If Russia goes full Bitcoin adoption

[arwin100]

Current Russia is a very corrupted place. Specially in the highest echelons of power. If they go fully Bitcoin, it will never be possible to exterminate corruption and build a bright future. If countries with weak economy use Bitcoin to save from inflation or high volatility, then if Russia goes Bitcoin, country with such powers and resources, it would be a global disaster.

I think if Russia fully uses bitcoin it will have a positive impact, more and more people are optimistic about the future of bitcoin, there will be a surge in purchases so the price will skyrocket, if there is a corrupt country it is precisely the presence of decentralized bitcoin, we can see transactions and how much the corrupt save in bitcoins.

If only Russian people could do that but come to think about it, how does Bitcoin help them during their war? I think what they meant here was the people who are using banks transfer their assets into Bitcoin and if they do so we'll probably see a FOMO these days. But it turns out it's all just a bluff and I think it's more like a manipulation when Bitcoin did pump last week.

Bitcoin is not the only option for them. Right now, some are turning to CNY (Chinese Yuan), and instead of USD they are now starting to utilize the Yuan for international transactions. So bitcoin is just one of the options here but more than likely, they will still prefer fiat for most of their transactions. So I don't think they will go full in bitcoin because they have other options to take. But maybe, it will contribute to more adoption in crypto market.

Correct, bitcoin will be nothing more but another option on the arsenal of options Russia will try to use to somehow get around the sanctions, the problem is that the US is probably then going to use this as yet another reason to try to regulate bitcoin even further, it will be just an excuse and they know it but they are not going to miss any chance to try to damage the image of bitcoin by claiming that now it is aiding Putin, forgetting of course of all the donations people have made to Ukraine in bitcoin to help them a little bit on their war effort.

It will be bad for bitcoin if their adoption will happen in the middle of the war since this might be added to their sanction list and bitcoin might be ban from different countries of the world so I guess this will be a bad option to make by them since we might suffer to this action. Maybe let them focus on other things and might they adopt yuan since they are allied with China and provably they will help them thru this sanctions happening to them.

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[YOSHIE]

Sanctions can happen to countries that commit acts and violations, sanctions can be given to the economy and products, but not with Bitcoin, that is a big challenge for Europe and the US, if Russia adopts Bitcoin as an Alternative to defend the Russian Economy, it's really possible Russia will win Europe and the US, can't do much in this regard.

That's the advantage of Bitcoin, where the outside world is imposing sanctions on certain countries, Bitcoin can actually save them from those sanctions, I think there is no other way that Europe and the US can do, other than negotiate peace, if Russia adopts Bitcoin completely.

[Jating]

Sanctions can happen to countries that commit acts and violations, sanctions can be given to the economy and products, but not with Bitcoin, that is a big challenge for Europe and the US, if Russia adopts Bitcoin as an Alternative to defend the Russian Economy, it's really possible Russia will win Europe and the US, can't do much in this regard.

But bitcoin can only do things for them, if it is not accepted worldwide then Russia can used bitcoin after all.

That's the advantage of Bitcoin, where the outside world is imposing sanctions on certain countries, Bitcoin can actually save them from those sanctions, I think there is no other way that Europe and the US can do, other than negotiate peace, if Russia adopts Bitcoin completely.

I'm not really sure if this is a good use case, recently we have the pandemic as a good example. But I don't see war as very advantageous to either of the warring party. Yes it is decentralized, but it could not be used 100% as a tool to evade economic sanctions.

[fzkto]

For Russia, the main thing now is to rebuild its economy in isolation from the outside world. I don't think the government will use bitcoin inside the country, because there are a lot of other problems now. For the most part, people here are not very educated, so they are far away from new technologies and from bitcoin too. Especially recently, the central bank was preparing a ban for cryptocurrencies, which also says a lot.

[Webetcoins]

Sanctions can happen to countries that commit acts and violations, sanctions can be given to the economy and products, but not with Bitcoin, that is a big challenge for Europe and the US, if Russia adopts Bitcoin as an Alternative to defend the Russian Economy, it's really possible Russia will win Europe and the US, can't do much in this regard.

That's the advantage of Bitcoin, where the outside world is imposing sanctions on certain countries, Bitcoin can actually save them from those sanctions, I think there is no other way that Europe and the US can do, other than negotiate peace, if Russia adopts Bitcoin completely.

Russia already thinks that he is a winner because of the destruction that they made against Ukraine but not anymore by the time they face heavy sanction because this makes their economy weaker. They can adopt bitcoin and other countries can't do anything to stop that but BTC can only have a little effect in Russia.

This does not totally save them from the other sanctions but why would other countries make peace with Russia? Remember they are the ones that gave sanctions to Russia, they cant be gentle just like that as the sanctions are not even halfway and if there is the one that will make peace talks, that would only be Russia, nothing more but it's too late for them to do that.

[Marykeller]

russia has a dictatorial government and it has a thought that its citizens cannot be given freedom, they will not accept bitcoin, they have china that can help them and they have very similar policies, see a recent case in which Visa and Mastercard banned russian banks from using Visa and Mastercard, what did russia do? went to use the chinese system Unionpay, russia didn't use bitcoin and they didn't even put it as an option, they rushed to use Unionpay from the chinese, we have to start looking that only democratic countries will accept and like bitcoin, countries like russia and china and more others who have a dark regime don't like bitcoin

Banning Russia from the use of Visa and Mastercard should be a great lesson to every nation not to depend on any continent for business or survival. Every country should be dependent like China to avoid situations like this.
In a matter of time, Russia will only consider using bitcoin as an alternative currency if China and India couldn't help them to boost their economy

[7788bitcoin]

~
Banning Russia from the use of Visa and Mastercard should be a great lesson to every nation not to depend on any continent for business or survival. Every country should be dependent like China to avoid situations like this.
In a matter of time, Russia will only consider using bitcoin as an alternative currency if China and India couldn't help them to boost their economy

Even in this situation where Visa Card and Master Card put on restrictions on the entire country, do you think that Russia will not be having a back up plan, as you mentioned they are having close ties with China and they have their own network and they will overcome these sanctions with the alternative provided by China and they are planning to build a strategic position in Asia and globally which is not great but that is where the situation is positioning with the developments we are seeing now.

[South Park]

Correct, bitcoin will be nothing more but another option on the arsenal of options Russia will try to use to somehow get around the sanctions, the problem is that the US is probably then going to use this as yet another reason to try to regulate bitcoin even further, it will be just an excuse and they know it but they are not going to miss any chance to try to damage the image of bitcoin by claiming that now it is aiding Putin, forgetting of course of all the donations people have made to Ukraine in bitcoin to help them a little bit on their war effort.

It will be bad for bitcoin if their adoption will happen in the middle of the war since this might be added to their sanction list and bitcoin might be ban from different countries of the world so I guess this will be a bad option to make by them since we might suffer to this action. Maybe let them focus on other things and might they adopt yuan since they are allied with China and provably they will help them thru this sanctions happening to them.

In my opinion the US is being very careful about issuing a direct ban as other countries have tried in the past because they understand that enforcing such a ban will be almost impossible, after all if they cannot stop people from sharing their files over the Internet despite the fines they have established then it is going to be even more difficult to stop bitcoin from which people can benefit economically from it, so I do not think a ban form the US is likely, but more regulation may come our way if Russia makes heavy use of bitcoin to avoid the sanctions.

[fzkto]

With the adoption of bitcoin it will make Russian residents safer than high inflation during the war, I believe the Russian government already knows that the Bitcoin used by the world community is very large and will continue to be valuable, the right thing if legalizing Bitcoin like the El Savador country that is now seen increasingly Improved the economy after legalizing Bitcoin.

First and foremost, the Russian government will save its national currency, the ruble. If they start legalising bitcoin, the ruble will collapse, which is unacceptable in the current situation. There is still a long way to go before cryptocurrencies are legalised and accepted in Russia. It's a huge country, but not every area has the internet yet. Russia is very backward in technology, but everyone who knows about bitcoin is already using it.

[STT]

Russia will accept Bitcoin for energy exports apparently and also likely gold too - https://twitter.com/disclosetv/status/1507016592722259985

This isnt full adoption but a bit of a reversal as they did not favor BTC otherwise normally.   I think BTC is moderately bullish but also challenged for this year rather then expecting any breakout near term.   We are just about at the yearly average so its relatively neutral in the larger perspective at this time.   Later it might develop further and we can guess BTC becomes a breakout scenario but imo its not occurring immediately as there is not going to be any full adoption only in parallel to a variety of trades done and since China is the largest entity and has dismissed BTC it will be largely other currency imo.

[Sir Legend]

If Russia gets strict sanctions of course they will find it difficult to use fiat for transactions, the best thing that can be done is with cryptocurrencies, and what the Russian government is currently doing is certainly a good move because there will be many restrictions in international trade and using bitcoin is a best to be able to transact with international.

[Kemarit]

Russia will accept Bitcoin for energy exports apparently and also likely gold too - https://twitter.com/disclosetv/status/1507016592722259985

This isnt full adoption but a bit of a reversal as they did not favor BTC otherwise normally.   I think BTC is moderately bullish but also challenged for this year rather then expecting any breakout near term.   We are just about at the yearly average so its relatively neutral in the larger perspective at this time.   Later it might develop further and we can guess BTC becomes a breakout scenario but imo its not occurring immediately as there is not going to be any full adoption only in parallel to a variety of trades done and since China is the largest entity and has dismissed BTC it will be largely other currency imo.

I guess their back is against the wall now, and they think that in order to survived, they will have to used and accept Bitcoin.

And it will be good for those who wanted to buy, at least the West won't know in the beginning as to who is secretly buying because they have to issue warnings on India if I'm not mistaken for buying oil in Russia at a discount because their is a embargo against Russia. So Russia can't do anything but to change their narrative against Bitcoin for now and readily accept it to have some money flowing for them.

[gantez]

In my opinion, this could throw BTC in a black hole, as US and Europe would be forced to ban or regulate it to death. (Quickly)

What is your opinion on this topic, lets discuss

As the restrictions and sanctions are getting tougher on Russia and the people are beginning to go through the expected hard times and Russia coming with full bitcoin adoption, I don't think it will make any difference to the world, they can't chase to stop the use of bitcoin, they can only stop themselves from the transaction with Russia but countries like Asian can keep transancting with Russia but the challenge for that for Russia is Asian countries are not also friendly with bitcoin.

[kryptqnick]

There've been some moves toward cryptos in Russia, following sanctions, I believe. But I think it's very unlikely that Russia would adopt cryptos on a level of El Salvador, for example. It's for a number of reasons, one of them being Russian local fiat and how it's something that matters to people there and especially to Putin. Abandoning local fiat (and adoption of Bitcoin would facilitate the process of ruble going even further down because now people are kind of forced to use ruble and keep it thus afloat, and then they won't be) means admitting a serious hit on Russia, a failure of sorts. Russia is clearly not good at admitting failures, so they can't do that. Also, authoritarian regimes aren't normally friends with decentralization, so Bitcoin doesn't seem like something Russia would like. As for the world's potential reaction, I think it could've led to stricter regulations, campaigns to boycott Bitcoin, harsher requirements for crypto exchanges regarding KYC, but it won't happen.

[asrinur]

I think Russia will try to legalize and adopt bitcoin as the Ruble exchange rate plummets following the sanctions imposed by the EU and the AS has stifled the Russian economy because of the invasion.

[lepbagong]

If Russia gets strict sanctions of course they will find it difficult to use fiat for transactions, the best thing that can be done is with cryptocurrencies, and what the Russian government is currently doing is certainly a good move because there will be many restrictions in international trade and using bitcoin is a best to be able to transact with international.

It's true, obviously Russia has thought that sooner or later they will be subject to sanctions, perhaps the first sanctions to be carried out are (economic sanctions) by not accepting their fiat on trade in the market, as well as confiscating and freezing existing assets in many countries.
then the way that can be done is to use bitcoin to be able to carry out transactions, so it is very important for Russia to be able to adopt bitcoin for everything that will be done during the economic sanctions in the country.
by adopting bitcoin then all the obstacles in every transaction can be easily done and they do not experience difficulties.

[Wilhelm]

If so they won't be able to spend it so they will be unwilling holders.
But having governments buy BTC to pay for Russian oil and gas also sounds like an uptrend.

[Pujangga]

This is certainly getting better for making bitcoin stronger, it has been proven that bitcoins continue to be valuable because the number of users continues to grow, the latest data shows that users in africa are up more than 2500% and this will keep the market moving and this year's price could reach $100 k.

[bitgolden]

If so they won't be able to spend it so they will be unwilling holders.
But having governments buy BTC to pay for Russian oil and gas also sounds like an uptrend.

Everyone still needs oil, and even wheat that Russia provides. So, it is not really that much of a big trouble for Russia to be sanctioned off right now. It reached like 130+ ruble per dollar at one point, and it is back to 81 or so all over again. This is a proof that even sanctions couldn't hold them off. Why? Because, they have something the world needs, which is energy and with that, you could control the markets all by yourself.

I do not think they even need crypto to be fair, but if they do that, it would mean that they could sell stuff to other nations in bitcoin, and other nations wouldn't need to get ruble to pay them at all, which would allow everyone to get rid of dealing with ruble.

[buwaytress]

If so they won't be able to spend it so they will be unwilling holders.
But having governments buy BTC to pay for Russian oil and gas also sounds like an uptrend.

Everyone still needs oil, and even wheat that Russia provides. So, it is not really that much of a big trouble for Russia to be sanctioned off right now. It reached like 130+ ruble per dollar at one point, and it is back to 85 or so all over again. This is a proof that even sanctions couldn't hold them off. Why? Because, they have something the world needs, which is energy and with that, you could control the markets all by yourself.

I do not think they even need crypto to be fair, but if they do that, it would mean that they could sell stuff to other nations in bitcoin, and other nations wouldn't need to get ruble to pay them at all, which would allow everyone to get rid of dealing with ruble.

For the time being. There's always been alternatives -- Russia's simply been the cheapest for a very long time. Think a lot of governments in the EU are now doing estimates for the cost to the taxpayer to switch to alternatives within a year and it's not as bad as they thought. Spring and summer are also timely now to give time to make alternative arrangements.

I don't think crypto will be needed in that stopgap.