Russia Approves The Use Of #Bitcoin And Crypto Cross-Border Payments

[Asiska02]

Russian legislators have long opposed the idea of accepting cryptocurrencies as payment. In 2020, Russia enacted a key crypto policy titled "On Digital Financial Assets" that forbade the use of cryptocurrencies like Bitcoin (BTC) as payment methods.

The Bank of Russia and the Finance Ministry have announced that they expect cross-border cryptocurrency transfers to be legalized soon, according to Alexei Moiseev, deputy minister of finance for Russia. Moiseev emphasized the necessity for local cryptocurrency services in Russia, pointing out that many Russians utilize international websites to create bitcoin wallets.

Despite the war crisis Russia is going through, it was able to see the importance of bitcoin and approve its use for cross-border payment. Russia is amongst the top countries in the world and bitcoin legalisation for cross-border payment is a great news to the bitcoin community amidst the controversial views people have about it today.


https://twitter.com/watcherguru/status/1572972086083158016?s=46&t=rIcryzRCBzv61dbH_SK3Og

[ingiltere]

The source didn't seem very reliable to me, but if this happens, Russia will have taken a step in the right direction. Russia is forced to find different solutions against sanctions. They have solutions to trade with Türkiye through their own money, but ties with the Western world have come to a breaking point.
It's good to realize that Bitcoin is the way out for countries subject to political restrictions. It seems absurd that such sanctions even exist in this century.

[avikz]

Should I call it a desperation?

Russia was not very favorable about cryptocurrency since a long time. They had some kind of rules which barred the miners to sell their coins couple of years ago. Not sure why such drastic change in their stance!

Possibly Russia is trying to find a feasible alternative to continue with their international trading. Not sure how much bitcoin or any other crypto can help here.

[casinotester0001]

Russian officials approve use of crypto for cross-border payments: Report
https://cointelegraph.com/news/russian-officials-approve-use-of-crypto-for-cross-border-payments-report

According to a Thursday report from the Russia-based publication Kommersant, Russia’s Deputy Finance Minister Alexei Moiseev said the government department has agreed “on the whole” with the central bank over a rule that would let residents send cross-border payments using cryptocurrencies.
https://www.kommersant.ru/doc/5572328

Not only cross-border-payments ... mining will be allowed too (with some districtions because of power/electricity):

Bank of Russia, Finance Ministry Agree on Crypto Mining Regulation, Law Expected Soon
https://news.bitcoin.com/bank-of-russia-finance-ministry-agree-on-crypto-mining-regulation-law-expected-soon/

[DapanasFruit]

In my POV, in case this Russian move is really true that it is now encouraging the use of Bitcoin then this is not despite of the war but because of the war with its many sanctions imposed by other countries. Russia is sending a message here that it is always open for business and that there are many things it can do to get away from imposed sanctions which may have had affected a section of its economy...plus the leadership under Putin wants to make sure that commerce is not put to a halt. Certainly, cryptocurrency can be a tool they can use to stay afloat and conduct business with other countries and businessmen. Now, the next question is: Will this push Bitcoin to regain the huge value it lost in this bear market? Well, that remains to be seen...let's watch out for more developments on this regard.

[SquirrelJulietGarden]

Bitcoin and crypto transactions are borderless or cross-border already. Russia can not stop it so their allowance is non sense if the news is correct.

They can restrict how people use fiats to buy Bitcoin or cryptocurrency but they can not restrict how and where people send their cryptocurrency to. When you own Bitcoin or cryptocurrency, you are free to move it to anywhere on Earth. Especially, very freedom if the receivers use non custodial wallets.

[stompix]

Russia is sending a message here that it is always open for business and that there are many things it can do to get away from imposed sanctions which may have had affected a section of its economy...plus the leadership under Putin wants to make sure that commerce is not put to a halt.

Yeah right...
If they wanted to send a message they would first allow usage inside the country, and in case you didn't know just recently:
Vladimir Putin Signs Law Banning Digital-Asset Payments in Russia

So this is not about being open to crypto, it's about letting some entities open to deal with crypto, most likely for those parallel imports they desperately need. It's USSR back again when only a few companies n by the state were allowed to use $ for international payments, but good luck for the average citizen doing so.

According to a Thursday report from the Russia-based publication Kommersant, Russia’s Deputy Finance Minister Alexei Moiseev said the government department has agreed “on the whole” with the central bank over a rule that would let residents send cross-border payments using cryptocurrencies.
https://www.kommersant.ru/doc/5572328

What a surprise:

As Mr. Moiseev explained, the essence of the proposal of the Ministry of Finance is that people have access to crypto-wallets, similar to those that are now being opened on the Internet. “Now people are opening crypto wallets outside the Russian Federation. It is necessary that this can be done in Russia, that this is done by entities supervised by the Central Bank, which are required to comply with the requirements of anti-money laundering legislation, and first of all, of course, to know their client, ”he explained.

As I said, you're going to be allowed to use it, but first, you need permission. USSR style all over again!

[Darker45]

This doesn't amount to so much really. In the first place, Bitcoin remains unacceptable as payment in Russia. This new decision doesn't change it. So I don't interpret this as a sort of a statement that the country has turned Bitcoin-friendly. Perhaps this is a way for the country to somehow circumvent certain financial sanctions such as the SWIFT ban, for example.

Also, it is clear that the Russian government is aware that many of its people are "opening crypto wallets outside" the country. Russian officials don't seem to like it. And this latest decision somehow signals that the authorities will have to do something about this, probably resulting to its citizens only allowed to open wallets "in Russia [and] with entities supervised by the central bank."

So, in a way, this is even bad news to Russians.

[NeuroticFish]

Should I call it a desperation?

Yep, it's pretty OK to do so. They got kicked out of SWIFT and the countries start also leaving the Russian alternative to SWIFT. What options do thy have? "Friendly" countries' CBDCs and probably Bitcoin.
I fear though that this will give ammo to anti-bitcoin narrative again.

[jrrsparkles]

They made such decision at the critical situation, they may call the decision is irrespective of the war crisis but I find the sanction against Russia crumbled the Ruble value in the international market so they are in need of an alternative currency so they are going for it but is it announced by the government officially or some famous Twitter handle?

[Husires]

I do not take all the news that comes from Russia seriously, given the developments of the war, which make the impossible possible and vice versa.
Bitcoin is one of the tools that will give huge privileges that Russian citizens have lost due to the suspension of banking transactions, but I do not think that it will be useful for the government and therefore Russia will not go far in the framework of adopting digital currencies, as El Salvador did.
All current decisions are temporary and may change quickly.

[Lucius]

I fear though that this will give ammo to anti-bitcoin narrative again.

We should not doubt that, because with all this nonsense and deception that they try to impose as the truth and the only truth, what will happen when and if Russia really starts using Bitcoin for international trade? I can already see the headlines in the mainstream media "Russia avoids sanctions with Bitcoin" or "Bitcoin must be blacklisted because it finances terrorism".

Definitely bad news for Bitcoin, and at a bad time when the campaign to eliminate POW is going on - but as always, there is no need to fear for the fate of Bitcoin, no matter how fiercely attacked.

[Obito]

They're getting desperate now because they need to fund the war that they've started, it's a good news for the market but I think that for their campaign against Ukraine, it's a temporary solution unless they plan to use that cross-border payment as a means for their allies to secretly funnel war money to keep Russia afloat.

[NotATether]

According to a Thursday report from the Russia-based publication Kommersant, Russia’s Deputy Finance Minister Alexei Moiseev said the government department has agreed “on the whole” with the central bank over a rule that would let residents send cross-border payments using cryptocurrencies.
https://www.kommersant.ru/doc/5572328

That just tells me that Russia hates cryptocurrency, but because they are so desperate for liquidity that they were locked out of during their farce that is the Ukraine War, they need to legalize some form of money laundering.

Remember that inter-state crypto payments are still banned (as of recently).

[hyudien]

Despite the war crisis Russia is going through, it was able to see the importance of bitcoin and approve its use for cross-border payment. Russia is amongst the top countries in the world and bitcoin legalisation for cross-border payment is a great news to the bitcoin community amidst the controversial views people have about it today.

Sorry, I need to emphasize it in bolded sentences. Russia is not experiencing a war crisis. They act as executor of the war in Ukraine. So the correct sentence is Ukraine which is in a war crisis.

Back to the topic of the policy that will be approved, whether news is true or not because it takes quite a lot of reference sources where this news can boomerang about its truth. On the one hand, if Russia officially legalizes bitcoin for cross-border payments, there will be a huge increase in Bitcoin. But on the one hand, does the legalization of Bitcoin make a different direction and show support for Russia to continue to colonize? for me of course No.

[worldofcoins]

The source didn't seem very reliable to me, but if this happens, Russia will have taken a step in the right direction. Russia is forced to find different solutions against sanctions. They have solutions to trade with Türkiye through their own money, but ties with the Western world have come to a breaking point.
It's good to realize that Bitcoin is the way out for countries subject to political restrictions. It seems absurd that such sanctions even exist in this century.

I am not sure if there was any ban on bitcoin before in Russia.
Even if it were then people could always P2P the transactions rather than buying or selling through a company, I'm sure there would be no tracing back.
But this post makes it easy for Russian investors to invest with peace of mind.

[kryptqnick]

Okay, first of all, there's no "war crisis Russia is going through". The op is saying it as if Russia is being bombed and invaded and how impressive it is that they're finding time for new laws. But NO. Russia is waging a devastating war against Ukraine, just because they want more land for themselves despite being the largest country on Earth. So nothing is obstructing their legislative activities because Russia is doing the war on someone else's territory.
Secondly, the only news I could find (searching it Russian because that would be the original language) is about a bill (not a law) that would allow using digital currencies to avoid some financial sanctions. The Ministry of Finance seems to be supportive, but it's not Ministries who write up and vote on laws.
Finally, if Russia adopts it, I don't think it's good for Bitcoin at all. Russia is a terrorist state that is behaving unbelievably terribly for the 21st century. So it would be a bad thing for Bitcoin's reputation, and Western countries might become more hostile to Bitcoin as a result.

[Vaskiy]

Even when the European countries passed sanction against Russia, it didn't reveal official statement of using bitcoin and other cryptocurrencies to overcome sanctions. It is the prediction that cryptocurrency is the only choice available. Ukraine on the other side officially announced and they also accepted donations in cryptocurrency to the governments official wallet. Russia is one of the country that was against bitcoin in the past. So, it won't happen that easy.

[Osama Maaz]

Russian officials approve use of crypto for cross-border payments: Report
https://cointelegraph.com/news/russian-officials-approve-use-of-crypto-for-cross-border-payments-report

According to a Thursday report from the Russia-based publication Kommersant, Russia’s Deputy Finance Minister Alexei Moiseev said the government department has agreed “on the whole” with the central bank over a rule that would let residents send cross-border payments using cryptocurrencies.
https://www.kommersant.ru/doc/5572328

Not only cross-border-payments ... mining will be allowed too (with some distractions because of power/electricity):

Bank of Russia, Finance Ministry Agree on Crypto Mining Regulation, Law Expected Soon
https://news.bitcoin.com/bank-of-russia-finance-ministry-agree-on-crypto-mining-regulation-law-expected-soon/

That is a replayable post on this news then it will clearly impact crypto future because Russia is almost half world it will lead crypto into a positive direction and a survey says that 75% of Russian peoples never buy bitcoin that means in crypto field many new user's and investors comes directly proportional to rise in crypto prices .And about mining, i think we're seeing a slight drop in mining probability because of the allowed decision of mining by officials of Russia .

[JaimeAlejandro]

The source didn't seem very reliable to me...

I don’t know if the source in the initial post is reliable, but the news are true.

You have a link in another post in this forum: https://bitcointalk.org/index.php?topic=5414636.0 (You will read in this post, that has been blocked for no reason or just because everything I wrote is true and cannot be rebutted, some guy saying that Russian sanctions should be kept, but recognizing US should be sanctioned too for its actions. So… this is the real bitcoin spirit! Right? Sanction everybody, everywhere. This is, precisely, why Nakamoto created BTC… to stop nations tempering with money! Some people just don’t get it.)

And here you have the original post: https://bitcoinmagazine.com/markets/russian-central-bank-and-ministry-of-finance-agree-on-bitcoin-crypto-bill

So, news are true.

For those talking about “desperation”, it is the German dopes and the rest of their EU satellite dope nations the ones who are pretty close to desperation. They have been pushed by the US to what it seems is going to be the worst energy crisis they’ve suffered in history. This war was aiming since its very start to Germany, not Ukraine, and not Russia. Germany is the pimple on their ass that was showing how bad the US economy and industry has been rolling down for years now. US need to destroy any nation that can be use as a mirror by their own citizens as an embarrassment of how badly US industry have gone for the last two decades. So, first, by destroying Germany and the EU, US is going to make a ton of money (yes, and as usual, on guns). Second, they will eliminate a competitor. And the Germans dopes, for the third time in their history (second one during WW II perfectly deserved), they will allow it to happen. They still brag (they do it indoors, but they still do it) about the “superior beings” they are. Nope. Collectively? They’re just a bunch of dopes. Same for the EU countries following Germany, with their dope German "Queen Ursula von der Liar” on the very top of the list.

Remember also that Japan was blocked (by the US warmongers) in the midst of WW II like Europe is right now. They went nuts and bombed Pearl Harbor. This was an US plan to involve and subjugate Japan. It finished with US becoming the only country to ever have used nuclear weapons on an enemy, when many historians and military sources think it was a complete unnecessary use of force over civilians. Japan was already very close to surrender. US is seeking that type of Japanese craziness, but on European soil.

Now you read in so many posts that the Russians are the “criminals”. Really?

But media, including this forum is absolutely controlled by US intelligence. Oh, yes, it is! The immense US corrupted budget have given them power to reach anywhere and everywhere. US is right now one of the most corrupted countries over the face of the Earth. Of course, Russia is too, but it is impossible for any nation to reach that level of corruption. There’s no limit. They have the USD printing press.

Bitcoin will finish this. It will finish with Russian sanctions. The US empire of injustice will crumble with bitcoin. This is why they have been attacking it since its inception but failing on every single instance. And don’t get me wrong. I still adore what so many US Americans have done for the world for so many years. Bitcoin to start with (probably, most of the guys under the nickname Nakamoto were US Americans). But when it comes to the warmongering and the US killing people everywhere, including drone striking US citizens abroad, it must stop.