Russia's approval of BTC

[YOSHIE]

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?

Russia knows, if it doesn't take the right steps for now Bitcoin as an Alternative, it might get even worse in the future, for now Russia knows Bitcoin is the right move to counter european policy on ruble sanctions.

Maybe putin thinks the ruble, will experience a sharp decline and fall due to this war, Bitcoin does not, if Bitcoin is made as a shield to protect the value of the ruble, i think that makes sense, i think if putin holds bitcoin as a value asset during this war, my judgment is that Biden and Europe are a little tired of silencing Russia despite the sanctions imposed on the ruble, for now there is no mystery that can dissuade users from using Bitcoin.

[keonhacaiwiki]

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.

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.

Homepage : https://keonhacai.wiki/

[Reatim]

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.

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.

Homepage : https://keonhacai.wiki/

please stop spamming the forum of your Site link , your account posted that since february

and your post history tells that all

 https://bitcointalk.org/index.php?action=profile;u=3447764;sa=showPosts

________________________________________________

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.

agreed on that mate, this is what people must learn if they really wanted to invest and trust bitcoin for long term process .

[zasad@]

Almost 19 million out of 21 possible bitcoins have been mined. Why would Russia use bitcoin as a means of settlement with other countries if you do not control the issue and do not understand who controls most of the bitcoins. After all, at any moment the price of bitcoin can increase or decrease, which is very bad for world trade. It is probably more profitable to create your own payment system on the blockchain. And for small transactions, cryptocurrencies are very convenient.

[oaz7t]

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

Thats bad for us, thats bad for the bitcoin economy. The man might just manipulate the market heavily as he would be angry after the sanctions that are being imposed on the country. I think he had great plan ahead of everything when he was planning for the war. He might knew what would happen after this, how ruble will fall as America is the biggest enemy who will be in the favour of Ukraine. Same thing happened, and he knew Bitcoin would be the safe heaven to inject those penalties back into the global economy. They can shut down the internet, they might get banned from the banks, but how will they ban the crypto's and its trades?

[rby]

Russia has not officially made bitcoin a legal tender, they only started the process before the war broke out. As if Russia was not prepared for all the economic sanctions before embarking the war, their currency depreciated and Bitcoin came to their aid. Bitcoin also helped their opponent country which is Ukraine by giving them a means to recieve international donation from people and government. This is telling us that bitcoin is for everyone who loves it and if you don't love bitcoin when this kind of challenge happens to you, you will embrace bitcoin.
After the war, the two countries will no longer be enemies of bitcoin. The two countries may likely fully legalise the use of cryptocurrency in their various countries. This will be a very great success for bitcoin if it happens.

[antonio george]

Can you include the source link if Russia has accepted Bitcoin as a currency

What I read last that we also discussed on this forum is that Russia wants to accept Bitcoin as a currency, they are still on it, you can check this thread for that: Russia to make bitcoin a currency

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

Maybe it is political reason or not, nobody can know why, it can be and it might not be the reason. I do not have any point regarding this but one of the function of bitcoin is to help during inflation just like gold.

[zasad@]

Russia has not officially made bitcoin a legal tender, they only started the process before the war broke out. As if Russia was not prepared for all the economic sanctions before embarking the war, their currency depreciated and Bitcoin came to their aid. Bitcoin also helped their opponent country which is Ukraine by giving them a means to recieve international donation from people and government. This is telling us that bitcoin is for everyone who loves it and if you don't love bitcoin when this kind of challenge happens to you, you will embrace bitcoin.
After the war, the two countries will no longer be enemies of bitcoin. The two countries may likely fully legalise the use of cryptocurrency in their various countries. This will be a very great success for bitcoin if it happens.

Cryptocurrencies are not legal tender, but a new business is already emerging in Russia. In telegram channels, you can buy household appliances from Poland, through Belarus or in other countries, through Kazakhstan and pay for it with cryptocurrencies. Guarantors are already appearing and prices are much more profitable. After such sanctions, most of the business will be able to use cryptocurrencies.

[Altcoinsintel]

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

Nope. Russia will need to buy $80billion in BTC to cover for the trade balance sheet imports. That would also imply its remaining trading partners will accept BTC.
It would be totally stupid buying 80 billion in BTC since there is not that much available on exchanges and will need to keep buying at prices of 500k and 1million USD if so much Rubble or foreign exchange held by Russia finds an entrance to exchanges or any OTC desks.

It could buy a few million here and there, and those selling will get visits from the feds.

[zasad@]

If Russian president Putin accept Bitcoin as a legal tender, i think it is because of the problem between Russia and Ukraine, because before now i over heard that Russian country ban Bitcoin before now, maybe from what I'm seeing the country have notice that Bitcoin is one of the options that will liberate them from this economic crisis's that is in line to affect both parties that is in battle line between Russia and Ukraine

The interests of the state and the interests of the people very often do not coincide. Bitcoin gives great freedom, and now the leadership does not have the ability to control cryptocurrencies, so Russia has the largest dark market in the world. But the most important thing is that no one forbids the use of cryptocurrencies, and the current prohibitions in the form of payment with cryptocurrencies for goods are not controlled. I very often meet on trading platforms the phrase that it is possible to pay in USDT

[Cearea11]

I think it's very hard that a country move part of their capital in a cryptocurrency. The world is organized with trading/financial agencies that gives a rating to your country. Which would be be the rating for Russia if they move assets in BTC / other currencies? For this reason, I think this is not suitable.

[e_abrams]

I was thinking that too. From what I understand, western agencies can't even rate Russia anymore, didn't the EU forbid them from doing it? Or am I mistaken?

[elisabetheva]

Russia as a big country certainly has things to rely on, if indeed there will be sanctions imposed on them. we know that Russia could use cryptocurrency to blunt all countries that want to do any sanctions. including at this time because of their war with ukraine which has been heard at this time that the sanctions are coming from the USA.

Russia has indeed prepared well with the help of companies having many cryptocurrency tools at their disposal to evade sanctions, including a so-called digital ruble and ransomware.
Of course they will do whatever it takes to not be afraid of all the possible sanctions.

[JayTrain]

I see that this is only talk about the adoption of bitcoin, and hypothetical ideas about it, there are no laws and supporting documents, perhaps they will soon adopt laws on cryptocurrency and bitcoin, so it's premature to talk about the adoption of bitcoin and cryptocurrencies in the Russian Federation.

[SirLancelot]

Russia will need to buy $80billion in BTC to cover for the trade balance sheet imports. That would also imply its remaining trading partners will accept BTC.
It would be totally stupid buying 80 billion in BTC since there is not that much available on exchanges and will need to keep buying at prices of 500k and 1million USD if so much Rubble or foreign exchange held by Russia finds an entrance to exchanges or any OTC desks.

It could buy a few million here and there, and those selling will get visits from the feds.

They will not do that for sure, that is just way too much money, but do not tell me it is impossible neither. I mean of course you can't do that all together, but like 100 million a day? That would not be impossible to hide, and considering the main export of Russia is hiding information and stealing it from others, I would say that putting up 100 million a day should not be a big deal. That would not cover all of it, so they would have to do big numbers once in a while, but it is really not impossible to get like 5-10 billion out in the next 3 months, and maybe even 20 billion or so by the end of the summer. That is not all of it, but it is not zero neither.

[lepbagong]

If Russian president Putin accept Bitcoin as a legal tender, i think it is because of the problem between Russia and Ukraine, because before now i over heard that Russian country ban Bitcoin before now, maybe from what I'm seeing the country have notice that Bitcoin is one of the options that will liberate them from this economic crisis's that is in line to affect both parties that is in battle line between Russia and Ukraine

true, because bitcoin will not only bring Russia out of the economic crisis but the main role is that it will not make anyone in the world who will be able to embargo them. because it is currently seen in many countries that have started freezing the assets of Russian citizens, both for individuals and even for companies that have assets in the country that carried out the freezing. Of course this will make the Russian economy disrupted because the Russian currency will be difficult to accept, by providing an opportunity to receive bitcoin, there is a solution that can be done from the embargo that has been carried out.

[arwin100]

If Russian president Putin accept Bitcoin as a legal tender, i think it is because of the problem between Russia and Ukraine, because before now i over heard that Russian country ban Bitcoin before now, maybe from what I'm seeing the country have notice that Bitcoin is one of the options that will liberate them from this economic crisis's that is in line to affect both parties that is in battle line between Russia and Ukraine

true, because bitcoin will not only bring Russia out of the economic crisis but the main role is that it will not make anyone in the world who will be able to embargo them. because it is currently seen in many countries that have started freezing the assets of Russian citizens, both for individuals and even for companies that have assets in the country that carried out the freezing. Of course this will make the Russian economy disrupted because the Russian currency will be difficult to accept, by providing an opportunity to receive bitcoin, there is a solution that can be done from the embargo that has been carried out.

If they use other things it will be sanction and freeze but if they use bitcoin they can use it everywhere and can transact for other government entities who accept to deal with such transactions. But I wonder if they can able to handle the volatility wince we know bit is volatile and they are dealing a huge money their so every negative movements will cost a lot of money to them, but if market is green then they can also earn with it so I think what they need is to handle the market stress which I think they know and allow since as of the moment they are using this to escape those sanctions impose to them.

[Abiky]

The interests of the state and the interests of the people very often do not coincide. Bitcoin gives great freedom, and now the leadership does not have the ability to control cryptocurrencies, so Russia has the largest dark market in the world. But the most important thing is that no one forbids the use of cryptocurrencies, and the current prohibitions in the form of payment with cryptocurrencies for goods are not controlled. I very often meet on trading platforms the phrase that it is possible to pay in USDT

That's certainly true, mate. Just because people are interested in Bitcoin, doesn't mean it's approved by the state. Everything will depend on how beneficial Bitcoin can be to the government itself. In these troubled times where the Russian Ruble is falling, Bitcoin can be seen as an alternative or escape route from economic sanctions imposed by Western countries and the EU. Russia can also decide to create its own digital currency, but it can be easily penalized by other countries due to its centralized design. Something that's resilient, decentralized, and censorship-resistant would be the ideal tool for the Russian government to become self-sustainable and impervious from international sanctions.

If Russia decides to approve BTC for legal use, then adoption for the cryptocurrency will soar towards new heights. That and also the fact that other countries will try to tighten regulations in order to stifle Bitcoin's growth in the mainstream world (but without any widespread success at all). No one can predict the future, so all we can do is hope for the best. Just my opinion

[fuguebtc]

If Russian president Putin accept Bitcoin as a legal tender, i think it is because of the problem between Russia and Ukraine, because before now i over heard that Russian country ban Bitcoin before now, maybe from what I'm seeing the country have notice that Bitcoin is one of the options that will liberate them from this economic crisis's that is in line to affect both parties that is in battle line between Russia and Ukraine

true, because bitcoin will not only bring Russia out of the economic crisis but the main role is that it will not make anyone in the world who will be able to embargo them. because it is currently seen in many countries that have started freezing the assets of Russian citizens, both for individuals and even for companies that have assets in the country that carried out the freezing. Of course this will make the Russian economy disrupted because the Russian currency will be difficult to accept, by providing an opportunity to receive bitcoin, there is a solution that can be done from the embargo that has been carried out.

The sudden approval of bitcoin before the war started, I think they only see bitcoin as one of the temporary solutions when sanctions are imposed. Bitcoin is very difficult to help Russia out of the economic crisis, it is impossible. Bitcoin will be better for individuals than Russian government.
Assuming the Russian government accepts bitcoin as legal tender to evade sanctions, the US and Europe will impose bans on the crypto. We need to see clearly that the US is looking for ways to kill the Russian economy so they won't give up any way.
A China bans bitcoin, it probably won't affect bitcoin much, but the US and all its allies ban bitcoin, I think that's a big problem with crypto.

[Crypto Library]

Recent news shows that cryptocurrency is banned in Russia, although people are still working in many countries despite the ban. Due to sanctions imposed on Russia by various countries, their currencies have depreciated, resulting in Bitcoin transactions.