Ukraine - Russia war crisis. Will Bitcoin be legalized soon?

[CryptSafe]

I don't discuss about geopolitical issues or war here. Let's consider about what is going on and will happen with (against) Russia.

They under the dictatorship of Putin, really invaded Ukraine and ignored all international standards. They are punished by massive sanctions on their bank system and many areas. Because we do know Bitcoin is peer-to-peer, borderless so will Russia do something like North of Korea, trying to use Bitcoin as one of their last resorts?

With Bitcoin, they can avoid traditional sanctions against them. To do this, will they legalize Bitcoin in Russia soon?

Let me say, I hate war!

With this massive sanctions against Russia, I think they will have no option than to resort to a fast and easier means of carrying out transaction which probably means Bitcoin would be the answer. Legalizing Bitcoin in Russia now would  means a boycott to the financial sanctions on them. Currently they have been cut of from most wire transfer firms with headquarters in the western part of the world. However to ease and settle most financial transaction in a time like this, P2P is the option
and Bitcoin is the answer.

[tbct_mt2]

Everyone hates war in the world but I feel like starting this war could have an even bigger effect on bitcoin, if you check the situation on these two counties both of them need to use bitcoin for their people and even their governments, Russia is under economic sanctions bu the USA and many nato countries while bitcoin can be the solution for then and people in Ukraine need to cash out their money and migrate to another country I believe this situation will force both countries to use nad legalize bitcoin.

In fact Ukraine does not really need Bitcoin or cryptocurrency, they can donation charity through fiat currency and bank system. Only Russia are facing with serious sanctions. I know there are more conveniences when doing things with Bitcoin and cryptocurrency and Ukraine are doing this.

People on the world are supporting Ukraine and I am glad to see it happened. F* Putin to start this war and history will judge him. His name will be marked in global history, not only in this war or in Ukraine but the whole world will remember him.

[Woodie]

Seeing that sanctions are being applied on Russia which has seen several sectors of the economy including the banking sector being affected , if Russia supports bitcoin then chances are high that other countries will pull out of it.... At this moment most countries want to do the opposite of what Puttin and his forces are doing, to register their displeasure. But for now bitcoin has no borders hence i dont really expect much to be affected.

[tbct_mt2]

Seeing that sanctions are being applied on Russia which has seen several sectors of the economy including the banking sector being affected , if Russia supports bitcoin then chances are high that other countries will pull out of it.... At this moment most countries want to do the opposite of what Puttin and his forces are doing, to register their displeasure. But for now bitcoin has no borders hence i dont really expect much to be affected.

Sanctions on Russia will have effects on Russia and other nations. The world now is globalized so changes in a big nation like Russia will do affect other nations.

It's better for all if they did not start this war but it already started. So now it is better for all if they stop this war as soon as possible. Less sanctions, less deaths, less loses in war expenses and their reputation won't be damaged further. It seems like the whole world support Ukraine. Only a few nations like China, Democratic People's Republic of Korea, Belarus ... support Russia. I think the unbalanced support for Russia and Ukraine shows the truth about this war that is non sense.

[pealr12]

Seeing that sanctions are being applied on Russia which has seen several sectors of the economy including the banking sector being affected , if Russia supports bitcoin then chances are high that other countries will pull out of it.... At this moment most countries want to do the opposite of what Puttin and his forces are doing, to register their displeasure. But for now bitcoin has no borders hence i dont really expect much to be affected.

I don't think that will happen, pulling out of btc just because Putin decided to accept btc won't do them any good and certainly won't harm Putin in any way, why should they do it when they are in the space before Putin would ever imagine it,
The only way to deal with Putin is not to engage in any form of trade even if they decided to accept crypto, if nobody does business with him, accepting crypto won't be of such a great benefit to him and that will hurt him even more.

[Sterbens]

What about Yuan offer from China? maybe it will also be a second option besides Bitcoin? Aren't these 2 countries an alliance that is hard to separate? and have equal access to the economy as well as in other respects for Russia?
If Bitcoin becomes an alternative for Russia then it will avoid many parties as well as invite many other countries that are under Russian rule to follow suit. As we know Russia has influence over the countries under it. And once said to use Bitcoin, it is possible that other countries will also legalize the use of Bitcoin. As a result, Bitcoin is adopted on a wider scale.

[Vaskiy]

Seeing that sanctions are being applied on Russia which has seen several sectors of the economy including the banking sector being affected , if Russia supports bitcoin then chances are high that other countries will pull out of it.... At this moment most countries want to do the opposite of what Puttin and his forces are doing, to register their displeasure. But for now bitcoin has no borders hence i dont really expect much to be affected.

I don't think that will happen, pulling out of btc just because Putin decided to accept btc won't do them any good and certainly won't harm Putin in any way, why should they do it when they are in the space before Putin would ever imagine it,
The only way to deal with Putin is not to engage in any form of trade even if they decided to accept crypto, if nobody does business with him, accepting crypto won't be of such a great benefit to him and that will hurt him even more.

What you say is the view as a common public. There were more and more things that need to be considered prior to it. The first thing is the investment on Russia from foreign countries. The list falls as Germany, China and US being the top three. When the country isn't allowed to make trade the impact will be over these countries. Thats the reason why these countries don't make any statements on the sanctions. For now bitcoin helps them tackle the situation, beyond that isolating Russia from trade isn't a possible solution.

[Argoo]

by having high resources, Russia can / is not afraid to face economic sanctions from outside countries, I believe Russia will definitely legalize bitcoin so that investors can have great opportunities.
but on the other hand I'm very sad why the war had to happen

Putin and his entourage this time did not count on such harsh international sanctions that Russia faced after a large-scale invasion of Ukraine. They thought they could get away with it this time too, as previous incursions into Georgia, Moldova and Ukraine in 2014 had received a rather mild response from the international community. Now the Kremlin has already realized that they have committed a great stupidity, but they do not want to admit it, just as they hide that the sanctions this time turned out to be destructive for the Russian economy.
Putin is not going to legalize cryptocurrency, he does not care about the people of Russia. He wants to legalize his imperial plans for his own exaltation in any way. We already see what amendments to the law on digital assets are being prepared for the population. Anyone who has cryptocurrency and does not provide the relevant Saoi authorities with secret keys to wallets will be subject to criminal liability.

[Dunamisx]

by having high resources, Russia can / is not afraid to face economic sanctions from outside countries, I believe Russia will definitely legalize bitcoin so that investors can have great opportunities.
but on the other hand I'm very sad why the war had to happen

Putin and his entourage this time did not count on such harsh international sanctions that Russia faced after a large-scale invasion of Ukraine. They thought they could get away with it this time too, as previous incursions into Georgia, Moldova and Ukraine in 2014 had received a rather mild response from the international community. Now the Kremlin has already realized that they have committed a great stupidity, but they do not want to admit it, just as they hide that the sanctions this time turned out to be destructive for the Russian economy.
Putin is not going to legalize cryptocurrency, he does not care about the people of Russia. He wants to legalize his imperial plans for his own exaltation in any way. We already see what amendments to the law on digital assets are being prepared for the population. Anyone who has cryptocurrency and does not provide the relevant Saoi authorities with secret keys to wallets will be subject to criminal liability.

This thing Putin is doing is totally uncalled for, how on earth will his actions determines the fate of the citizens without considering the negative consequence, that there will be no more privacy? all users should be directed with the use of centralized exchanges? Well i expect all efforts on that to be futile because his intention to regulate all crypto sectors and from his actions, it does not seem ready to adopt bitcoin as a legal tender but rather colonized users through centralized exchange by enforcing regulations.

[Lewan]

The war between Ukraine and Russia introduced bitcoin to the world. Because bitcoin is an effective tool to circumvent the embargo. If Russia uses it wisely, it can get good results.

[Darker45]

The war between Ukraine and Russia introduced bitcoin to the world. Because bitcoin is an effective tool to circumvent the embargo. If Russia uses it wisely, it can get good results.

No, Bitcoin was already more or less popular even before Russia started to invade Ukraine. So the invasion didn't introduce Bitcoin to the world. As a matter of fact, Bitcoin's popularity is the reason why it became an option to the people of both countries in keeping their wealth, to those who wish to cross borders and carry with them all their life savings, to those who wish to donate to Ukraine's fight for freedom, to Russia to somehow evade sanctions, and so on.

[AicecreaME]

I don't discuss about geopolitical issues or war here. Let's consider about what is going on and will happen with (against) Russia.

They under the dictatorship of Putin, really invaded Ukraine and ignored all international standards. They are punished by massive sanctions on their bank system and many areas. Because we do know Bitcoin is peer-to-peer, borderless so will Russia do something like North of Korea, trying to use Bitcoin as one of their last resorts?

With Bitcoin, they can avoid traditional sanctions against them. To do this, will they legalize Bitcoin in Russia soon?

Let me say, I hate war!

It was said in several topics here in forum that yes, Russia could utilize the usage of bitcoin to avoid the sanctions imposed to them by many countries in the world. They can opt to use it instead of attempting accessing their bank accounts, which by the way are frozen in order to save the wealth still available to them, so it would be out of reach of the sanctions. And to freely use it for transactions such as using it as payment method when they don't have any cash left to purchase the things they want and need.

Bitcoin became really useful for Russian citizens because it brought them convenience amidst the chaos. They could bypass the sanctions since bitcoin is a decentralized entity, hence, out of reach of the imposed sanctions to them which just covers freezing of their centralized accounts. Although it's still too early to tell if they would legalize it, since they can still benefit from it without really arranging legal matters about it.

[RyanSmith23421]

well Putin declared it as a formal currency, I wouldn't be surprised if they do this, they also have lots of other options besides crypto to get over the sanctions they received from major banks

[alik111]

To be legalized Bitcoin worldwide it must have to gain world wide adoption and huge popularity. Thats why we can say that very soon Bitcoin will be legalized.

[amishmanish]

I would say  this wear is going to be long one and Russians will see a slump in their economy postwar.  US and allies will adopt stricter measures in long term. This will somewhere force Russia to do Non USD  transactions, Russia will use ruble based transactions as much as possible, but yes bitcoin can also gain popularity amongst common Russians for international transactions. However legalization of bitcoin might not happen as russia has previously taken harsh stand on crypto and this will likely to continue

[marine4u]

well Putin declared it as a formal currency, I wouldn't be surprised if they do this, they also have lots of other options besides crypto to get over the sanctions they received from major banks

Yes, Some of the news could have approached the other way around but if they are already considering finalizing a bill on crypto regulations it is their first step into bitcoin legitimacy.  Perhaps this will take some time but the same Russian central bank proposed to shut down bitcoin earlier this year. if they reverse their decision and take bitcoin against international debt that is totally fine understandable.  Putin has probably seen and calculated bitcoin problems thoroughly.

[savetheFORUM]

If bitcoin gets legalized because of a war, I will be feeling very disappointed. I mean we have been great for many years now and the world and the governments will realize we are good only due to a war? Did we had to literally start killing each other to realize that crypto is above governments?

It would be a let down because we could have understood the same thing way before any of this happened, I am not saying that it would have to be very quick, but if it is so quick during this period, then it could have been quicker even without it as well. I feel like people are ignoring the benefits of crypto until it is the very last second and that upsets me.

[Joshapat]

When there will be a lot of difficulties in financial transactions and in my opinion is a good idea if Ukraine and Russia legalize Bitcoin, the government should see the number of Bitcoin communities that have reached hundreds of millions of active users so it would be better if it legalized Bitcoin.

[zaesvlas]

When there will be a lot of difficulties in financial transactions and in my opinion is a good idea if Ukraine and Russia legalize Bitcoin, the government should see the number of Bitcoin communities that have reached hundreds of millions of active users so it would be better if it legalized Bitcoin.

I'm not sure that Russia will do it in the near future. Moreover, the question is rather technical.

[Ozero]

well Putin declared it as a formal currency, I wouldn't be surprised if they do this, they also have lots of other options besides crypto to get over the sanctions they received from major banks

Yes, Some of the news could have approached the other way around but if they are already considering finalizing a bill on crypto regulations it is their first step into bitcoin legitimacy.  Perhaps this will take some time but the same Russian central bank proposed to shut down bitcoin earlier this year. if they reverse their decision and take bitcoin against international debt that is totally fine understandable.  Putin has probably seen and calculated bitcoin problems thoroughly.

In Russia, measures are now being taken to prevent capital from fleeing the country. Therefore, it is not in the interests of the authorities to legalize cryptocurrency for citizens. Many are now leaving Russia as production closes and inflation and unemployment rise.
Putin and his entourage can, without any official laws, try to circumvent sanctions with the help of cryptocurrency. True, it is unlikely that he will succeed on a global scale. After all, in addition to the currency, you also need to transport the goods, and this will be tracked