Russia's approval of BTC

[RealMalatesta]

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

That is quite good, although I am hoping that they do not end up changing their mind, as some of the comments here have said that they haven’t really accepted it fully. But, I saw news that a lot of crypto mining companies has been moving to Russia as of recently. So, it is likely that Russia is a better place for all these cryptocurrency companies to start up their businesses and thrive. So, let’s look forward to their progress in this country. And let’s also hope that their government won’t also change their mind just like the Chinese government did.

I can’t remember seeing so many times of news that kept saying that the Chinese government banned cryptocurrency, while some of them would say that they never did, but at last they finally did, which was a really bad news. So I hope that it is different this time with Russia.

[pooya87]

I can’t remember seeing so many times of news that kept saying that the Chinese government banned cryptocurrency,

I don't know about cryptocurrency but Chinese government has never banned bitcoin. What you saw on the internet has always been pure FUD. The only thing Chinese government did was shutting down a bunch of centralized exchanges in China that have been laundering a ton of money which was too obvious since their trading volume was completely fake (IIRC it was at least 50 times higher than any other bitcoin exchange elsewhere!) and recently banned bitcoin mining because they were facing an energy crisis and thought it could solve their issues (which it didn't do anything for it).

[Emitdama]

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 do not think they have really decided on this. Yes, I did see the news earlier this February when it was said that the Russian government and the Bank of Russia reached an agreement on how they would regulate Bitcoin and has accepted it to be a form of currency, but some sources said that they haven’t really come to any agreement.

As of recent I started seeing another news, I think that was two days ago , that the Bank of Russia has started to push for crypto ban again. They have chosen to go for digital ruble, which I believe would be their CBDC (central bank digital currency). With that said, their neighboring country which is Ukraine has as of recent declared Bitcoin a legal asset in their country.

[willoweb]

Insuring yourself in such a situation is not a bad idea. True, I absolutely cannot believe that Russia, even in the most terrible events, will be disconnected from SWIFT. This is the dumbest thing you can do. Firstly, in recent years Russia has demonstrated an excellent ability to circumvent any sanctions, reduce their impact on the national economy, and secondly, even if this happens, who will benefit from this? When one door closes, another opens somewhere. So it will be here. China will help Russia cope with such a problem, but Russia will never come back.

[oHnK]

That is quite good, although I am hoping that they do not end up changing their mind, as some of the comments here have said that they haven’t really accepted it fully. But, I saw news that a lot of crypto mining companies has been moving to Russia as of recently. So, it is likely that Russia is a better place for all these cryptocurrency companies to start up their businesses and thrive. So, let’s look forward to their progress in this country. And let’s also hope that their government won’t also change their mind just like the Chinese government did.

I can’t remember seeing so many times of news that kept saying that the Chinese government banned cryptocurrency, while some of them would say that they never did, but at last they finally did, which was a really bad news. So I hope that it is different this time with Russia.

I still think there are doubts about the Russian government.  Because between the Central Bank and the Ministry of Finance do not have a plan that is in line.  This means that there is still unpreparedness between officials in the government.  It could be that this is just an issue that was built so that the market reacts to it.  That way, speculation can be carried out with a busy market.  Many for bearish.

[Ozero]

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.

Russia yesterday recognized part of two regions of Ukraine as independent republics, and at night it officially sent its troops there. The USA, Europe, England, Canada and other states will introduce the first heavy sanctions against Putin, his entourage and Russia as a whole today.
Whether Russia will be up to cryptocurrency in the conditions of its global isolation and in fact the start of an open war with Ukraine and the civilized world - we'll see. Perhaps, on the contrary, it will push the Putin regime towards the full legalization of cryptocurrencies in order to try to circumvent international sanctions.

[e_abrams]

Ukraine also suddenly legalized cryptocurrencies a few days ago. The Ukrainian parliament had declared that all crypto assets will be treated legally after a new bill passed. The new law was met with approval after 272 votes vote “for”.
I can't help but thing that both sides of the conflict did so at least partially because of the conflict.

[Abiky]

That is quite good, although I am hoping that they do not end up changing their mind, as some of the comments here have said that they haven’t really accepted it fully. But, I saw news that a lot of crypto mining companies has been moving to Russia as of recently. So, it is likely that Russia is a better place for all these cryptocurrency companies to start up their businesses and thrive. So, let’s look forward to their progress in this country. And let’s also hope that their government won’t also change their mind just like the Chinese government did.

I can’t remember seeing so many times of news that kept saying that the Chinese government banned cryptocurrency, while some of them would say that they never did, but at last they finally did, which was a really bad news. So I hope that it is different this time with Russia.

Russia can certainly make a difference if it approves Bitcoin for legal use. A communist/socialist country legalizing Bitcoin is something you don't see quite often. I believe Russia's approval of Bitcoin will be a huge blow to China. The Chinese government better embrace crypto/Blockchain tech or be left behind in the dust.

I'm guessing major mining companies will move their operations to Russia after the government becomes friendly to Bitcoin. The more miners flock to Russia, the higher the taxation opportunities will be. Let's hope "hyperbitcoinization" becomes a reality in the future as more countries join the Bitcoin bandwagon. Just my opinion

[yohananaomi]

Bitcoin has officially become a currency or means of payment in Russia after being jointly approved by the Government and the Central Bank of Russia. they are working on regulations that would define cryptocurrencies as “analog currencies” rather than digital financial assets. The regulations launched, among other things, state that cryptocurrencies will function in the legal industry only if they have complete identification through a banking system or a licensed intermediary.

Of course this adds to the row of countries that are starting to legally recognize and are certainly very positive for bitcoin, even though this breakthrough has not changed the positive movement for bitcoin so far. we certainly need to be patient with this and hope for lots of good news for bitcoin.

[evilgreed]

               I honestly can't imagine how Russia would suddenly allow bitcoin. This may not go as smooth as what you are saying OP. You must remember that Russia, specifically Puttin was never in favor of bitcoin in the past. This is why I am thinking that the transition won't be that smooth even with it being the best option for Russia right now if they are really thinking of pursuing the war with Ukraine. A lot of variables are still to be considered so it would be best to not mislead people with unsure things yet.

[molsewid]

              I honestly can't imagine how Russia would suddenly allow bitcoin. This may not go as smooth as what you are saying OP. You must remember that Russia, specifically Puttin was never in favor of bitcoin in the past. This is why I am thinking that the transition won't be that smooth even with it being the best option for Russia right now if they are really thinking of pursuing the war with Ukraine. A lot of variables are still to be considered so it would be best to not mislead people with unsure things yet.

You're certainly right bud, a while ago we are dealing on the information that Russia government will not going to allow bitcoin in their economy but now here this is the news that stating Russia is approving bitcoin however it may seem impossible for me but this kind of positive news for me knowing that step by step even slowly bitcoin is now gaining approval to other nation. Well, I just do hope that this news may help make bitcoin back to bullish again.

[elisabetheva]

it is not easy and there are still many countries that do not yet have clear provisions regarding bitcoin. regulators choose to use a wait and see approach or wait for bitcoin developments in the long term. Although on the other hand, several countries have also made rules that allow bitcoin to be used as a currency.

Until now, there have been enough countries that have accepted bitcoin with the provisions that apply to each country.
The US, South Korea, Japan, Denmark, Finland, Nigeria, Ukraine are the ones that are currently accepting and recently the countries that have allowed bitcoin as a legal currency are El Salvador and now Russia is following.

Hopefully this good news will make changes for the better for the development of bitcoin in the future, especially at this time where the price has been corrected for a long time and there has been no change to increase.

[goldkingcoiner]

Russia has already said that while it is "legalising Bitcoin", it still is not accepting Bitcoin for payments. So basically Russia is on the right track but this all is just a pseudo legalisation. And Ukraine is incredibly poor, so, not that big of a bull move legalising Bitcoin. Notably, the both bills do not recognize Bitcoin or other cryptocurrencies as legal tender.

All in all, people in Russia and Ukraine were buying and mining Bitcoin before, and are still doing so now. The only things that have changed are the new regulations and the perspective that it will become legal tender in those countries someday.

[Tony116]

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

Since 2014, Russia has reduced its holdings of USD, instead hoarding gold and currencies such as Euro and Yuan. Putin had a plan to reduce dependence on the US dollar many years ago, disagreement between the US and Russia over Ukraine recently. I'm not surprised that Russia accepts bitcoin and crypto. Based on gold reserves, crude oil and crypto, all form a solid shield to help the Russian economy avoid a crisis before the economic sanctions of the US and its close allies.

[bitterguy28]

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

Since 2014, Russia has reduced its holdings of USD, instead hoarding gold and currencies such as Euro and Yuan. Putin had a plan to reduce dependence on the US dollar many years ago, disagreement between the US and Russia over Ukraine recently. I'm not surprised that Russia accepts bitcoin and crypto. Based on gold reserves, crude oil and crypto, all form a solid shield to help the Russian economy avoid a crisis before the economic sanctions of the US and its close allies.

Russia as we knew had been in against US so what can we expect from this country ? supporting Yuan shows how China and Russia getting their feet together .
so the chance of accepting bitcoin is there specially nowadays.

and soon we will be seeing the adoption of Bitcoin same as Ukraine their rival country .

[Ozero]

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.

Even if Russia now legalizes cryptocurrency as a means of payment, this is unlikely to help it. On Putin's orders today, Russian troops, tanks and planes invaded Ukraine, starting a large-scale war in the center of Europe. This, of course, will completely change the concept of security in the world. I think that now such sanctions will be introduced against Russia, Putin and his entourage, which will almost completely isolate Russia from the civilized world. Cryptocurrency will no longer help him. Europe has already understood that Putin will not stop in Ukraine. Therefore, Lithuania and Moldova have already declared a state of emergency in their countries. The instinct of self-preservation will finally force them to take measures that the Russian economy will not be able to withstand.

[Webetcoins]

It is still a mystery why Putin decided to declare Bitcoin a legal asset in the country as of recent. None of us really knows what his intentions are, although most people would likely be linking it to what has been happening now between Russia and Ukraine, and as you have said probably. We all have seen what happened as of recent as Russia has decided to attack Ukraine, and we’re all just waiting to see what is going to happen next, and what action the world is going to take.

Personally, I am hoping for the better and I never really wish this kind of thing to take place, because we all know the word it’s already in a messed up situation, since 2020 coming out from the pandemic, so we shouldn’t start facing War problem now, the world really needs peace at this moment, and not war.

[DapanasFruit]

Think the biggest sanction impact I can see right now is excluding Russia from SWIFT.

The real question is can Europe survive sanctioning Russia. The way Europe is hooked up Russian energy if Putin suddenly decides to go on a cut off spree and if the conflict increases some more "incidents" to other suppliers like in Red Sea, Europe could easily see 80% of its imports vanish and face a widespread energy crisis.

I am sure that Vladimir Putin and his minions have had thoroughly think on many scenarios that can happen once they will eventually invade Ukraine. And I know that Putin has many ways to evade the side-effects of any economic embargo and he is a living testimony on the power of oil as a big bargaining power. Europe could have a hard time without the oil of Russia and their people are not prepared for such an eventuality. Now, having said that, there is really a big possibility that Russia will be utilizing Bitcoin or any crypto for that matter for international transactions but this can also mean that USA and its allies might be pressuring Bitcoin and the whole crypto industry to do something about it. Right now, situations are very fluid and nobody knows where things will go.

[fzkto]

I am sure that bitcoin would not be a good means of payment in Russia. If only as a bypass to some kind of sanctions or bans on the use of dollars in foreign policy. The ruble will collapse anyway, and no one will want to trade with Russia after this has happened.

[SirLancelot]

When Russia announce that they accepted the Bitcoin as money form, can you explain the news more?

I don’t remember reading any news that say that Russia accepted Bitcoin as a money, maybe if there is any news that said such, wouldn’t mind if you can link me up to that news so that I can read about it.

When you say that they accepted it as a money form I guess that you mean the way El Salvador has declared it a legal tender? Meaning that it is the same thing with their dollar and can be used to purchase anywhere? I don’t think that’s the case with Russia, the news I read said that they have declared it a legal asset, there is a difference between that and what you have said here.