Another in a series of news coming from Russia over the years about how they will allow something or not when it comes to cryptocurrencies - all in order to show that there is some kind of democracy there - when the country is actually ruled by one man - so it doesn't matter at all what some lawyers or members of parliament think.
I don't think countries like Russia will allow Bitcoin to be used as a legal currency in the near future - because it's not just about paying for goods and services, but also funding various opposition movements that would certainly strengthen and pose a threat to those in power. Even if by some miracle such a law is passed, it can also be withdrawn very easily - so one should not be too optimistic when it comes to such news.
I don't think countries like Russia will allow Bitcoin to be used as a legal currency in the near future - because it's not just about paying for goods and services, but also funding various opposition movements that would certainly strengthen and pose a threat to those in power. Even if by some miracle such a law is passed, it can also be withdrawn very easily - so one should not be too optimistic when it comes to such news.
and in a country which as mentioned governed essentially by one man, Bitcoin reduces his
control over the countries finances. So any news from Russia should be taken with a pinch of salt.
The only legal tender in the Russian Federation is the Russian ruble, which is issued by the central bank of the country. It was not alone and it was not about the fact that bitcoin or other cryptocurrencies will become a legal means of payment, this most likely concerns trade with foreign partners with whom it is possible and necessary to trade in cryptocurrency, as this can help Russia to evade some of the sanctions that were imposed on it and its partners to avoid problems with the fact that they do (trade) with Russia.
Apart from the Russian Ruble, I don't think that any other currency would be granted the status of legal tender anytime soon. Because RUR is under heavy pressure and during the last 7 years, it has lost more than 60% of its value. If BTC is allowed for payments, then people will prefer it to RUR, and it will further weaken the national currency. But as far as I am concerned, that step is not needed for now. Russian citizens are allowed to make investments with cryptocurrency and the tax rates are extremely low. For me, that makes Russia one of the most pro-Bitcoin countries in the world.
i would imagine when Bitcoin gets too big the liberties which Russians are
enjoying now will be revoked with restrictions in banking or something like that.
