Russia's approval of BTC

[Abiky]

They were too late in adoption. This will help mitigate effects of sanctions but if they really wanted to be immune from matters related to asset freezes, they should've put their reserve holdings in crypto. Some years ago Russia began dumping USD from their reserves, to the tune of hundreds of billions, but that hasn't done much in saving the ruble because they're still cut off economically.

Crypto isn't the saving grace for Russia. They cannot use Bitcoin to get their way out of this. If they wanted relief, they should've gone down this path years ago.

Exactly. Russia should've adopted Bitcoin long ago, if it had plans to become self-sufficient. Now that economic sanctions are in place, it's too late to do something about it. Only China might save Russia's economy. But making the Ruble rise from the ground up is not an easy task. Pressure is already mounting on Putin, so either he ceases and desists or face terrible consequences in the long run. It doesn't matter if Russia approves or disapproves of BTC as long as Putin is in power. Who knows what will be of the country within a couple of years from now? Just my opinion

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[yohananaomi]

Good move to protect their country there is also experience collaboration with the bitcoin world bulgarian based bitcoin exchange service btc is using their accounts for bank accounts and facilities. It can be said that the largest banks in russia and europe have been given the opportunity to get ample information on new trends in the finance environment.

it is true that as self-protection, countries need to continue to run their economies in every trade, so of course they will always look for alternatives that can be done so that their economic movements are not disturbed by the embargo that may be carried out by many countries, who do not like their invasion of ukraine. there is no other alternative, of course bitcoin can be used the most to get around the embargo, even though it was forbidden in the past, now they have to accept it as an alternative that can be used.

[Gyfts]

They were too late in adoption. This will help mitigate effects of sanctions but if they really wanted to be immune from matters related to asset freezes, they should've put their reserve holdings in crypto. Some years ago Russia began dumping USD from their reserves, to the tune of hundreds of billions, but that hasn't done much in saving the ruble because they're still cut off economically.

Crypto isn't the saving grace for Russia. They cannot use Bitcoin to get their way out of this. If they wanted relief, they should've gone down this path years ago.

Exactly. Russia should've adopted Bitcoin long ago, if it had plans to become self-sufficient. Now that economic sanctions are in place, it's too late to do something about it. Only China might save Russia's economy. But making the Ruble rise from the ground up is not an easy task. Pressure is already mounting on Putin, so either he ceases and desists or face terrible consequences in the long run. It doesn't matter if Russia approves or disapproves of BTC as long as Putin is in power. Who knows what will be of the country within a couple of years from now? Just my opinion

On the note of China, they are in fact conducting bilateral transactions with Russia without using USD outputs. So on top of the Russian currency reserves being emptied, China is willing to do business with Russia on their own terms.

Interesting side note, Israel is a major U.S. ally, and for the first time, they've adopted Yuan into their own currency reserves dropping their share of USD. It isn't just Russia that is diversifying their assets.

It's going to be a problem if the CCP's currency becomes the global standard.

[Doan9269]

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?

Firstly, Russia is yet to accept bitcoin as a legal tender but it is permitted for use by the citizens and initially we thought Russia could circumvent sanction through bitcoin but the US as at current is tightening the whole situation on Russia to find a means through. although swift sanction is the major available option to curb Russia off the invassion of Ukraine.

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

Base on the recent move to trace Russians account on centralized exchanges and holding down of users accounts find related to Russians or involved in a transaction with then and every bitcoin mining activities were put on hold as well in the country, while Putin is finding every possible means to wave away this embargo the more is the US implementing more strategies against Russia and the war isn't going any more as expected in favor of Russia but rather Ukraine,  so bitcoin that could be the only way out is being monitored under the centralized exchanges.

[Argoo]

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 were too late in adoption. This will help mitigate effects of sanctions but if they really wanted to be immune from matters related to asset freezes, they should've put their reserve holdings in crypto. Some years ago Russia began dumping USD from their reserves, to the tune of hundreds of billions, but that hasn't done much in saving the ruble because they're still cut off economically.

Crypto isn't the saving grace for Russia. They cannot use Bitcoin to get their way out of this. If they wanted relief, they should've gone down this path years ago.

Russia did not approve of bitcoin or other cryptocurrencies as a means of payment. And a few days ago, in the second reading, amendments were made in Russia to the previously adopted law on digital assets, in which citizens were obliged to store cryptocurrency on controlled centralized exchanges or on their wallets, but with the condition of reporting their secret keys to authorized bodies. In view of the lack of control of law enforcement agencies, this will practically mean that citizens were obliged to give their cryptocurrency to officials, because if they use the citizens’ cryptocurrency and declare that they did not do this, or perhaps the wallet was hacked by hackers, none of the ordinary citizens can prove anything to the contrary.
At the same time, the Putin regime may be trying to circumvent sanctions with the help of bitcoin and without a corresponding law.

[Abiky]

On the note of China, they are in fact conducting bilateral transactions with Russia without using USD outputs. So on top of the Russian currency reserves being emptied, China is willing to do business with Russia on their own terms.

Interesting side note, Israel is a major U.S. ally, and for the first time, they've adopted Yuan into their own currency reserves dropping their share of USD. It isn't just Russia that is diversifying their assets.

It's going to be a problem if the CCP's currency becomes the global standard.

China's Yuan becoming the global standard will be a total nightmare for sure. If that happens, communism/socialism will win. I'm pretty sure the US won't let that happen or that will mean the end of democracy for good. Russia may be falling, but it still has China (and some allies) by its side. That may not be enough to help rise its economy from the ground up, but if the US and its allies continue to show weakness, then the tables will turn faster than you can imagine.

On the issue of approving BTC, I don't think Russia will take such measures since that will mean going against China. The Russian government will still use BTC in secret, but it won't be approved for use by the people. It really doesn't matter which country approves or disapproves of Bitcoin since regulations can't really be enforced. That's the beauty of decentralization. Who knows what the future holds for Bitcoin as it becomes too big to fail? Just my thoughts

[DanWalker]

On the note of China, they are in fact conducting bilateral transactions with Russia without using USD outputs. So on top of the Russian currency reserves being emptied, China is willing to do business with Russia on their own terms.

Interesting side note, Israel is a major U.S. ally, and for the first time, they've adopted Yuan into their own currency reserves dropping their share of USD. It isn't just Russia that is diversifying their assets.

It's going to be a problem if the CCP's currency becomes the global standard.

China's Yuan becoming the global standard will be a total nightmare for sure. If that happens, communism/socialism will win. I'm pretty sure the US won't let that happen or that will mean the end of democracy for good. Russia may be falling, but it still has China (and some allies) by its side. That may not be enough to help rise its economy from the ground up, but if the US and its allies continue to show weakness, then the tables will turn faster than you can imagine.

On the issue of approving BTC, I don't think Russia will take such measures since that will mean going against China. The Russian government will still use BTC in secret, but it won't be approved for use by the people. It really doesn't matter which country approves or disapproves of Bitcoin since regulations can't really be enforced. That's the beauty of decentralization. Who knows what the future holds for Bitcoin as it becomes too big to fail? Just my thoughts

Looking at the present, USD is under threat and weaker than ever, but I believe that the US will do everything, regardless of not losing its position as a leading power. China and Russia are creating a new alliance that restricts the use of USD and EURO in their transactions and they want to overthrow the dominance of USD and EURO but it is still difficult to say whether China's Yuan will soon replace the USD.

Bitcoin is only one method in Russia's choice of means of payment with its counterparty, so it will not affect the relationship of the two countries. Yes, bitcoin has become too big to beat even if China gets rid of bitcoin.

[Joshapat]

Good news to make bitcoin shine more, I'm sure there will be many countries that legalize Bitcoin because it is proven to be more profitable and can overcome economic and financial problems, I hope that more and more Bitcoin ATM and ATM outlets so that it will make it easier for users in Russia

[riso2015]

Good news to make bitcoin shine more, I'm sure there will be many countries that legalize Bitcoin because it is proven to be more profitable and can overcome economic and financial problems, I hope that more and more Bitcoin ATM and ATM outlets so that it will make it easier for users in Russia

Russia's approval of btc might be a good step for all who adopt bitcoin, if this news is true, and can be trusted maybe other countries will also take part in legalizing bitcoin in their country, as El Salvador did bukele, maybe Russia's move to approve btc just to avoid sanctions imposed by other countries.

[jhonjhon]

Putin shot off reports that Russia was considering banning cryptocurrency. Although he stated that the central bank "does not stand in the way of our technical progress" and sees its own path to cutting-edge technology, and that the bank has some valid concerns with risky economic investments made around bitcoin, he also stated that Russia cannot ignore its "certain competitive advantages here, especially in mining."

Putin's remarks suggest that Bitcoin is beginning to persuade world leaders with a simple argument: it has far too much potential to be ignored or treated negatively.
https://www.nasdaq.com/articles/despite-central-bank-ban-recommendations-putin-sees-future-for-bitcoin-in-russia

[ivankoh]

Currently, Russia is still actively finalizing the ideas in the bill to legalize bitcoin.  But Putin clearly understands that accepting bitcoin as a payment method is not promising for the ruble's value back.  And I think Putin clearly recognizes bitcoin as putting more pressure on the dollar.  I think these are good ideas and incentives for Russia to soon publish what is allowed to be "legal" soon.

[jaberwock]

On the note of China, they are in fact conducting bilateral transactions with Russia without using USD outputs. So on top of the Russian currency reserves being emptied, China is willing to do business with Russia on their own terms.

Interesting side note, Israel is a major U.S. ally, and for the first time, they've adopted Yuan into their own currency reserves dropping their share of USD. It isn't just Russia that is diversifying their assets.

It's going to be a problem if the CCP's currency becomes the global standard.

This war showed us that maybe we should stop being reliant on the people we dislike. West dislikes china and Russia which is not a secret, I dislike them too, they are a dictatorship that pressures their people into horrible militaristic life, and there is no freedom if you ask me.

However, if you depend on China for all the products, and depends on Russia for all the energy, then go out and act as if you dislike them, then I am sorry but people will just go to them because they can provide what they need, instead of you just because you have the money for it. I wouldn't be shocked if Chinese Yuan became the main reserve currency at some point, not in short term, in short term they could only go up, but to be main will take a few years at least, maybe a decade.

[yohananaomi]

Good news to make bitcoin shine more, I'm sure there will be many countries that legalize Bitcoin because it is proven to be more profitable and can overcome economic and financial problems, I hope that more and more Bitcoin ATM and ATM outlets so that it will make it easier for users in Russia

Obviously this is good news for the development of bitcoin, but this is an action to annul what has been done before, all this because of the pressure experienced by Russia because of the impact of the embargo which is likely to disrupt the Russian economy. by being able to accept bitcoin at least they can take action using bitcoin in making transactions.
Russia is already doing a very good job of using bitcoins from all the pressures they might experience from the impact of their invasion of Ukraine.

[bitzizzix]

Yes, I personally think Russia will fully adopt bitcoin until the Ruble recovers and the best part is we don't know if it will recover, and Russian citizens are already using bitcoin and other cryptocurrencies as a safe haven, and whatever the reason bitcoin will be the best alternative to restore the economy and all the sanctions that occur.

[Ozero]

Yes, I personally think Russia will fully adopt bitcoin until the Ruble recovers and the best part is we don't know if it will recover, and Russian citizens are already using bitcoin and other cryptocurrencies as a safe haven, and whatever the reason bitcoin will be the best alternative to restore the economy and all the sanctions that occur.

On the issue of cryptocurrency, the positions of the government and the positions of Russian citizens are very different. Now the government is doing everything possible to prevent the flight of capital from Russia abroad. At the same time, tough measures are being taken to stabilize the ruble exchange rate, and they prefer a short-term effect, and this has a bad effect on the stability of the ruble in the long run. Therefore, the current Putin regime in Russia is not interested in legalizing cryptocurrency and giving citizens the right to use it freely. In an environment where the flow of people who leave Russia due to war and sanctions is increasing, the legalization of cryptocurrency will quickly collapse the ruble. This is well understood in the government.

[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.

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.

It is difficult to pronounce when there are arguments that are very good, and obviously the natural thing is that yes, it is that BTC is a way out for the Russian government and for anyone in Russia it is, because by removing the swift and any other way of being able the Russians receive money, how could it be done? or in what way? if it is blocked everywhere, only the local internal russian banking system is the one that is not blocked but with more restrictions, the only way is to create a mini-economization where everything is bought and sold through btc, and I think those options Putin must have already taken them.

so there is no best way for the Russian leader "Putin" to immediately exercise the option to accept bitcoin as a means of payment and transactions for them. because the embargo will continue to be carried out and the way out to avoid the country's economic difficulties is to be willing to do and accept bitcoin as a legal tender, to reduce the ongoing sanctions for the country.
I agree with the colleagues above, that bitcoin is a way out for any country in resolving the embargo sanctions that may be experienced.

I firmly believe that with the embargo on Russia, it is certain that there will also be big countries that will help for political reasons which have been their enemies. China is a country that will probably help Russia to avoid experiencing the hardships of the embargo. If this will happen, it will likely be due to long term political interests.
But right now it is important for Russia to accept and recognize bitcoin as a legal tender.

[royalfestus]

Yes, I personally think Russia will fully adopt bitcoin until the Ruble recovers and the best part is we don't know if it will recover, and Russian citizens are already using bitcoin and other cryptocurrencies as a safe haven, and whatever the reason bitcoin will be the best alternative to restore the economy and all the sanctions that occur.

All this news are just meant to generate ecstasy among bitcoin traders and enthusiast. Such information or development does not push the market to bull market but I feel they are development that can help in the long run. Putin will not put bitcoin above Rubie and no news from Russia prove all the information coming here on the country adoption. Bitcoin does not run in trillions of dollar and we know the amount on exchanges and trading at the moment, The available amount cant pay fuel fund at the moment

[Abiky]

Looking at the present, USD is under threat and weaker than ever, but I believe that the US will do everything, regardless of not losing its position as a leading power. China and Russia are creating a new alliance that restricts the use of USD and EURO in their transactions and they want to overthrow the dominance of USD and EURO but it is still difficult to say whether China's Yuan will soon replace the USD.

Bitcoin is only one method in Russia's choice of means of payment with its counterparty, so it will not affect the relationship of the two countries. Yes, bitcoin has become too big to beat even if China gets rid of bitcoin.

Putin will have to decide whenever he wants his country to collapse due to economic pressure or all the other way around. Bitcoin may be an alternative to help restore the Russian economy, but it's not the only option available. With Russia's own natural reserves and strong alliances with China, it's possible the country will rise again back to its former glory (if it ever does). Bitcoin's been going downhill recently, so there's no rush for Russia to approve its use anytime soon. Even if Russia never legalizes Bitcoin, the government can still use it in secret.

For what I know, Bitcoin doesn't need the approval of countries in order to survive. What matters is how many people support the blockchain so that it can stand the test of time. With many nodes and miners supporting the network, it's likely Bitcoin will last a lifetime. Just my opinion

[LUCKMCFLY]

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.

It is difficult to pronounce when there are arguments that are very good, and obviously the natural thing is that yes, it is that BTC is a way out for the Russian government and for anyone in Russia it is, because by removing the swift and any other way of being able the Russians receive money, how could it be done? or in what way? if it is blocked everywhere, only the local internal russian banking system is the one that is not blocked but with more restrictions, the only way is to create a mini-economization where everything is bought and sold through btc, and I think those options Putin must have already taken them.

so there is no best way for the Russian leader "Putin" to immediately exercise the option to accept bitcoin as a means of payment and transactions for them. because the embargo will continue to be carried out and the way out to avoid the country's economic difficulties is to be willing to do and accept bitcoin as a legal tender, to reduce the ongoing sanctions for the country.
I agree with the colleagues above, that bitcoin is a way out for any country in resolving the embargo sanctions that may be experienced.

I firmly believe that with the embargo on Russia, it is certain that there will also be big countries that will help for political reasons which have been their enemies. China is a country that will probably help Russia to avoid experiencing the hardships of the embargo. If this will happen, it will likely be due to long term political interests.
But right now it is important for Russia to accept and recognize bitcoin as a legal tender.

Yes, if Russia agrees to have BTC as legal tender, where would the Ruble be? It would be a double-edged sword for Putin, because everyone would buy pure crypto, and the currency would simply lose more and more liquidity, because you can't compare a government-backed currency to BTC and everything that has to do with crypto. In addition to the fact that the inflationary economy will always be below the economy that manages BTC, any deflationary economy will have more influence and much more guarantee than the traditional economy, it is no secret to anyone that the high hands in Russia manage BTC.

[dlightag]

The world is gradually moving into technology by making things easy, when it come for financial sectors, by Russia's approval of BTC as a means of payment in the country, i think is a good one, and it will increase more demand of bitcoin transaction across the nation.