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

[marilynmanson21]

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

[Henrobakkara]

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.

These sanctions are not just only from the US but the EU and other countries too have pronounced these sanctions on Russia so the option you think of them using the EUR is out of the question and even if they decided to adopt Bitcoin as a currency today which I don't think was their target but looking at if Bitcoin mining would be regulated or banned, I don't think that they could spend Bitcoin on the most essential things they might need during this time.

[fuguebtc]

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.

And I dare say one more thing, US and EU will not exclude Russia from the SWIFT alliance. Russia is the main oil supplier to the US and EU countries. if US and EU exclude Russia from SWIFT, they are pushing Russia towards China, I don't think they will be that stupid.
Russia is the 4th largest gold and foreign currency reserve country in the world, it has a lot of opportunities to avoid sanctions. Many hypothesize that they will use bitcoin to fend off sanctions. bitcoin is good but with volatility and manipulation not the ideal choice to save a country's economy.

[lokas0506]

With the news of SWIFT payment network being included in the sanctions package Russia will turn to cryptocurrency value transfer method, there was already a mention in press releases of e-rubel some time ago

[Sterbens]

The possibility could be legalized, considering that transactions and payments in Russia both in Ukraine will have limitations, due to criticism from various countries, especially Russia which has received several sanctions, so if it continues like this Putin will definitely plan to pay via Bitcoin. There are confusions, for sure we hope that this war will end soon so that there are no casualties. despite the conflict being fought over, I'm not sure what's really going on on the ground. The mainstream media doesn't fully tell the truth on the ground. Russia is too strong for Ukraine in terms of war.

#StopWar

[adzino]

Little confused. How is bitcoin and crypto currencies going to help Russia with the sanctions? Maybe yeah, the bank sanctions and to save the oligarch and the rich. Even then nothing much can be done since all their asestes and bank accounts are already frozen. Would have been a different story if they moved to bitcoin before the sanctions. But how is it going to help with the supply chain? Anyone dealing with Russia and breaking the sanction would face criminal charges. The the other party dealing with Russia must be willing to accept the currency and do it without anyone noticing. The only thing they can evade is the banking sanction and the use of US dollars and EURO. And all those thing really doesn't matter to them. They have China.

[Darker45]

A choice of last resort, possibly. However, at this point, which financial institutions in the world are open for Bitcoin transactions? Anyway, for now, the sanctions against Russia are still mild and moderate so to speak despite all the rhetoric coming from world leaders. Having said this, Russian banks and other financial institutions are far from losing avenues and ways to deal with their foreign counterparts. It would be a different story, though, if Russia is banned from SWIFT.

[ropyu1978]

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

We really hope that bitcoin will be legalized soon, and the war will stop soon, so that there will be no more casualties, even though there are many sanctions that come from various countries but Russia will never back down from this war, even though other countries block Russia's access to the main market but Russia will never be afraid, the question is will the security of European countries be better because of the sanctions given to Russia,,?

[DapanasFruit]

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!

The whole cryptocurrency industry hates war because everybody can be affected. I am based in Asia but we can already feel the side-effects brought on by this invasion of Ukraine because gasoline prices are going up and there is a big possibility that flour can also go up wildly which can affect the prices and quality of breads here, not to mention the coming increase in feeds for animal raising. The destructive nature of war especially this one in Ukraine right now is to affect even people who are in remote places of the world, so away from Europe.

Now, with the imposed sanctions carried by different countries who are not big fans of Vladimir Putin - may be with the big exemption of China, Iran, North Korea and to some extent Germany which is under the mercy of Russia on energy - it would be hard for Russia to do business internationally but am sure that Putin is not a naïve general so as to not thought on this scenario in advance. I am sure that Bitcoin or cryptocurrency for that matter has been on the table of Putin as one of the best alternatives to get away from sanctions.

But the question is: Will this be good for Bitcoin in the long run?

[nur rochid]

A choice of last resort, possibly. However, at this point, which financial institutions in the world are open for Bitcoin transactions? Anyway, for now, the sanctions against Russia are still mild and moderate so to speak despite all the rhetoric coming from world leaders. Having said this, Russian banks and other financial institutions are far from losing avenues and ways to deal with their foreign counterparts. It would be a different story, though, if Russia is banned from SWIFT.

So far, the impact may not have led to the legalization of bitcoin, as it was mentioned that not many countries have legalized transactions with bitcoin, so that if swifts are banned, there is no solution for cooperation between countries. And if Russia's fiat weakens, it's not impossible that they will use bitcoin, we'll see how it develops, because the Chinese government has persuaded them to take diplomacy.

[tbct_mt2]

As a Ukrainian

Glory Ukraine, Ukrainians. The world behind you and even the Russians behind you. Its just the f*king Putin and his army are against you and your beautiful nation. I do hope that the European Commissions and the world will have some more realistic support for your nation to stop Putin invades into Kiev and succeed with their invasion.

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.

Please give me a chance to explain about my topic. I don't hope Putin government will get advantage by legalizing Bitcoin but hope or not, it is what they can do. One of their resorts to break the massive sanctions against them. In addition, I do believe that legalization of Bitcoin will happen, sooner or later. We already have a first nation made it, El Salvador and we all know in history that the first time is the hardest, then next ones usually more easily.

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.

Sanctions don't stop Putin because the fact is he won't get poorer because of sanctions. Russians get poorer, not Putin. Does he care about Russians? I guess not.

[lovesmayfamilis]

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!

At the moment, Russia says it is not waging any war but is liberating Ukraine from a corrupt government of Nazis, drug addicts, and other scoundrels. Denationalization and demilitarization are a priority of Russia's steps. Now a lot of news that is not true, information warfare, is becoming prevalent in the age of the Internet.
Therefore, to blame one side, it is important to learn the news on the other side to draw the right conclusions, otherwise, it is a one-sided game.
Do you think that a country as large as Russia did not weigh all the "yes" and "no" before launching this operation?   Eight years of training have created all the guarantees that Russia can declare that it is ready for all sanctions. Well, the right one, will always showtime. And you and I are witnessing historical events.

[CaVO32]

As a Ukrainian

Glory Ukraine, Ukrainians. The world behind you and even the Russians behind you. Its just the f*king Putin and his army are against you and your beautiful nation. I do hope that the European Commissions and the world will have some more realistic support for your nation to stop Putin invades into Kiev and succeed with their invasion.

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.

Please give me a chance to explain about my topic. I don't hope Putin government will get advantage by legalizing Bitcoin but hope or not, it is what they can do. One of their resorts to break the massive sanctions against them. In addition, I do believe that legalization of Bitcoin will happen, sooner or later. We already have a first nation made it, El Salvador and we all know in history that the first time is the hardest, then next ones usually more easily.

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.

Sanctions don't stop Putin because the fact is he won't get poorer because of sanctions. Russians get poorer, not Putin. Does he care about Russians? I guess not.

Russia is changing their approach towards crypto now. Just few days ago, Russian Ministry of Finance has prepared and submitted a new bill to expand crypto regulations to the government. So seems that they are preparing for this crypto adoption in their country. However, it was mentioned that crypto payments are still prohibited, which I believe, may possibly change as this war is still ongoing. We will see in the next coming days what other developments will arise as this crisis between Russia and Ukraine seems not to be stopping anytime soon.

https://news.bitcoin.com/russias-finance-ministry-submits-bill-to-legalize-crypto-investments-ban-payments/

A lot of Russians are also against with Putin's decision. However, I think, Putin already made up his mind and no one can stop him now.

[kotajikikox]

Let me say, I hate war!

None of us wanted or love war, we all hated it.

But there are political leaders that love having this because they will gain tons of money from this.


So i wont mention which country leaders are those but surely many of US have idea on which they are lol.

With the news of SWIFT payment network being included in the sanctions package Russia will turn to cryptocurrency value transfer method, there was already a mention in press releases of e-rubel some time ago

possibilities are , and i think this will have boost to the crypto market .

[LolliMoon_]

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!

Russia is already in the process of legalizing cryptocurrencies.

[cheezcarls]

Russia has already recognized BTC as a “currency” instead of an outright ban in which the Russian Minister of Finance isn’t in favor of it. They choose to regulate it but legalization is still a different story in my opinion in which Ukraine actually did it. For now, I think legalizing BTC may take time due to the ongoing escalation between Russia and Ukraine.

Using BTC for funding in order to evade sanctions by multiple countries like the US, NATO, South Korea, Japan, etc., is somewhat a smart move for Putin, sad to say.

[Ozero]

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

Today Putin held a meeting in the Urals and it turned out that Russia planned to capture Ukraine in 1-4 days. Therefore, they are shocked by such a tough resistance to aggression. There is a shortage of ammunition in Russia, and other states refuse to sell it to her. If Ukraine holds out for ten days, Russia will have to sit down at the negotiating table and capitulate.
Let me remind you that in the first two days, according to official data from the Ministry of Defense of Ukraine, more than 3,500 Russian invaders, 102 tanks, 356 armored vehicles, 14 combat aircraft and 8 helicopters were destroyed.
The recent economic sanctions have cost Russia $20 billion every day of the war against Ukraine.
The technical preparations for Russia's disconnection from the SWIFT international payment system have already begun. Let's see how long Putin's regime can endure.

[Leviathan.007]

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!

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.

[tvplus006]

... 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.

The fact is that on February 17, a law has already been adopted in Ukraine, which is the first step for the legalization of cryptocurrency. But all prospects for further legalization in the near future are suspended by an undeclared war.

[zasad@]

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

Today Putin held a meeting in the Urals and it turned out that Russia planned to capture Ukraine in 1-4 days. Therefore, they are shocked by such a tough resistance to aggression. There is a shortage of ammunition in Russia, and other states refuse to sell it to her. If Ukraine holds out for ten days, Russia will have to sit down at the negotiating table and capitulate.
Let me remind you that in the first two days, according to official data from the Ministry of Defense of Ukraine, more than 3,500 Russian invaders, 102 tanks, 356 armored vehicles, 14 combat aircraft and 8 helicopters were destroyed.
The recent economic sanctions have cost Russia $20 billion every day of the war against Ukraine.
The technical preparations for Russia's disconnection from the SWIFT international payment system have already begun. Let's see how long Putin's regime can endure.

I will write data from open sources. There are about 13,000 tanks in the Russian army.
https://bmpd.livejournal.com/4393829.html
These are mainly modernized T-72 and T-80 tanks.
About 10,000 tanks are mothballed in case of war.

I have never heard that the Russian army buys ammunition in other countries. You can find information about aircraft, military vehicles, reconnaissance drones, but not about ammunition.
When you hear the news about a large number of knocked out tanks, you will wonder if this is true.
The growth of the NATO army near the Russian borders is a huge threat to start World War 3.