Russia's approval of BTC

[StarKay]

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

The truth is BTC can't replace fiat currencies on a much bigger transactions like import and export between countries as of today, so I don't think that BTC can solve the problem.

Another point is that the US government can decide to ban BTC as a matter of national security if by any chance Russian federation have a bit of success in using bitcoin to carry-out transactions. Let's face it, BTC as of today is best for peer to peer txs and a store of value.

[fzkto]

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.

Russia's adoption of bitcoin is inevitable. After the hostilities in Ukraine, most countries have cut off Russian banks from foreign exchange transactions. So Russia will follow Iran's path and use bitcoins for international settlements. Maybe a new bull run can start because of this.

[Flexystar]

I had different thought earlier but now things are way different. The Russia and Ukraine war has changed many things now. Does anyone see a conspiracy theory behind the acceptance of bitcoin? Like Putin knew Russia gonna evade the Ukraine and he will face detachment from the rest of the world for this act of his. So to overcome the financial burden with the time they might be keeping crypto currencies as second space to keep the finances safe. Now how and what they could’ve thought is different story, but war changes everything.

[Unked1990]

Bitcoin is becoming increasingly popular with criminals. In fact, some experts believe that over half of all illegal goods purchased online could be paid for using this cryptocurrency. Check this number

[FIFA worldcup]

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 .

There will be a lot of sanctions on Russia due to their recent attack on Ukraine. Russia would have no option left but to adopt bitcoin. This will indirectly benefit the bitcoin market because there is a lot of demand for bitcoin and crypto in Russia.

[asus09]

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.

All the news about Russia's agreement to btc still has not found a bright spot, they are only making plans, and there is no certainty, what is certain is that they are currently at war with Ukraine, which makes all investors affected by this war, such as Chelsea club owner Roman Abramovich who suffered a share loss of 9.6 trillion due to the heated impact between Russia and Ukraine.

[poldanmig]

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.

All the news about Russia's agreement to btc still has not found a bright spot, they are only making plans, and there is no certainty, what is certain is that they are currently at war with Ukraine, which makes all investors affected by this war, such as Chelsea club owner Roman Abramovich who suffered a share loss of 9.6 trillion due to the heated impact between Russia and Ukraine.

Previously Russia had planned to hold a parliamentary meeting to discuss the legality of bitcoin in their country and also find a solution to the differences of opinion that occurred between the pro-bitcoin parliament and the Russian central bank which rejected bitcoin, but I think the discussion has been delayed due to the current conflict, However, I suspect that if Russia is subject to economic sanctions from NATO countries and as a result of the invasion right now America has prohibited Russia from using the dollar as a tool for its current import export transactions, so it is not impossible that Russia will use bitcoin or other crypto in conducting international transactions.

[Marvell1]

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.

Yes. It's confusing with his quick decision to accept bitcoin, because Russia's central bank had previously proposed banning bitcoin altogether. Many experts say that Mr. Putin legalizing bitcoin wants to use bitcoin to fight sanctions from the US and the West, but I don't think so.
Nobody wants war, mate. The world has experienced a deadly year with the covid 19 pandemic and I pray that everything will be over soon, Russia and Ukraine will come together to the negotiating table to end this war.

[fzkto]

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.

All the news about Russia's agreement to btc still has not found a bright spot, they are only making plans, and there is no certainty, what is certain is that they are currently at war with Ukraine, which makes all investors affected by this war, such as Chelsea club owner Roman Abramovich who suffered a share loss of 9.6 trillion due to the heated impact between Russia and Ukraine.

Previously Russia had planned to hold a parliamentary meeting to discuss the legality of bitcoin in their country and also find a solution to the differences of opinion that occurred between the pro-bitcoin parliament and the Russian central bank which rejected bitcoin, but I think the discussion has been delayed due to the current conflict, However, I suspect that if Russia is subject to economic sanctions from NATO countries and as a result of the invasion right now America has prohibited Russia from using the dollar as a tool for its current import export transactions, so it is not impossible that Russia will use bitcoin or other crypto in conducting international transactions.

Talks about cryptocurrency in the Russian government have started recently. At first, the Central Bank criticised cryptocurrency and suggested that the government introduce a complete ban on its use within the country. But there are smart people in parliament who rejected such a proposal. The status is not final yet, but it is likely that cryptocurrencies will be officially accepted.

[Abiky]

Yes. It's confusing with his quick decision to accept bitcoin, because Russia's central bank had previously proposed banning bitcoin altogether. Many experts say that Mr. Putin legalizing bitcoin wants to use bitcoin to fight sanctions from the US and the West, but I don't think so.
Nobody wants war, mate. The world has experienced a deadly year with the covid 19 pandemic and I pray that everything will be over soon, Russia and Ukraine will come together to the negotiating table to end this war.

With the wave of sanctions approved by the West, it's likely Russia will fully approve Bitcoin for their own benefit. This could make Bitcoin's price soar to the moon, but it will not be viewed with good eyes by opposing countries. These are uncertain times we're living into, so anything can be expected. At least, we'll have one more country joining the revolution. If all of the world's governments approve Bitcoin as legal tender, then "hyperbitcoinization" will become a reality. Who knows if we're beginning to see the end of Fiat before our very eyes? Just my opinion

[noormcs5]

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 .

Russians have already started buying and this is one of the reasons we are seeing massive movements in bitcoin prices. Also, the world has realized that in a war situation, only the cash in hand and crypto in decentralized wallets are the safest way to store the wealth. The banks and plastic cards are useless in this situation. People are unable to use debit or credit cards if the governments/banks ban their usage in crisis situations.

[livingfree]

Russians have already started buying and this is one of the reasons we are seeing massive movements in bitcoin prices. Also, the world has realized that in a war situation, only the cash in hand and crypto in decentralized wallets are the safest way to store the wealth. The banks and plastic cards are useless in this situation. People are unable to use debit or credit cards if the governments/banks ban their usage in crisis situations.

Exactly.

Banks can't halt their ATMs and no one can ever withdraw their money even at desperate times. That's why purchases made through crypto have been happening there.

Although this news might not be from Russia, it's possible that it's also happening there.

News: Danish Reporters in Ukraine Buy Used Car with Bitcoin

[CaVO32]

Russians have already started buying and this is one of the reasons we are seeing massive movements in bitcoin prices. Also, the world has realized that in a war situation, only the cash in hand and crypto in decentralized wallets are the safest way to store the wealth. The banks and plastic cards are useless in this situation. People are unable to use debit or credit cards if the governments/banks ban their usage in crisis situations.

Exactly.

Banks can't halt their ATMs and no one can ever withdraw their money even at desperate times. That's why purchases made through crypto have been happening there.

Although this news might not be from Russia, it's possible that it's also happening there.

News: Danish Reporters in Ukraine Buy Used Car with Bitcoin

With the war crisis, people in the affected countries will find a way how to get their assets to safety. And crypto is indeed a very good option because if they will send it to their own wallet, they have the full control and the government won't know its existence. So in this situation, they can buy from the exchange but they need to transfer it fast to noncustodial wallets where they have their own keys. Otherwise, if they will leave it to their centralized exchanges, the exchange can easily freeze their accounts in case their government mandates it. Purchase via crypto will increase in the coming days as they want to make it fast and anonymous as much as possible.

[Henrobakkara]

Congratulation to Russia government for this good decision to accepted bitcoin in their country.  The government will try to build more institution that will  impact their citizens about bitcoin in the societies.
Russian economy must definitely change positively in this season for the good step the government has took to adopted decentralized currency to their citizens .
Now that bitcoin price is about to increase higher in the exchange market, it will be better for Russian citizens to use this opportunity to buy more of bitcoin and hold for the price to increase higher before they can sell to make a good profit.

Is there a confirmation to this supposedly "good decision to accepted bitcoin in their country" you are talking about? I don't think this news has been confirmed and even if it has which I still say it hasn't, how much of an investment do you think the Russian people will make with the level of the country's currency right now?

[gabbie2010]

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.

This is a welcome development by the Ukrainian parliament, passing the law will encourage having access and usage of crypto to met their urgent demands of the country citizens at this trying time period of crisis.
it's good to read news about donations to their country via cryptos, Binance recently made their donations and other individual donors are also donating cryptos for the same purpose, all these will obviously make an impact on the prices of cryptocurrencies, however my hope is that the conflict is resolved as soon as possible to forstall human casualties and refugees crisis.

[livingfree]

Banks can't halt their ATMs and no one can ever withdraw their money even at desperate times. That's why purchases made through crypto have been happening there.

Although this news might not be from Russia, it's possible that it's also happening there.

News: Danish Reporters in Ukraine Buy Used Car with Bitcoin

With the war crisis, people in the affected countries will find a way how to get their assets to safety. And crypto is indeed a very good option because if they will send it to their own wallet, they have the full control and the government won't know its existence. So in this situation, they can buy from the exchange but they need to transfer it fast to noncustodial wallets where they have their own keys. Otherwise, if they will leave it to their centralized exchanges, the exchange can easily freeze their accounts in case their government mandates it. Purchase via crypto will increase in the coming days as they want to make it fast and anonymous as much as possible.

They are doing that and it is for sure.

In times of war, you need cash and money and the wealth you have in the bank is going to be unuseful if the banks have been closed and won't allow money to come out from them.

CEXs are also like the banks and they can do the same as freezing accounts, it's not safe ever since to leave their funds there.

[Golfler]

Historical events will prove that Bitcoin has the characteristics of borderless and super-sovereignty, and the only international monetary system and settlement network is the sense of security we are looking for.

[KaliLinux]

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.

Of cause but hopefully, they will continue to support the use of cryptocurrencies long after this war is ended. This is no surprise as it is easier now to use crypto or receive donations by crypto rather than fiat money as we have seen since most of the banks are not working or have been destroyed, so this is why I said hopefully they remember how useful crypto was during this hard times for their country.

[Abiky]

Russians have already started buying and this is one of the reasons we are seeing massive movements in bitcoin prices. Also, the world has realized that in a war situation, only the cash in hand and crypto in decentralized wallets are the safest way to store the wealth. The banks and plastic cards are useless in this situation. People are unable to use debit or credit cards if the governments/banks ban their usage in crisis situations.

Of course. Russia had no other choice but to buy Bitcoin in order to help circumvent economic sanctions imposed by several countries worldwide. Bitcoin is truly unstoppable, so that makes it the best sound money the world has ever seen. And that is just the tip of the iceberg as the best is yet to come. Slowly but surely, we've been seeing a new wave of countries legalizing Bitcoin for mainstream use. We now have Russia & Ukraine in the game, so I wonder which country will be next?

With major investments from companies to mainstream governments into Bitcoin, the price per coin should've soared by now. If Gold reached a new ATH, then Bitcoin can do better. We'll see how everything will play out in the long run as Fiat collapses in its entirety. I'd be surprised if Bitcoin becomes the new unit of account used in global commerce. That would be a real game-changer. Just my opinion

[Ozero]

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.

Putin has talked a lot about bitcoin inconsistently. But in fact, nothing has been done to recognize bitcoin or another cryptocurrency as a means of payment. The previous law on digital assets passed still prohibits the use of cryptocurrency as a means of payment. The Central Bank of Russia also advocates a complete ban on cryptocurrencies. Only the Ministry of Finance of the Russian Federation proposed to legalize and regulate cryptocurrency, but nothing was adopted at the legislative level.
Now, after the failure of the attack on Ukraine and the imposition of unprecedented international sanctions against Russia, the Russian government must have changed its priorities and tasks. The main thing for Russia now is not to let the remaining capital flow out of the country. Cryptocurrency will just contribute to this. Therefore, I do not think that now they will turn to cryptocurrency there.