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

[tbct_mt2]

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!

[NeuroticFish]

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

I would not hold my breath for this.

Russia's traditional customers - Germany and Italy - have blocked the decision of getting Russia out of SWIFT. So they'll keep pumping fiat there in exchange for gas.
Russia's new laws may be on halt for now while the focus is on the war.

So again, I would not be so sure this will happen too soon. And really, I'm not sure I am looking for Bitcoin get the blessing of the terrorist of the year.

[hugeblack]

Russia has many options that can be used to avoid sanctions. Using any payment method other than the dollar would be appropriate, and then we would find that local currencies or exchanges for oil/food would be more effective than the dollar.

Bitcoin may be an option, but I do not see that there is anything special about Bitcoin that will make the government adopt it.

The effect will be for individuals to buy Bitcoin, changes will happen, especially if governments decide to impose restrictions on deposit withdrawals or at least the currency depreciation.

[CryptocurencyKing]

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

I would not hold my breath for this.

Russia's traditional customers - Germany and Italy - have blocked the decision of getting Russia out of SWIFT. So they'll keep pumping fiat there in exchange for gas.
Russia's new laws may be on halt for now while the focus is on the war.

So again, I would not be so sure this will happen too soon. And really, I'm not sure I am looking for Bitcoin get the blessing of the terrorist of the year.

I completely agree with you. As much as it would have seemed like a much anticipated news, its of the least importance at the moment with the looming war in the atmosphere. Threats that have come off these nations of recent and the attacks that have been demonstrated already gives no room for any other business aside from finding amends and in the same time, being defensive of your country.

You can imagine Ukraine, planning to issue weapons to untrained civilians that decides to fight for there country in a bid to match Russian forces. I am sorry but, bitcoin remains out of the picture until it all quites down.

[Yaunfitda]

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!

There are conflicting reports as whether Russia will go on bitcoin to circumvent the sanctions, one school of thoughts say yes, but on the other side, the argument is that since bitcoin is not really accepted they why would they go full blast on BTC.

Anyway, the price of bitcoin has increased and we've recovered what we have lost from the news. So maybe Russia has started to invest or at least hedge their wealth on bitcoin.

[Marvelman]

This begs the question, is Bitcoin the new natural resource of Russia? For many Russian investors, the answer is no. Well, it's still quite early to say but there are some people who actually like Bitcoin and they say that it's their way of protecting their wealth and to diversify their assets away from traditional means, and I think that's pretty good advice for many of us out there.

[YOSHIE]

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

I've been watching news about Russia vs. Ukraine lately, whether it's the speech of the president of Russia or Ukraine, but for now there hasn't been a word from any side talking about crypto/Bitcoin.

According to my understanding, Bitcoin/crypto is illegal or legal, a country at war, I don't think this is the right time and discussion for a country at war, many things to think about, the safety and security of the people, weapons, strategies, logistics and many others that must be thought about by a country at war, Bitcoin legal, backstory, maybe if any member of parliament proposes bitcoin legal, the country is at war, I dare say that member, guaranteed to be shot on the spot.

[TradeCrypto]

Russia has many options that can be used to avoid sanctions. Using any payment method other than the dollar would be appropriate, and then we would find that local currencies or exchanges for oil/food would be more effective than the dollar.

Bitcoin may be an option, but I do not see that there is anything special about Bitcoin that will make the government adopt it.

The effect will be for individuals to buy Bitcoin, changes will happen, especially if governments decide to impose restrictions on deposit withdrawals or at least the currency depreciation.

I agree with your point, as they're accounting for 17% of the world's natural gas and 12% of its oil if they go for other local currencies in exchange there might be a chance to avoid sanctions.


But I don't think Bitcoin would be an option because as they're dealing in a huge scale they'll prefer stable currencies, because they cannot do a sudden shift to bitcoin as it is very volatile!

They can legalize crypto by introducing their own crypto in to the market and imposing tax on other crypto currencies like how India did recently.

[retreat]

to be honest, I have a suspicion after putin declared bitcoin is a currency, I think they will make bitcoin a legal tender there, maybe that's the goal (free from sanctions). Russia is one of the countries with the largest natural resources in the world, so they are not afraid of economic sanctions from outside countries.

[famososMuertos]

For now, neither of the two^1-2, because you mention the sanctions¹, which by the way, far from being an immediate act, can take months to be executed, Swift, for example, is not something immediate, it is complex to implement and not all countries are in that possible sanction although ironically they do support sanctions.

And the other part that is bitcoin² is uncertain in an "official".

In any case, the same official Ukrainian Twitter account has a Fiat account for donations to its army, it is something that could have come to the surface at this moment and show that in the short term there could be news regarding a possible legalization in the short term.

[bittraffic]

Well there is a sanction on their gas and oil, I think the only way for Russia to make business is to use othrr options. Before this BTC legalization, they were excluding USD by only using EUR. Bitcoin would make sense if they couldn't make transactions using EUR anymore.

Whatever Russia.does for BITCOIN to have adoption in their region is going to be great for crypto investors.

[aruldaroy]

to be honest, I have a suspicion after putin declared bitcoin is a currency, I think they will make bitcoin a legal tender there, maybe that's the goal (free from sanctions). Russia is one of the countries with the largest natural resources in the world, so they are not afraid of economic sanctions from outside countries.

Precisely because they have the greatest natural resources that makes them have power above all else.
In other words, they are able to make and change anything they do, including making decisions to legalize bitcoin in their country.
And this is also a good opportunity for bitcoin investors.

[pinggoki]

If Russia can do that then they might've done it already and I think that given the situation, no one's going to stop them from doing so, no way they're going to not do it as the sanction against them continues to build up. Also, what's the point of legalization though, it's not like they'll be able to buy barrels of oil in the black market.

[PX-Z]

to be honest, I have a suspicion after putin declared bitcoin is a currency, I think they will make bitcoin a legal tender there, maybe that's the goal (free from sanctions). Russia is one of the countries with the largest natural resources in the world, so they are not afraid of economic sanctions from outside countries.

They are actually used to it. So it will not matter to them.

Whatever Russia.does for BITCOIN to have adoption in their region is going to be great for crypto investors.

I hesitate to believe such positive statement just because its related to bitcoin or crypto, other countries or say US can make a decision regarding their bitcoin regulations when it comes to that to oppose its enemies.

[bittraffic]

to be honest, I have a suspicion after putin declared bitcoin is a currency, I think they will make bitcoin a legal tender there, maybe that's the goal (free from sanctions). Russia is one of the countries with the largest natural resources in the world, so they are not afraid of economic sanctions from outside countries.

They are actually used to it. So it will not matter to them.

Whatever Russia.does for BITCOIN to have adoption in their region is going to be great for crypto investors.

I hesitate to believe such positive statement just because its related to bitcoin or crypto, other countries or say US can make a decision regarding their bitcoin regulations when it comes to that to oppose its enemies.

Shouldn't we be positive that another country adopts Bitcoin because finally another one comes up?
We seem to be clapping our hands with El Salvador adopting it.

When government discussed about shutting and freesing accounts, its should come into our minds that, our accounts could be one that will be frozen. Countries like El Salvador and Russia doesnt have plans freezing anyones account. And that I can conclude. I doubt China will change its mind about BTC but maybe one day when every country accepts BTC already.

[PX-Z]

Shouldn't we be positive that another country adopts Bitcoin because finally another one comes up?
We seem to be clapping our hands with El Salvador adopting it.

It's always great and nice to hear, but not in a middle of a war.

It will be another headlines of "Bitcoin is only for criminals" will be in trend once Russia did it. People without having knowledge about crypto will usually say this especially those who are greatly affected and used to say Russia is a criminal espcially for declaring a war.

[arwin100]

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!

Bitcoin will just give them little help towards the sanctions impose to them since in the first place this cannot help them transporting or exporting their product to the country who imposed this to them and those country is so huge then have many allies so for sure even if they legalized bitcoin still their economy will be crumpled as what US like. And this one will create more trouble as Putin already warn about this so les hope to see a brighter side and both of their officials will realize that there's no good for them to go thru this harsh condition.

[Similificator]

While such option is possible, it cannot be guaranteed to happen, at least not at the moment. This is because Russia right now, still has a couple of better options left which makes it far from being in a very desperate situation. Right now, legalising bitcoins or any type of crypto currency would probably be the last thing they would think about considering the fact that there are much more pressing matters at the moment, having the current war as the most important one.

[amishmanish]

I guess everyone likes to view things from their own lenses. So when its a major war, Bitcoiners are getting speculative about what that means for Bitcoin while flagmakers around the world would be wondering how many more Ukraine flags they should be printing. (Quite a lot it seems from the "I stand with Ukraine" trending).

I think legality of Bitcoin isn't really a major question when it comes to these geopolitical moves. A lot more is at stake right now depending on how the annexation moves about. Putin's target seems to be the sitting head, Zelinsky, who has been very pro-west and pro-NATO. Once Putin gets rid of him and decides to retract, this will all die a slow death. The Ukrainians may well be able to handle it themselves by not falling and just carrying on with Gureilla warfare. The taliban did it to the Russians once.

Finally, it may just flare up and bring other countries into the fray. In that case, its bye bye world.

In all the possible scenarios, I don't see what role Bitcoin has to play. It simply doesn't matter enough. Bitcoin is a peacetime technology. If the world goes to war, we'll all rapidly realize that these were pretty rich problems.

[kryptqnick]

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!

As a Ukrainian, I really hope they won't make this move, although I do agree it would have been a smart one. Russia invaded my home country, and sanctions are simply necessary because it has to take a hit for what it has done and stop sending its troops and aircraft to Ukraine. That being said, while the sanctions are getting stronger all the time, NeuroticFish is right that there's still a lot of resistance when it comes to banning Russia from SWIFT, thanks to German and Italian leaders, so I don't think it needs a type of payment that can't be censored yet.

Shouldn't we be positive that another country adopts Bitcoin because finally another one comes up?
We seem to be clapping our hands with El Salvador adopting it.

El Salvador is a regular country, while Russia is a terrorist country, brutally invading a sovereign state just because it can. We usually don't clap when terrorists use Bitcoin, do we?