered politicians can be, it really doesn't matter what continent these politicians a re from. Self preservation matters a lot to them. They only rescind their selfishness when they know there will be a public outcry to what they want. So, without the perceived clash with the US and the sanction therein, Russia would be acting like it hasn't even heard of anything called Bitcoin before, right?

And if it does happen, it could mean that they really are just going to legalize it, not necessarily use it themselves.

How would someone legalize something and then not use it themselves? This part isn't clear to me, or you meant adopting it as a legal tender for the country?

[nurilham]

If the news is true then that's a good thing, that way more and more countries are starting to accept Bitcoin because it is not easy for a country to accept Bitcoin and other cryptos with the policies of their respective countries. a country has the authority to accept or reject Bitcoin and that is what Russia does in dealing with Bitcoin. The development of Bitcoin that is getting better and better makes many people interested in following it and making good use of it. so as long as you get it in your own country, then use it well.

[willoweb]

I think intelligent financiers live in Russia and they will always have fallback options in order to once again "beautifully" circumvent sanctions in order to once again help some of their economic sectors, as it already happened with the agricultural sector. What did those who imposed sanctions achieve? In addition to the fact that they themselves lost billions of dollars of profit, they also made Mother Russia number one in the expert and income in this area. A new region has just appeared in Russia. (CRIMEA).

[Zlantann]

Russian Government is working on a draft law that would make BTC a legal currency.

https://cointelegraph.com/news/russian-gov-t-and-central-bank-agree-to-treat-bitcoin-as-currency

But the beauty of cryptocurrencies are their privacy and freedom from national regulations. Russia wants to regulate BTC transactions using Banks which would undermine the uniqueness of cryptocurrencies.

It has been argued by some political-economists that Putin wants to use funds from BTC transactions to fund the war and shield itself from EU sanctions. But it has not been verified.

[pooya87]

Tell me about it... my gas bill's more than tripled in past couple of months. My provider folded back in November, so multi-year contract ripped up, and on new tariffs that's been absolutely painful. State here's in talks to approve tax rebates to help but I'm already doing my numbers and it's tough on me, but I have no idea how most people with single-income family members are going to pull through next winter (if not already this cold spring).

My heart goes out to you. I have some relatives and friends living in Europe and they have been complaining about rising prices for a long time now. Actually 2 of them are migrating back since they couldn't take it anymore and miss paying bills that don't exceed $1.

[savetheFORUM]

Congress Russia Government for this great decision and accepted bitcoin their country. I Think Russian economic development will be more increase in future. Many people and many companies are interested in bitcoin. And many countries are accepted in cryptocurrency that's the good economic side in these country’s. I hope bitcoin will be accepted all Countries in future.

I do believe that crypto mining is going to benefit the economy of Russia. as lots of cryptomining Companies continues to move to Russia as their next location since they have been banned from operating in other locations such as China, I believe that it is really going to make an impact and will help the economy to keep growing in the country.

I wouldn’t really say the same of cryptocurrency itself, but the business of crypto mining is something that is worth mentioning, because I know for sure it would make an impact. So, they have really made a good decision by considering cryptocurrency and crypto mining legal in their country.

[stompix]

Yeah, and the number of people who actually like (love?) those symbols, a scant reminder of the scraps they thought they once had. The sun has long set on all these empires but they still gather around the embers, hoping to restore pride because they still think the rest of the world looks on in awe at caviar-laden halls of decadence. And all we see are vodka-infused dancing bear videos.

The lengths they go to for this theatre would only be amusing if it weren't tragic for millions.

Actually, that number is still quite high.

I've seen it in a lot of countries, the poorer and less educated about the outside world they are the easier it is to trigger those nationalist feelings in the population and to blame an adversary they have no clue about and don't even know where to put it on a blank map. This fake nationalism which is not about making your country and life better but making it worse for everyone else is hiring in such conditions, "panem et circense" the simple tool to keep the masses happy.
The Russian poeple will have their ego satisfied that they've shown the west tho the boss is, they will have two extra loaves of bread because of higher oil prices, and the leaders will build three more palaces and order another batch of yachts.

Europe needs to cut the crap with all those eco dreams of pigeon tanning panels and carnival windmills and go back to nuclear power, France is the only one still having some common sense right now in all of EU energy policy.

[doomloop]

Russia approved bitcoin as a form of money in order to hedge against the Russian ruble's depreciation and the Biden sanctions. What are your thoughts?

Putin is in favor of establishing bitcoin as a kind of money since he is threatening war and Biden's economic penalties will harm the ruble. He might still use bitcoin to transact in the global economy. I'd want to hear everyone's thoughts on this. Thanks for your response in advance

I don’t think that Russia has really approved of Bitcoin as a currency, although cryptocurrency mining is now legal in their country and people are allowed to buy and hold it as an asset. As for what you have said as being their intention for legalizing cryptocurrency, we are not even sure yet whether that is true or not. So, I am supposing that you just made that up. And moreover going to war at a time like this it’s really a bad idea. I wouldn’t support any country that is going for war at a time like this where things are really getting hard for a lot of people. In fact there is no perfect time for war, it is a bad thing.

[virasog]

Could be that the reason why Putin and Russian government has accepted Bitcoin, is the fact that they want to start a war and are in a state of inflation.
Investing in bitcoin to raise funds for the war ?
Putin cannot be trusted, not a single bit!

We need to think positive. What if there is no war, will Putin and russian government will back off from this descsion ? I thnk NO.
This decsion is taken in best interest of both government and the general public. Russia is a big country and adoptaion of bitcoin means a lot to them and give a strong message to the outside world.

[zasad@]

Could be that the reason why Putin and Russian government has accepted Bitcoin, is the fact that they want to start a war and are in a state of inflation.
Investing in bitcoin to raise funds for the war ?
Putin cannot be trusted, not a single bit!

You don't understand anything about politics. Information about a possible Russian attack on Ukraine is very often published in the American and European media in order to put pressure on Ukraine. Ukraine will not be attacked, and the business in Ukraine is suffering big losses because foreign companies are closing offices and stopping all contracts.

[Obito]

I think intelligent financiers live in Russia and they will always have fallback options in order to once again "beautifully" circumvent sanctions in order to once again help some of their economic sectors, as it already happened with the agricultural sector. What did those who imposed sanctions achieve? In addition to the fact that they themselves lost billions of dollars of profit, they also made Mother Russia number one in the expert and income in this area. A new region has just appeared in Russia. (CRIMEA).

You mean Oligarchs? They definitely have fallbacks but I don't think that they're going to risk their money to help their country unless they're affected directly or Putin is the one that talks to them and I can guarantee that they'll help when it's Putin doing the asking because previous Oligarchs that was against Putin didn't get good results.

[Abiky]

I do believe that crypto mining is going to benefit the economy of Russia. as lots of cryptomining Companies continues to move to Russia as their next location since they have been banned from operating in other locations such as China, I believe that it is really going to make an impact and will help the economy to keep growing in the country.

I wouldn’t really say the same of cryptocurrency itself, but the business of crypto mining is something that is worth mentioning, because I know for sure it would make an impact. So, they have really made a good decision by considering cryptocurrency and crypto mining legal in their country.

Of course. Crypto mining can bring huge taxation benefits to the government. China may've reluctantly rejected Bitcoin, but other countries are opening their doors to the "crypto revolution" in order to avoid being left behind in the dust. Russia knows how important Blockchain technology is in today's society and what better way to embrace its benefits by approving Bitcoin for legal use?

If I'm not mistaken, Russia is already the second-largest Bitcoin mining hub in the world. The Russian government can simply tax miners themselves in order to get a piece of the pie. We need as much countries into Bitcoin as possible in order to accelerate "hyperbitcoinization". Ultimately, Bitcoin will survive with or without Russia's support. That's because of its decentralized and censorship-resistant design. If it wasn't that way, it would've died after China decided to do a "full blanket" mining ban. Let's see how the situation further develops with Russia's adoption of Bitcoin, as US sanctions put strong pressure on its economy. Just my thoughts

[ultrloa]

I do believe that crypto mining is going to benefit the economy of Russia. as lots of cryptomining Companies continues to move to Russia as their next location since they have been banned from operating in other locations such as China, I believe that it is really going to make an impact and will help the economy to keep growing in the country.

I wouldn’t really say the same of cryptocurrency itself, but the business of crypto mining is something that is worth mentioning, because I know for sure it would make an impact. So, they have really made a good decision by considering cryptocurrency and crypto mining legal in their country.

Of course. Crypto mining can bring huge taxation benefits to the government. China may've reluctantly rejected Bitcoin, but other countries are opening their doors to the "crypto revolution" in order to avoid being left behind in the dust. Russia knows how important Blockchain technology is in today's society and what better way to embrace its benefits by approving Bitcoin for legal use?

If I'm not mistaken, Russia is already the second-largest Bitcoin mining hub in the world. The Russian government can simply tax miners themselves in order to get a piece of the pie. We need as much countries into Bitcoin as possible in order to accelerate "hyperbitcoinization". Ultimately, Bitcoin will survive with or without Russia's support. That's because of its decentralized and censorship-resistant design. If it wasn't that way, it would've died after China decided to do a "full blanket" mining ban. Let's see how the situation further develops with Russia's adoption of Bitcoin, as US sanctions put strong pressure on its economy. Just my thoughts

They just see what China messing on and they could earn with it if they adopt then make realize to china that they are losing a billions of dollars taken from the tax came from cryptocurrency. For sure if Russia will gather more power for adopting crypto then most provably those other country like China which ban bitcoin will come back and tink about competing with Russia on its adoption with bitcoin.

[AakZaki]

The government and the central bank in Russia have now reached an agreement on how to regulate cryptocurrencies. Meanwhile, the Russian government and the central bank are also currently working on a bill that would define crypto as an 'analog currency' rather than a digital financial asset, and will start rolling out on February 18th.  this cryptocurrency will function in every legal industry if it has complete identification through a banking system or a licensed intermediary. According to Kommersant, Bitcoin transactions and cryptocurrency holdings in Russia are not prohibited. However, this must be done through a peer-to-peer exchange that has been licensed in Russia.

[fiulpro]

Despite Russia claiming to pull the troops out of the Belarus, there is still no proof with the bridge appearing overnight just few miles away from Ukraine, with then targeting Kiev and asking for so much, trying to make diplomatic relations with US while targeting Ukraine, there is no security that they would not extend this to Europe and target the smaller nations with weaker troops. Not just that they are also legalizing the mining for limited areas meaning the government will have full control over that and can take maximum profit from bitcoins. I do think that US might have to make tougher restrictions

[Abiky]

The government and the central bank in Russia have now reached an agreement on how to regulate cryptocurrencies. Meanwhile, the Russian government and the central bank are also currently working on a bill that would define crypto as an 'analog currency' rather than a digital financial asset, and will start rolling out on February 18th.  this cryptocurrency will function in every legal industry if it has complete identification through a banking system or a licensed intermediary. According to Kommersant, Bitcoin transactions and cryptocurrency holdings in Russia are not prohibited. However, this must be done through a peer-to-peer exchange that has been licensed in Russia.

At least, the Russian government is thinking clearly. Not like China which decided to reject innovation in the financial sector. It'll be left behind in the dust as other countries take the lead in the adoption of crypto/Blockchain tech. I believe Russia's approval of BTC is good news to Russian citizens. They can now trade and acquire Bitcoin freely without restrictions. Not to mention, that the Russian government will benefit a lot by collecting taxes from crypto operations.

With crypto-friendly regulations, Bitcoin will only grow bigger and stronger than ever. Who knows if we're much closer to "hyperbitcoinization" than we've previously imagined? Just my thoughts

[Darker45]

There must be more than a handful considerations for Russia to finally recognize Bitcoin, considering that it had just recently contemplated on putting a blanket ban on it. The more or less sudden U-turn is interesting. Especially that it is accepting its use not just as an asset but as a currency. This means that Russia is looking forward to its use as a medium of payment and not just something to invest in.

Perhaps, as others have mentioned, Putin and his team are already looking for a way to somehow get away with the effects of the heavy sanctions on the Russian ruble.