Russia To Legalize Use Of Cryptocurrency In International Trade

[Argoo]

Now the situation is worst in Russia country is having negative effect that's why they are looking for back up. whatever happens happens for a reason. When situation became worst then Russia legalize use of Cryptocurrency in International trade. Very interesting to even hear a country this big and influential consider legalizing cryptocurrency in a public way. I support this. Though I'm sure it's not to the standards of idealists its a great step towards decentralization and innovation on the geo-economics scale

The OP in this thread only pointed out that Russia is close to advancing legislation on the use of cryptocurrencies in international trade. As far as I know, Russia has never legalized cryptocurrency in international trade or in other areas of human activity. That is, there is practically nothing to discuss now. Russia was and is a country where there is actually a complete ban on the use of cryptocurrency as a means of payment, and the situation with respect to cryptocurrency is unlikely to change. They are now panickingly taking all possible measures to eliminate capital flight from the country, and therefore they are unlikely to legalize cryptocurrency.

[DrBeer]

Is Russia technologically backward? Russia is a leading country militarily, they are always considered by the US as the most feared opponent.
If you look at the news of arms sales on the international market, the US will be ready to embargo or punish any country that buys Russian weapons that are not theirs, which is a cowardly, weak act of the country is considered to be the world's leading. If Russia were technologically backward, it would not have caused the US and 28 European countries to supply weapons to Ukraine in the past 11 months and still could not end the war.

As for the energy story, let's wait and if the war doesn't end see soon before winter 2023, and see who will lose in the EU-Russia war. It is too early to say who has failed.

Are you serious? ))
After the "second army of the world" was actually destroyed by the forces of the Armed Forces of Ukraine and volunteer battalions?! After all the vaunted "unparalleled in the world" technology turned out to be ordinary trash from the past!

I’ll just give a map showing the scale of the countries, and for reference - since 2014, Russia, having already killed hundreds of thousands of its citizens, has been able to occupy no more than 20% of the territory of Ukraine, and the prospects are such that they may have to sign capitulation in the Kremlin



The only thing that Russia had was a Nuclear Weapon. And then, you need to understand that this is the legacy of the USSR, for the most part produced by specialists from the Ukrainian SSR / Ukraine + what Ukraine gave to Russia. By the way, it was the 3rd largest arsenal of nuclear weapons in the world until 1991!

But 2022 showed that Russia and its greatness, that's all - a fake! At the same time, it is also a technologically strong remaining, degraded country! As in everything else. The only thing that exists is a huge, poorly provided territory, of which approximately 25% of the total area is in more or less human conditions ... And in terms of the economy, this is generally, today, less than 1% of the world's GDP! What technology are you talking about? Even if critical industries are 100% dependent on Western technologies (oil / gas production)

Don't try to be fooled by fake slogans from a fake country


And if we return to the topic, then all attempts to "legitimize cryptocurrency" are, in fact, a search to get away from sanctions, from which Russia simply squeals and beats in hysterics. And this will not be the recognition of cryptocurrency for the population, but a variant of circumventing sanctions. Well, the right for the Ozero Cooperative to withdraw stolen funds from Russia ...

[kryptqnick]

In 2023, the Russian currency has already weakened by 26%. At the same time, the trading partners of the Russian Federation do not want to transfer payments to the ruble - this currency turned out to be of no use to anyone. Only Russia itself uses it in trade operations, and even then mainly to circumvent Western sanctions. Under these conditions, in Russia it would indeed be reasonable to use cryptocurrency in international trade payments. This was stated in the Russian State Duma last year, but the situation has not changed since then. Apparently, the Kremlin is afraid to do this, fearing that money in cryptocurrency will be hidden from government control, and also easily transferred outside of Russia.

The Russian ruble fell, that's true, and the plan of forcing other currencies to use ruble for international trade didn't really succeed. However, Russia isn't desperate enough to try adopting cryptos for foreign trade either, it seems. The thing is, adoption would be required not just by Russia but also by its trading partners, and considering that Russia's mainly focused on doing business in Asia these days, it's not a fertile ground for Bitcoin adoption (India is known to be wary of Bitcoin, and China is directly against it). The sanctions maybe have weakened Russia, but unfortunately they didn't lead to anything resembling an economic collapse, and Russia adapted fairly well to them, as shown by the fact that they can still continue to produce weapons and continue waging their imperialist war against Ukraine.

[Argoo]

The Russian ruble fell, that's true, and the plan of forcing other currencies to use ruble for international trade didn't really succeed. However, Russia isn't desperate enough to try adopting cryptos for foreign trade either, it seems. The thing is, adoption would be required not just by Russia but also by its trading partners, and considering that Russia's mainly focused on doing business in Asia these days, it's not a fertile ground for Bitcoin adoption (India is known to be wary of Bitcoin, and China is directly against it). The sanctions maybe have weakened Russia, but unfortunately they didn't lead to anything resembling an economic collapse, and Russia adapted fairly well to them, as shown by the fact that they can still continue to produce weapons and continue waging their imperialist war against Ukraine.

You noticed this correctly. After European countries sharply reduced their consumption of energy resources from Russia and intend to completely abandon Russian oil and gas in the future, China and India have become Russia’s main consumers, and they do not have a very good attitude towards cryptocurrency. Therefore, the legalization of cryptocurrency in Russia, even only for foreign trade, will not lead to anything good in terms of increasing trade turnover. This is probably why nothing has been heard about trading in Russia for cryptocurrency for a long time. Maybe some transactions in cryptocurrency with other states are taking place, but in Russia they will not talk about it openly.

[DrBeer]

Cryptocurrency legalization for Russia is a "two-way stick". On the one hand, it may indeed be a way to partially circumvent sanctions. However, another problem remains unsolved - the Russian economy critically needs a currency, and not bitcoin, yuan or rupee. But dollars and euros ! And here is the problem - even having received settlements, for example, for oil in bitcoin - how to convert it into dollars?

On the other hand - in Russia again "close the iron curtain", and cryptocurrency is also becoming an option for financing opposition movements, and therefore.... should be banned.

This means a difficult problem to solve.