"Russia May Accept Bitcoin for Gas Exports, Lawmaker Says"

[Vatimins]

     This just shows that the Russian government is really getting worried about the sanctions. Although I cannot say for sure up to what extent, it does pose a threat to Russia and so they are looking for other alternatives to protect their economy.

     The word "MAY" should be taken into account though to avoid being mislead. Clearly, this is not an easy decision and they are still considering this course of action. But regardless, this is good for bitcoin and this industry since it gives more positive publicity to bitcoin.

 - What do you think? Will they really proceed? If so, when do you think it'll be implemented?


(Have a great day everyone!)


Source : https://news.bitcoin.com/russia-may-accept-bitcoin-for-gas-exports-lawmaker-says/

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[mocacinno]

I'm not 100% convinced that such statements will do us much good. Especially from an EU/western point of view.

On the one hand, it proofs that bitcoin is censorship (or sanction) resistant, and that no governement can 100% control it (sure, they can force exchanges/services not to accept certain deposits, or they can ban/control mining/trading on their soil, but that's about it)

But on the other hand, there's a lot of anti-russian sentiment (with good reason i might add), so seeing Russia switching their position from "bitcoin bad" to "bitcoin good" might not be in our best intrests here... We don't want our newspapers to start spreading a new round of FUD around crypto's, and you can rest assured that if Russia would actually start accepting bitcoin, the papers over here will be filled with all kinds of negative sentiments against crypto in general.

[Vaskiy]

Zavalny, Russian Federation Energy Chief revealed the possibility of accepting bitcoin payment for oil and gas from its friendly countries like China and Turkey. Along with it he mentioned they can also pay in Rubles, Chinese Yaun, Turkish Lira or bitcoin. He added, unfriendly countries had to pay in terms of Rubles or Gold.

Russia explore all the possible ways to overcome the sanctions. Oil and gas is the major export from Russia and the trade have profited $119 billion during the year 2021. Europe gets 40% of oil and gas from Russia which amounts $200-$800 million per day. With this Putin intends to play the sanction or pay in Rubles to recover the economy.

[Doan9269]

- What do you think? Will they really proceed? If so, when do you think it'll be implemented?

This is already affecting Russia negativity and they were left with no option than bitcoin and for them to do so it will cause bitcoin to go down thereby affecting the position traders except those investing for a long run. it will also take some time for Russia to balance it economy else there's a change in government, but as for now Rubble is down already and the only available option for Russia is bitcoin.

Now caution:
if you're trading or investing you'd better be careful and stay updated should in case Russia finally decided on adopting bitcoin as a legal tender because the prize is more likely to go down first.

Now Russia has two options, going with China which is never a good option or adopting Bitcoin as a legal tender which is a better offer.

[tyz]

     This just shows that the Russian government is really getting worried about the sanctions. Although I cannot say for sure up to what extent, it does pose a threat to Russia and so they are looking for other alternatives to protect their economy.

     The word "MAY" should be taken into account though to avoid being mislead. Clearly, this is not an easy decision and they are still considering this course of action. But regardless, this is good for bitcoin and this industry since it gives more positive publicity to bitcoin.

 - What do you think? Will they really proceed? If so, when do you think it'll be implemented?


(Have a great day everyone!)


Source : https://news.bitcoin.com/russia-may-accept-bitcoin-for-gas-exports-lawmaker-says/

Bitcoin would be a way for the West not to circumvent its own sanctions, but to be able to continue buying Russian gas after Russia decided yesterday to allow gas purchases only against rubles. A clever move, as it would force Western countries to buy rubles directly from the Russian central bank and thus circumvent their own sanctions.

[buwaytress]

But on the other hand, there's a lot of anti-russian sentiment (with good reason i might add), so seeing Russia switching their position from "bitcoin bad" to "bitcoin good" might not be in our best intrests here... We don't want our newspapers to start spreading a new round of FUD around crypto's, and you can rest assured that if Russia would actually start accepting bitcoin, the papers over here will be filled with all kinds of negative sentiments against crypto in general.

Yeah, standard double-edged sword here. Use case, proven or otherwise, can cut both ways, often not the direction we'd prefer in the short term, just as the dark web did all those years ago. On the other hand, that kind of negative sentiment and FUD does lay fertile ground for objective analysis... if we're willing to wait it out.

I can certainly foresee even more scrutiny of public settlement blockchains like Bitcoin if this turns out to be the case. Unlike past unsavoury use for Bitcoin, Russia's easy to portray as the big bad wolf Bitcoin empowered.

[TheNineClub]

     This just shows that the Russian government is really getting worried about the sanctions. Although I cannot say for sure up to what extent, it does pose a threat to Russia and so they are looking for other alternatives to protect their economy.

     The word "MAY" should be taken into account though to avoid being mislead. Clearly, this is not an easy decision and they are still considering this course of action. But regardless, this is good for bitcoin and this industry since it gives more positive publicity to bitcoin.

I mean, it's understandable that they are trying to counter the sanctions by any means possible, but it's debatable what effect crypto by itself could have an impact, and I would say that I won't. As just one segment of the overall effort to lessen the toll of sanctions, it could play its part, but again, that won't be too much. I guess it doesn't go to their advantage that they decided (will decide)  this at the time of the bear market.

[Eternad]

I already saw news on twitter  yesterday and also same from a thread here in the forum with same topic. This is already a duplicate thread for this discussion.


People using this news to hype didn't realize that they are only offering there oil and gas to a very limited country that still supports them and the use of Bitcoin currency is just an option for this deal so it doesn't add up and this news is not that huge since there is no assurance that other country will venture out on buying Bitcoin just purchase gas from Russia while they can easily use there reserved gold as funds to purchase it. I’m expecting a premature pump right now then followed by a sharp drop to continue the bearish trend.

[goldkingcoiner]

     This just shows that the Russian government is really getting worried about the sanctions. Although I cannot say for sure up to what extent, it does pose a threat to Russia and so they are looking for other alternatives to protect their economy.

     The word "MAY" should be taken into account though to avoid being mislead. Clearly, this is not an easy decision and they are still considering this course of action. But regardless, this is good for bitcoin and this industry since it gives more positive publicity to bitcoin.

 - What do you think? Will they really proceed? If so, when do you think it'll be implemented?


(Have a great day everyone!)


Source : https://news.bitcoin.com/russia-may-accept-bitcoin-for-gas-exports-lawmaker-says/

I consider the word may the same thing as "up to". As in "save up to" or "up to 100 MB/s internet". Its a legal way of not giving you anything but making it sound like they still gave you something. Basically a marketing word.

So if Russia is saying it may do something, then its really nothing to get excited about and its 99.% just a news article that greatly blows something out of proportion just to get people to read their article.

In other words, no, I doubt they will implement Gas for BTC. Although it would be a good idea.

[Husires]

It is true that countries and governments cannot ban Bitcoin and cryptocurrencies, but they can influence the price by restricting the institutions that will decide to buy/sell, ban mining, impose strict regulations and more.

If that happens, we may see strong corrections and then Russia may think again about buying and selling Bitcoin for its products.
The thing that Russia mainly targets is the sales of Russian oil and gas, which is trying to be in rubles to strengthen the currency's strength against USD/EURO.

The next 15 days will be fateful, and if Bitcoin and digital currencies stay away from this conflict, the situation will be better.

[cheezcarls]

     This just shows that the Russian government is really getting worried about the sanctions. Although I cannot say for sure up to what extent, it does pose a threat to Russia and so they are looking for other alternatives to protect their economy.

     The word "MAY" should be taken into account though to avoid being mislead. Clearly, this is not an easy decision and they are still considering this course of action. But regardless, this is good for bitcoin and this industry since it gives more positive publicity to bitcoin.

 - What do you think? Will they really proceed? If so, when do you think it'll be implemented?


(Have a great day everyone!)


Source : https://news.bitcoin.com/russia-may-accept-bitcoin-for-gas-exports-lawmaker-says/

Not just “May”, but there’s another source where they say something like “consider”, “considering” and “might” as I have Googled it.

Yes, Russia is trying to do whatever it takes to weather the big sanction storm imposed by the US and the West. Although that this is a strong possibility because of the Western sanctions that make their economy bleed, we just don’t know when are they going to “officially” implementing it.

[Wexnident]

As much as I want to say that Bitcoin is a medium, therefore not being blamed here for being used by Russia, it'd probably still be hit by some negative press early on. Still, I guess it opens up the idea to most people on how Bitcoin can be used for stuff like this. It isn't a positive towards what the price is in the early stages, but probably a good positive in terms of crypto adoption. I just hope governments don't do anything about it, I know it isn't going to do anything later on but it will affect the progress of adoption.

[zasad@]

Russia sells gas for foreign currency. The Ministry of Finance will oblige Russian exporters to sell 80% of foreign exchange earnings
Read more on RBC:
https://www.rbc.ru/politics/28/02/2022/621c7d2b9a79474bff316771

Now Russia will sell gas for rubles. Firstly, this law is not for all companies. Secondly, if this happens, then foreign companies will buy the ruble on the Russian stock exchange and pay them for gas. The Russian currency exchange will earn more commissions.

The dollar will still remain the world's largest reserve currency, there is more politics here than economics.

[KennyR]

Russia sells gas for foreign currency. The Ministry of Finance will oblige Russian exporters to sell 80% of foreign exchange earnings
Read more on RBC:
https://www.rbc.ru/politics/28/02/2022/621c7d2b9a79474bff316771

Now Russia will sell gas for rubles. Firstly, this law is not for all companies. Secondly, if this happens, then foreign companies will buy the ruble on the Russian stock exchange and pay them for gas. The Russian currency exchange will earn more commissions.

The dollar will still remain the world's largest reserve currency, there is more politics here than economics.

Putin gave order to Russia’s central bank and gas suppliers like Gazprom one week to implement the change. Earlier 58% of Gazprom gas sales were in euro and about 39% were in US dollars. Right now it is all about the plan of Putin to recover the fallen ruble and come out of sanctions. As said there is big politics than economis which comes from a long back history.

Right now 40% of the European countries oil and gas import is from Russia. To pay in Rubles, countries need to buy rubles from somewhere. Even it can be from the Russia's Central Bank. To make the transaction it is also required to take away the sanctions. Now the sufferers will be both Russia and non friendly countries.

[macson]

i also read this news, in order to maintain the exchange rate of the ruble against the currencies of other countries, Russia only accepts their oil purchases with Bitcoin and the ruble.  but Poland refuses to do that, actually Putin's trick is quite good because we know that the sanctions of Russia's termination from SWIFT make the ruble exchange rate go down against other foreign currencies.

[TheBeardedBaby]

 Image now how the Western countries will jump to buy the gas with bitcoins  /s
No. It will be exactly the opposite. The media will turn the bitcoin into the bad guy for avoiding the Russian sanctions and we will go back in another year of bear market.
We almost cleared btc name form the "scammer's money" or "the criminals money"  titles now we'll go back to the same narrative again...

[Myleschetty]

No country will be in a Russian situation and won't be worried no matter no powerful the country is for every country is experiencing economic meltdown ever since the Covid-19 hit the world and adding sanctions is just like adding salt to the wound but I hope the Russian and Ukraine find an end means to the ongoing conflict between them.

[PrivacyG]

Image now how the Western countries will jump to buy the gas with bitcoins  /s
No. It will be exactly the opposite. The media will turn the bitcoin into the bad guy for avoiding the Russian sanctions and we will go back in another year of bear market.
We almost cleared btc name form the "scammer's money" or "the criminals money"  titles now we'll go back to the same narrative again...

There will always be a reason to call Bitcoin 'the bad guy'.  Without censorship you get to allow both good and bad transactions, both good and bad humans to use the same system in the same way.

I would not be pessimistic about main stream media calling Bitcoin a scam for allowing Russians to avoid sanctions.  To me it is bullish news, not FUD.  It means Bitcoin is working.

-
Regards,
PrivacyG

[Oilacris]

No country will be in a Russian situation and won't be worried no matter no powerful the country is for every country is experiencing economic meltdown ever since the Covid-19 hit the world and adding sanctions is just like adding salt to the wound but I hope the Russian and Ukraine find an end means to the ongoing conflict between them.

I dont see for this war to end up anytime soon or on early base and if you do tend to look at on what Russia is been doing then its unlikely for this to be over and now they are finding up some alternatives

specially that sanctions do become even more that a big problem affecting Russia's economy which it isnt surprising and now they have these thoughts on accepting btc for gas exports then well
its not a bad alternative and since bitcoin is independent then they would totally or basically be touching this area despite of the hate and  negativity that they do see about it on pre-war situation.

[darkangel11]

Can they do it? Sure!
Will they do it? Depends how bad the situation will become for them.
Will it be beneficial for us bitcoiners? At first yes because it's going to create additional demand but in the long run some people will call for boycotting bitcoin just like they're doing with Nestle.

In the end Bitcoin will come out on top especially if they start accepting it and then the war ends before any anti bitcoin laws can be put in place.
IMO there's nothing wrong with Russia using Bitcoin. It's a tool for everyone, like the Internet. I don't see the world asking for Russians to be disconnected from the Internet. There are things all of us should be able to do and among this is being able to buy food, clothes, have a home, work.