Russia using Bitcoin for foreign trade !

[Darker45]

I guess the west has to take the war somewhere else. It's probably just fair to exempt currencies from sanctions and the like. They want to take down Russia, they do it in ways that won't affect the innocent people who have nothing to do with what they're quarreling about.

Let those who want wars fight each other like real men. Why do they have to drag into their foolishness the millions of people who just want to live their lives peacefully? If they want to kill each other, let them kill each other. Why should everybody's access to potato, clean water, corn, milk, steak, be affected?

Thanks to Bitcoin, this is partly solved.

[pooya87]

First lets get something clear, the article says "Russian companies have begun using bitcoin" which is not exactly the same as "Russia is using bitcoin for foreign trades". It is not at the government level, it is still at the "people's level" which is what Bitcoin was made to do.
Think of it this way, we are all using bitcoin and we are all from different countries but nobody can say your country or mine are using bitcoin for foreign trade just because we are using bitcoin!

Other than that, I don't see Russian government using bitcoin because they already have an alternative payment system in place to SWIFT which they have been pushing and in their other trades with a country like China or India they are using their own fiat currencies.

[stadus]

This is fantastic news for the community, as it proves that Bitcoin can achieve what fiat currencies cannot. It eliminates sanctions because Bitcoin isn’t controlled by any country, especially those that aren’t allies of Russia. This is truly what we call real financial freedom. Seeing Russia take this step will undoubtedly create a ripple effect in the crypto world, sparking new conversations and possibilities.

And we are talking of Billions of dollars here, which would certain increase its demand.

Depending on your perspective, I wouldn't call it a huge win for all. This just proves that sanctions can now effectively be circumvented and there are little repercussions for countries or entities to be engaging in crimes against humanity. I think this is a good time to rethink how we can better approach the global issues since sanctions are obviously not as helpful as it seems.

I'm not condoning censorship, but I find it difficult to imagine that it is a positive news since the whole idea about Bitcoin being censorship-free hasn't really been the top priority of most people.

When it comes to politics, it’s tough to figure out which side is entirely true. For example, the US sanctioned Russia for the reasons you mentioned, but is the US really that clean? I believe they’ve also been accused of crimes against humanity. A quick Google search for “US crimes against humanity” will give you plenty of examples.

But this is all a matter of perspective, and I won’t dive too deep into that. My main point is to focus on what Bitcoin has achieved, it’s a form of money that brings freedom. It can be used globally, even in countries where it’s banned, because users always find ways to bypass those restrictions. That’s the real takeaway here.

[ranochigo]

When it comes to politics, it’s tough to figure out which side is entirely true. For example, the US sanctioned Russia for the reasons you mentioned, but is the US really that clean? I believe they’ve also been accused of crimes against humanity. A quick Google search for “US crimes against humanity” will give you plenty of examples.

I didn't say US is clean, and whataboutism shouldn't be encouraged because it greatly diminishes the gravity of the situation. The narrative that is being parroted would just be that Bitcoin is facilitating transactions that are undesirable. This is probably not what the community needs.

It has always been possible for Bitcoin to facilitate transactions without restrictions. OFAC compliant blocks, which fortunately didn't take off is why countries like Russia are able to circumvent sanctions.

[betswift]

First lets get something clear, the article says "Russian companies have begun using bitcoin" which is not exactly the same as "Russia is using bitcoin for foreign trades". It is not at the government level, it is still at the "people's level" which is what Bitcoin was made to do.
Think of it this way, we are all using bitcoin and we are all from different countries but nobody can say your country or mine are using bitcoin for foreign trade just because we are using bitcoin!

Other than that, I don't see Russian government using bitcoin because they already have an alternative payment system in place to SWIFT which they have been pushing and in their other trades with a country like China or India they are using their own fiat currencies.

Sounds like truth and the fuzz is being created about the situation to get the attention to it.
Before the officials talk about the adoption and such - it's just a wind blowing, echoing from the truth of some companies making something with Bitcoin.

[tbct_mt2]

First lets get something clear, the article says "Russian companies have begun using bitcoin" which is not exactly the same as "Russia is using bitcoin for foreign trades". It is not at the government level, it is still at the "people's level" which is what Bitcoin was made to do.
Think of it this way, we are all using bitcoin and we are all from different countries but nobody can say your country or mine are using bitcoin for foreign trade just because we are using bitcoin

Forum community have experience with a very long lasting campaign from Best Change, and it's a company from Russia. Policy in Russia can be changed very quickly because that nation is centralized in power and adminstration by a single person, Putin, but Best Change in many years shown that in Russia, people can use Bitcoin and cryptocurrencies through their service.

Expect it to be legal tender in Russia is too far.

https://newhedge.io/terminal/bitcoin/legality-map

[Lucius]

Will Putin's btc team signup on bitcointalk?

Why would Russia as a country be interested in having a profile on BTT? Additionally, this forum is banned in Russia, so anyone coming from that country must use a VPN or Tor. Which leads us to the conclusion that they are real hypocrites, allegedly using BTC for trading - and at the same time banning crypto forums.

Will this mean that btc as a whole will get tagged as 'backed by russia'?

I would not be surprised if in the future we have BTC that will be tagged as the one with the Putler label and the one with the Mr.Donald label.

The Trump-Russia link that's been speculated - does this prove it or is this just some variant causality at work?

Mr. Donald is a businessman whose first priority is profit - and if that means he has to make a deal with the devil himself, he will do it without hesitation. Besides, is it even news that Russia is using BTC today? They have been doing it for at least 10 years since they started with the realization of the creation of the Russian world.

[MusaMohamed]

Why would Russia as a country be interested in having a profile on BTT? Additionally, this forum is banned in Russia, so anyone coming from that country must use a VPN or Tor. Which leads us to the conclusion that they are real hypocrites, allegedly using BTC for trading - and at the same time banning crypto forums.

I didn't  know that Russia ban access to Bitcoin forum. They hate the USA but does it make them banning all websites from the USA?

The forum is USA-based, and it makes me thinking about this policy action from Russia but I think it is really too serious if they do that. The forum does nothing harmful to the Russia, so in my thinking no reasons for Putin to restrict Russian access to Bitcointalk forum.

[Hamza2424]

Well bravo. Raises a few questions I think.
Will Putin's btc team signup on bitcointalk?

Hi Bravo!

Here we are, how can we assist you?

Are you interested in knowing about our current policies for Bitcoin adoption around our local communities? Honestly, we are working secretly you are the first to ask this question so we thought why not create a historic moment to answer such direct questions 

[GeorgeJohn]

I can remember vividly during 2019 and 2021, were so many countries is against bitcoin development and technology, some dislike bitcoin due to they feel that the essence of bitcoin introduction is for money laundering, I think that it's same Russian government that ban or restricted bitcoin in her country...but right now they want to trade with bitcoin..I have already predicted that before 2040 if some of us will be alive before them, bitcoin will be accepted as a legal tender

Because if United States of America accepts embrace Bitcoin and Russia also embrace Bitcoin, that will triggers other countries who restricted her citizen's not to trade with bitcoin will definitely allow their citizens to trade with bitcoin,  I will say why Russian agreed to trade with bitcoin is that they have seen the important of Bitcoin and that's why they all agree to trade with bitcoin.

This is fantastic news for the community, as it proves that Bitcoin can achieve what fiat currencies cannot. It eliminates sanctions because Bitcoin isn’t controlled by any country, especially those that aren’t allies of Russia. This is truly what we call real financial freedom. Seeing Russia take this step will undoubtedly create a ripple effect in the crypto world, sparking new conversations and possibilities.

And we are talking of Billions of dollars here, which would certain increase its demand.

It's obvious that this information will skyrocket the price of bitcoin, because if effect take place by Russians the demands of bitcoin will be triple higher than the supply, so that's what I want us to understand....I know that one day top countries like Russia will embrace cryptocurrency BTC because its a decentralized currency and its not been controlled or influenced by the government.

[Botnake]

First lets get something clear, the article says "Russian companies have begun using bitcoin" which is not exactly the same as "Russia is using bitcoin for foreign trades". It is not at the government level, it is still at the "people's level" which is what Bitcoin was made to do.

I think it’s the same because these companies play a big role in shaping the economy of their county. The government benefits from them through taxes, so if these companies are unable to trade, they can’t generate revenue. This would ultimately result in them paying little to no taxes, which would also hurt the government’s income. It’s all interconnected IMO.

[BlackHatCoiner]

First lets get something clear, the article says "Russian companies have begun using bitcoin" which is not exactly the same as "Russia is using bitcoin for foreign trades". It is not at the government level, it is still at the "people's level" which is what Bitcoin was made to do.

It says that Russian companies have started accepting it as currency, but if you read a little after that, it is seemingly endorsed by the prime minister of Finance:

"As part of the experimental regime, it is possible to use bitcoins, which we had mined here in Russia (in foreign trade transactions)," Siluanov told Russia 24 television channel.
"Such transactions are already occurring. We believe they should be expanded and developed further. I am confident this will happen next year," he said, adding that international payments in digital currencies represent the future.

That's more "government level" than "people's". Another reason to be bullish on 2025. However, I do acknowledge that it conflicts with their plan on promoting BRICS.

[legiteum]

HITLER USING BITCOIN FOR FOREIGN TRADE!
Economic minister says that "special relocation projects" can now be fully funded.

...
...


Folks, it's fine to be enthusiastic about Bitcoin adoption, but not all news is necessarily good news. Right now Russia is sending thousands of its young people to die every day, and committing daily atrocities on Ukraine. I suspect the news is going to get worse and worse for them as the war drags on. This is not something we want associated with Bitcoin.

[cryptosize]

Not sure how I should react, but with this news we can expect some blockchain analysis to mark or blacklist addresses associated with Russia. So, if Russia accept Bitcoin in order to use it for foreign trade, I don't think it's gonna work fine since it can be traced.

There are ways to remove traces (i.e. paying exorbitant fees to a certain miner), especially if you own big mining facilities.

The next question is, if Russia want to trade with their allies e.g. Brazil, China, India, South Africa etc, why they didn't choose to use BRICS currency instead?

Spoiler alert:

There was never and there will never be a BRICs basket currency. It's vaporware.

They intended to use BTC from the get-go, they just don't want to announce it formally (yet).

Why? Because the price could easily skyrocket to 7 digit figures in a single day.

Maybe they'll announce it in 2025, but at the latest I expect it to happen by 2030.

But, the good thing is there are two big countries are trying to use Bitcoin, if China join this party, it will be really big news.

It will be really big news when China invades Taiwan in 2027.

However, I do acknowledge that it conflicts with their plan on promoting BRICS.

It doesn't. That was the plan from the get-go.

That's why they started mining BTC a while back.

[BlackHatCoiner]

It doesn't. That was the plan from the get-go.

It's alternative to BRICS. Using that for foreign trade encourages everyone else to do the same, and abandon BRICS. Why would that be in the plan from the get-go?

[cryptosize]

It doesn't. That was the plan from the get-go.

It's alternative to BRICS. Using that for foreign trade encourages everyone else to do the same, and abandon BRICS. Why would that be in the plan from the get-go?

WEF wants BTC to help the dedollarization process and Net Zero.

WEF endorses the "multi-polar" BRICs alliance.

There are even projections that China/India will leave US behind by 2030.

They won't abandon BRICs, just USD as a global reserve currency.

[BITCOIN4X]

I read the news a few hours ago and I wouldn't be surprised if Russia would actually do it. Bitcoin is the best option/alternative for anyone, not only for Russia nationally, but also individually. We don't need to use dollars or any fiat to pay for goods or services from other people from different countries, of course bitcoin can be an alternative if both of them agree on the means of payment. Bitcoin is effective and an alternative solution that can be considered, so we can imagine how valuable bitcoin will be in the future.

We'll probably know and realize that bitcoin will eventually get a better use case as a currency, but when a country like Russia takes advantage of it, then I guess it's because they're forced to due to limited other options. Bitcoin is considered safer than others, but I can only think of the positive side.

[Wakate]

I read the news a few hours ago and I wouldn't be surprised if Russia would actually do it. Bitcoin is the best option/alternative for anyone, not only for Russia nationally, but also individually. We don't need to use dollars or any fiat to pay for goods or services from other people from different countries, of course bitcoin can be an alternative if both of them agree on the means of payment. Bitcoin is effective and an alternative solution that can be considered, so we can imagine how valuable bitcoin will be in the future.

We'll probably know and realize that bitcoin will eventually get a better use case as a currency, but when a country like Russia takes advantage of it, then I guess it's because they're forced to due to limited other options. Bitcoin is considered safer than others, but I can only think of the positive side.

Currently, Bitcoin has been a joke alternative to the USD because it can appreciate well in a matter of time. There is no restriction in using Bitcoin, even though the US tries to sanction Russian companies that are using Bitcoin for trades. Bitcoin was created to make transactions much easier for everyone and it's what we are seeing. The could try to sanction companies from trading with others but with Bitcoin, the sanction can be waved. With all the sanctions against Russia, the country has been doing well, which has been a big surprise to others that thought Russia will not be able to meet up with her mere functions.

[SamReomo]

I would say that Russia and most other countries now understand the importance of Bitcoin for trading of goods or for export and import goods. It's useless to create BRICS or use it when you know whom you're going to fight, and it's a great strategy to use Bitcoin at current times when even US president supports it and considers it a great currency.

[cryptosize]

It doesn't. That was the plan from the get-go.

It's alternative to BRICS. Using that for foreign trade encourages everyone else to do the same, and abandon BRICS. Why would that be in the plan from the get-go?

BRICs and BTC aren't mutually exclusive, I don't know what made you think that:

https://www.forbes.com/sites/digital-assets/2024/10/23/russia-launches-brics-mining-infrastructure-project/