If Russia goes full Bitcoin adoption

[DOH!]

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.

The hypothesis that Russia accepts full bitcoin legalization is possible in the context of sanctions from Europe and the world that will have a very bad impact on the Russian economy in the long term.  I think they're getting ready for that when they launch a test of accepting bitcoin as payment for oil and gas purchases.  Russia is leaving the door open to bitcoin, and will Europe buy bitcoin to buy oil and gas this way too?

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[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.

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.

+1

But they could sanction Russian bitcoin accounts and sanction anyone taking bitcoin from them.
It's all in the blockchain.

Best case scenario is what always happens in Russia. A general or other high ranking person takes out the president and claims to be better for the people and Russia takes a 30 year breather... Sanctions get lifted....

[stepwilli]

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.

Are we sure we need a help from this country? I mean this country supposed to be our enemy for now because of what they did to Ukraine and even without their help btc is already strong. We have enough users and if those users work together (not selling btc but continue buying) for some time, btc will become more stronger.

If not Russia we still have Ukraine that will also adopt bitcoin. I think they are only returning the favor, this can be their way of saying thanks for the btc and crypto donations that they got last time. For russia, they only use btc for their own good. They think they can partially escape the sanction if they will use btc.

[South Park]

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.

It seems that Russia is going to force the use of their own currency by coercing other governments to buy their resources with the Ruble, this will help their currency as this will generate a huge demand for it and will curb the descending spiral that we have seen during the last weeks, however I also think they will try to use bitcoin to help them out when it comes to dealing with the sanctions that have been imposed to them, and while this will be used against bitcoin by those governments, at the same time I see the potential of a tremendous growth coming during the next years as the usage of bitcoin as a currency will increase dramatically under those circumstances.

[Natalim]

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.

Are we sure we need a help from this country? I mean this country supposed to be our enemy for now because of what they did to Ukraine and even without their help btc is already strong. We have enough users and if those users work together (not selling btc but continue buying) for some time, btc will become more stronger.

If not Russia we still have Ukraine that will also adopt bitcoin. I think they are only returning the favor, this can be their way of saying thanks for the btc and crypto donations that they got last time. For russia, they only use btc for their own good. They think they can partially escape the sanction if they will use btc.

It's not really the help that what we are talking about here, Russia would adopt bitcoin because of the sanction that is imposed on them, with that, it means demand for bitcoin and it will result in a good price. However, there are some negative aspects as well that are pointed out by OP, but not seeing it as serious one as it is not possible to kill the entire community just to defeat one country economically.

[StreakW]

In my opinion, it would be great if Russia adopted bitcoin completely because bitcoin could be a great haven for the Russian central bank avoiding the sanctions imposed by the EU and US because there is no censorship on the bitcoin network and cryptocurrency transactions.

[yohananaomi]

In my opinion, it would be great if Russia adopted bitcoin completely because bitcoin could be a great haven for the Russian central bank avoiding the sanctions imposed by the EU and US because there is no censorship on the bitcoin network and cryptocurrency transactions.

It must be remembered that sanctions like this have been experienced by Russia in 2014 and they have prepared the best strategy, because they have strengthened their economy so that even if there will be the most severe sanctions, they are ready for it. they have amassed an international reserve fund of US$630 billion. This amount includes a very large amount, if there will be sanctions in the country.

We know that Russia is an exporter of most of the oil for European countries, if this sanction will be imposed, boycott will certainly have an impact on European countries to look for other reserves which will actually trigger an increase in fuel prices, and this sanction clearly there are those who agree or not. because the impact will occur in European countries in general.

Russia has also begun to give leeway to be able to accept back every transaction using crypto where a ban has been carried out in the past, this is a form to ensure that if it does happen and if you experience difficulties, crypto transactions will obviously be an alternative to be used.

Once again, Russia is indeed prepared for all that may be experienced by carefully preparing for it,

[fzkto]

In my opinion, it would be great if Russia adopted bitcoin completely because bitcoin could be a great haven for the Russian central bank avoiding the sanctions imposed by the EU and US because there is no censorship on the bitcoin network and cryptocurrency transactions.

In my opinion it is very stupid to use bitcoin as a reserve currency. Because any collapse could reduce the value of the government's assets by several times. Bitcoin is very volatile and it is not suitable as a safe store of money. Another thing is if you are a private investor, you can easily invest in bitcoin. But for the state, such actions are negative. It is better for the government to have a stabilisation fund in national currency.

[Silberman]

In my opinion, it would be great if Russia adopted bitcoin completely because bitcoin could be a great haven for the Russian central bank avoiding the sanctions imposed by the EU and US because there is no censorship on the bitcoin network and cryptocurrency transactions.

Some may use bitcoin in this way but it does not seems as if this is going to become the official policy from the government, as it seems they are focusing their efforts in protecting the ruble and forcing other countries to use it from now on when they deal with Russia, and at least to me this seems to be a decent measure to counter some of the sanctions against Russia due to the war at Ukraine, however depending on how long the war lasts Russia may reconsider their posture once again as I do not think that sanctions will stop coming their way if the war continues.

[doomloop]

In my opinion it is very stupid to use bitcoin as a reserve currency. Because any collapse could reduce the value of the government's assets by several times. Bitcoin is very volatile and it is not suitable as a safe store of money. Another thing is if you are a private investor, you can easily invest in bitcoin. But for the state, such actions are negative. It is better for the government to have a stabilisation fund in national currency.

Adopting bitcoin doesn't mean it will now be their reserve currency. Bitcoin doesn't collapse totally but there's always a chance that it will recover but if bitcoin can collapse then what about the national currency? it can be devalued and there is no way that it can recover.

It's normal for a government to invest in different assets like stocks and others. Lately it is reported that governments are now considering bitcoin as one of their investments. They did that because they also know that their own currency or reserve assets can't stay like that forever. I think Russia have done the move last time? it's a good news for all not only for them.

[Yaunfitda]

In my opinion, it would be great if Russia adopted bitcoin completely because bitcoin could be a great haven for the Russian central bank avoiding the sanctions imposed by the EU and US because there is no censorship on the bitcoin network and cryptocurrency transactions.

Some may use bitcoin in this way but it does not seems as if this is going to become the official policy from the government, as it seems they are focusing their efforts in protecting the ruble and forcing other countries to use it from now on when they deal with Russia, and at least to me this seems to be a decent measure to counter some of the sanctions against Russia due to the war at Ukraine, however depending on how long the war lasts Russia may reconsider their posture once again as I do not think that sanctions will stop coming their way if the war continues.

Yeah, Russia has nothing to lose but everything to gain if they are going to adopt bitcoin for now. We all know what bitcoin can offer, so to protect their rubble or at least the government hedging everything they have to bitcoin, it will somewhat negate the sanctions against them temporarily. And then the Russia people too, can used bitcoin as well. But I don't think it will last, as soon as the war comes to an end, the Russian government will simply dump their bitcoin very quick.

[Vaskiy]

In my opinion it is very stupid to use bitcoin as a reserve currency. Because any collapse could reduce the value of the government's assets by several times. Bitcoin is very volatile and it is not suitable as a safe store of money. Another thing is if you are a private investor, you can easily invest in bitcoin. But for the state, such actions are negative. It is better for the government to have a stabilisation fund in national currency.

Adopting bitcoin doesn't mean it will now be their reserve currency. Bitcoin doesn't collapse totally but there's always a chance that it will recover but if bitcoin can collapse then what about the national currency? it can be devalued and there is no way that it can recover.

Every country have gold as the reserve. Some countries add good volume of bitcoin to the reserve, so to overcome the unexpected needs. Probably if Russia had got good reserve of bitcoin, it could've been useful for them in this situation.

It's normal for a government to invest in different assets like stocks and others. Lately it is reported that governments are now considering bitcoin as one of their investments. They did that because they also know that their own currency or reserve assets can't stay like that forever. I think Russia have done the move last time? it's a good news for all not only for them.

Beyond gold governments used to invest on different things. Also very few countries have disclosed that they hold bitcoin as reserve and for investment. If I'm not wrong, there is a large number of countries that have invested on bitcoin and haven't disclosed to the world.

[STT]

Countries have gold but for some its under 1% perhaps, just amounts that mean nothing.   China was one of those countries at the beginning of this century and then they had great trade success but with too much reliance on dollar reserve holdings they turned to gold.  Now China is the largest producer of gold and also net buyer every year since pretty much.
  Russia wont and cant use BTC in that way, I dont trust them on much but they gave an honest answer on this probably.    If you told me China and also Russia decided on BTC as the currency between them then ok, its a circle of trade and might work out.  Last I read Russia has big sales in oil exports to India, their oil is cheap as its sanctioned and rejected by quite a few so in this market with higher oil India chooses the easy option.  They wont pay in BTC

[magneto]

Doubt that it'll have too much of an influence either way.

There are now significant bitcoin proponents in the government & business sectors, so I doubt it's going to be a smooth process trying to ban BTC outright.

Furthermore, why would Russia adopt BTC out of all things? I think that they will likely create their own CBDC if they were to adopt blockchain technology to circumvent sanctions. It just doesn't make sense otherwise, because they don't have reserves of BTC right now.

[19Nov16]

I think this is good news if Russia is full of bitcoin adoption, there will be a lot of new users and of course it will make the bitcoin price skyrocket, bitcoin has proven to be a very valuable asset when there is a war and now more and more countries are active and legalizing bitcoin.

[Silberman]

Yeah, Russia has nothing to lose but everything to gain if they are going to adopt bitcoin for now. We all know what bitcoin can offer, so to protect their rubble or at least the government hedging everything they have to bitcoin, it will somewhat negate the sanctions against them temporarily. And then the Russia people too, can used bitcoin as well. But I don't think it will last, as soon as the war comes to an end, the Russian government will simply dump their bitcoin very quick.

That is without a doubt a possibility but it will depend on what will happen during and after the war, if Russia annexes or occupies Ukraine I doubt the sanctions are going to be lifted and they may keep increasing, so dumping whatever bitcoin they got will be a bad idea in that scenario, so I think at that point that Russia may try to counter the policies of the west by backing the ruble with gold or even bitcoin to try to strengthen the ruble against the constant sanctions.

[ajochems]

If so,their will be new All time high in bitcoin price.When the government gives the positive move by making of some ,investment in the crypto.When the crypto involved by considering the price,then the government surely keep their investment in tron,Binance smart chain.Then the most used crypto like Busd and usdt.So the flow of crypto by government will all the time may be profit giving one.

[777Jolami]

If so, that's great, Russia fully adopts bitcoin, it will boost the price of bitcoin, bitcoin more and more people know more and more people join to attract big investors the market will be strong  Moreover, investors are not afraid to panic but dumping.

[btc78]

If so, that's great, Russia fully adopts bitcoin, it will boost the price of bitcoin, bitcoin more and more people know more and more people join to attract big investors the market will be strong  Moreover, investors are not afraid to panic but dumping.

but there may some other problem that will persist as we Knew how bad the Russia vs America thing? and if Russia goes full adoption then US will surely retaliate and do necessary action towards Bitcoin.
they may bring total banning? and this will effect the rising value of Bitcoin specially now that Russia is starting to Invade neighboring country .
there will be a good and bad effect about this adoption .

[arwin100]

If so, that's great, Russia fully adopts bitcoin, it will boost the price of bitcoin, bitcoin more and more people know more and more people join to attract big investors the market will be strong  Moreover, investors are not afraid to panic but dumping.

but there may some other problem that will persist as we Knew how bad the Russia vs America thing? and if Russia goes full adoption then US will surely retaliate and do necessary action towards Bitcoin.
they may bring total banning? and this will effect the rising value of Bitcoin specially now that Russia is starting to Invade neighboring country .
there will be a good and bad effect about this adoption .

This will create conflict and might affect negatively to the whole crypto community because if Russia will totally use bitcoin on their financial system USA might include this on their sanction list to crumpled again Russias economy and for sure all of us bitcoin user will get affected on this if they implement that. Hopefully this will never happen since this is really bad to us if sanction towards bitcoin will happen.