Topic: Bitcoin Mining now Legalized in Russia (Read 497 times)
This is good news for Russian society. The Russian government, like other neighboring countries, is looking for a way to escape the sanctions, and in my opinion, the start of Bitcoin mining in Russia "By using cheap electricity" is good news. I think that in the next few years (maybe 5 years) most countries will accept Bitcoin.
Bitcoin mining is legal in other countries as well but not completely, there are many countries you can google it where bitcoin minig is legal in one state and illegal in other states. As Russia is among biggest economies of the world this news will have great impact. Let see when countries like US and China start accepting it as payment mode and allow their citizens to have complete access to bitcoin.
In US Bitcoin is legal and if anyone want they can accept it but it's not made into a legal tender and highly unlikely to be. In China only God knows the status cause they banned Bitcoin multiple times and unbanned it multiple times.
Russia didn't made it as legal tender but they imposed ban on mining operations now they lifted it so miners are free to operate and this is indirect way of saying they are going to accumulate as much Bitcoin as they can before it becomes too scarce because they know they have hard time dealing with cross border payments and Bitcoin can help them with it.
Folks, this is a major deal. It concerns more than only wealth. It is about authority, impact, control. Russia's embracing Bitcoin is a statement of openness for commerce but on terms. They are betting on decentralisation, on blockchain, on a time when the old guidelines have no bearing.
I don't believe that Russia with its dictator ruler cares about BTC, decentralization or even the blockchain, they are only taking decisions that benefits them and one that would help them evade sanctions. The miners that are going to mine from China will be under strong government surveillance, i would not be surprised if the Russian government would try to blacklist addresses using miners mining from their region. In short, it is hard to be excited about any news coming out of Russia, for obvious reasons. 
So, Russia decides to legalize Bitcoin mining. Big news, right? This is bigger than just some regulatory update. On world events, this is a power play. Consider that. They are adopting Bitcoin mining and using cryptocurrencies for foreign negotiations. They are saying, "We're not just playing by your rules anymore, we're making our own."
Folks, this is a major deal. It concerns more than only wealth. It is about authority, impact, control. Russia's embracing Bitcoin is a statement of openness for commerce but on terms. They are betting on decentralisation, on blockchain, on a time when the old guidelines have no bearing.
One could argue either this is a benefit or a drawback. One thing is definite though: its revolutionary. It might produce fresh divisions and strife or a more democratic, open financial system. Still, thats a bold action.
Folks, this is a major deal. It concerns more than only wealth. It is about authority, impact, control. Russia's embracing Bitcoin is a statement of openness for commerce but on terms. They are betting on decentralisation, on blockchain, on a time when the old guidelines have no bearing.
One could argue either this is a benefit or a drawback. One thing is definite though: its revolutionary. It might produce fresh divisions and strife or a more democratic, open financial system. Still, thats a bold action.
Because China is trying very hard to push Yuan for every trade they are completing with their BRICS allies. Russia has to find an alternative soon enough to counter this.
I don't think Russia accepting cryptocurrency payments or allowing domestic bitcoin mining is intended to counter China's use of the yuan. The BRICS bloc has a common goal of reducing its dependence on the USD and then seeking to completely eliminate the USD from transactions within the bloc. And to do that, they need to have a common voice, join forces and agree with each other on the bloc's issues. Fighting and competing will not bring good results for the bloc and I think the co-founders of the bloc understand that better than anyone else. So I don't think Russia has that intention.
Russia is doing whatever it takes for them to avade the Western sanctions. But it's a good news for Bitcoin at least.
It will be interesting to know the proposed energy consumption limit and how the mining companies or individual miners are taxed.
The international politics is very complex. I see why Russia is looking forward for a cryptocurrency related financial system for the international trade as well. Because China is trying very hard to push Yuan for every trade they are completing with their BRICS allies. Russia has to find an alternative soon enough to counter this.
It will be interesting to know the proposed energy consumption limit and how the mining companies or individual miners are taxed.
The international politics is very complex. I see why Russia is looking forward for a cryptocurrency related financial system for the international trade as well. Because China is trying very hard to push Yuan for every trade they are completing with their BRICS allies. Russia has to find an alternative soon enough to counter this.
Russia has already imposed a ban on crypto as a legal tender in Russia and has no uplifted it yet.
They have just allowed crypto to be used for cross border payments to get around the US sanctions.
Yes, it would be interesting to see how the miners are taxed now that they have allowed mining in Russia.
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Bitcoin Mining now being legalized in Russia https://watcher.guru/news/brics-russia-officially-legalizes-bitcoin-and-crypto-mining and this have been signed into law already, I see it as a new development over BRICS in taking more considerations towards bitcoin by giving due recognition on it's mining, though China remains as it was.
Cryptocurrency mining is allowed to take effect for any industry or miner who are ready to go by the stipulated amount of energy consumption rate for the mining purpose in the country, we can also recall that recently, Russia approved the acceptance of crypto as a means of payment through international transactions.
Bitcoin is gaining more wins each day on every side, The world is now realizing more on how they needed bitcoin, especially by people and region it had been wrongly talked about, the BRICS is the main target now.
Am not sure if this has been discussed already, but I've checked on the bitcoin discussion board and see nothing related to the news updates on it.
I must confess that I am coming across this news for the very first time here, and it's a goodnews regardless, the world government have studied, and have come to terms with the importance of bitcoin adoption to our system, but several of them are still hesitant to announce their acceptance and legalization of the asset due to fear of criticism from the general public owning or due to how they (the government) have criticized and fought against the usage and growth of bitcoin, they know that the fiat system have failed woefully, but they can bring themselves to accept it because fiat Is their own creation, and with their own hands, they have destroyed it.Cryptocurrency mining is allowed to take effect for any industry or miner who are ready to go by the stipulated amount of energy consumption rate for the mining purpose in the country, we can also recall that recently, Russia approved the acceptance of crypto as a means of payment through international transactions.
Bitcoin is gaining more wins each day on every side, The world is now realizing more on how they needed bitcoin, especially by people and region it had been wrongly talked about, the BRICS is the main target now.
Am not sure if this has been discussed already, but I've checked on the bitcoin discussion board and see nothing related to the news updates on it.
Going forward, I expect more and more countries to gradually begin to key in their economy towards bitcoin and cryptocurrencies, the adoption of bitcoin won't happen overnight, but a time is coming when every country will have no choice but declare bitcoin legal and acceptable for both local and international transactions the respective countries.
Bitcoin Mining now being legalized in Russia https://watcher.guru/news/brics-russia-officially-legalizes-bitcoin-and-crypto-mining and this have been signed into law already, I see it as a new development over BRICS in taking more considerations towards bitcoin by giving due recognition on it's mining, though China remains as it was.
Cryptocurrency mining is allowed to take effect for any industry or miner who are ready to go by the stipulated amount of energy consumption rate for the mining purpose in the country, we can also recall that recently, Russia approved the acceptance of crypto as a means of payment through international transactions.
Bitcoin is gaining more wins each day on every side, The world is now realizing more on how they needed bitcoin, especially by people and region it had been wrongly talked about, the BRICS is the main target now.
Am not sure if this has been discussed already, but I've checked on the bitcoin discussion board and see nothing related to the news updates on it.
Cryptocurrency mining is allowed to take effect for any industry or miner who are ready to go by the stipulated amount of energy consumption rate for the mining purpose in the country, we can also recall that recently, Russia approved the acceptance of crypto as a means of payment through international transactions.
Bitcoin is gaining more wins each day on every side, The world is now realizing more on how they needed bitcoin, especially by people and region it had been wrongly talked about, the BRICS is the main target now.
Am not sure if this has been discussed already, but I've checked on the bitcoin discussion board and see nothing related to the news updates on it.
Well it’s about time, very late to the party! I am not so sure why Russia hasn’t embraced Bitcoin considering their territory and the Ukraine are so welcome to ransomware criminals and they don’t press charges on them or send them to other countries that have those groups and individuals on their most wanted list. Maybe it’s a front because instead of mining it they would rather hack and steal it though the exfiltration and extortion of corporate data over the world. It’s a huge industry and insurance carriers issue cyber policies that protect and pay out on ransomware. I’m just speculating here but honestly I think I’m on to something lmao….
Bitcoin mining is legal in other countries as well but not completely, there are many countries you can google it where bitcoin minig is legal in one state and illegal in other states. As Russia is among biggest economies of the world this news will have great impact. Let see when countries like US and China start accepting it as payment mode and allow their citizens to have complete access to bitcoin.
Bitcoin Mining now being legalized in Russia https://watcher.guru/news/brics-russia-officially-legalizes-bitcoin-and-crypto-mining and this have been signed into law already, I see it as a new development over BRICS in taking more considerations towards bitcoin by giving due recognition on it's mining, though China remains as it was.
Cryptocurrency mining is allowed to take effect for any industry or miner who are ready to go by the stipulated amount of energy consumption rate for the mining purpose in the country, we can also recall that recently, Russia approved the acceptance of crypto as a means of payment through international transactions.
Bitcoin is gaining more wins each day on every side, The world is now realizing more on how they needed bitcoin, especially by people and region it had been wrongly talked about, the BRICS is the main target now.
Am not sure if this has been discussed already, but I've checked on the bitcoin discussion board and see nothing related to the news updates on it.
Russia's permitting the mining of bitcoin in recent times has to be for a reason, because they have not really permitted this in a long while as its been in an embattlement and and has gone through a lot of process, this will help bitcoin gain more popularity around the world and also increase the acceptability of bitcoin, this will also increase the trade volume of bitcoin which will also increase the amount of those who would want to further invest in bitcoin which will in turn lead to the increase in the volatility and value of bitcoin. Cryptocurrency mining is allowed to take effect for any industry or miner who are ready to go by the stipulated amount of energy consumption rate for the mining purpose in the country, we can also recall that recently, Russia approved the acceptance of crypto as a means of payment through international transactions.
Bitcoin is gaining more wins each day on every side, The world is now realizing more on how they needed bitcoin, especially by people and region it had been wrongly talked about, the BRICS is the main target now.
Am not sure if this has been discussed already, but I've checked on the bitcoin discussion board and see nothing related to the news updates on it.
@Z-tight, the one who wants will always find a way, regardless of what sanctions you put him under. Russia finds a way to buy what it needs, because if the group of countries that support sanctions do not trade directly with Russia, they trade with China or some other country, which sells the same products to Russia. This is why sanctions are quite ineffective even after they last for years.
What makes cryptocurrencies (not all, of course) attractive is that if a transaction is made from non-custodial to non-custodial wallet, then no one can prevent the same transaction or freeze such funds. It therefore seems more logical to me that someone who wants to avoid transparency does not use BTC but some of the so-called private coins.
What makes cryptocurrencies (not all, of course) attractive is that if a transaction is made from non-custodial to non-custodial wallet, then no one can prevent the same transaction or freeze such funds. It therefore seems more logical to me that someone who wants to avoid transparency does not use BTC but some of the so-called private coins.
However, the very idea of trading using Bitcoin does not mean much if most countries in the world do not want to trade with a country that is under sanctions.
That is one thing i was asking myself earlier today, if countries and foreign businesses do not want to trade with Russia, how does BTC give them an advantage and how does it help them circumvent sanctions. Except there are many countries and foreign businesses that want to trade with Russia and their companies, but they cannot due to sanctions and the requirement of a third party, i.e.SWIFT, that has removed a lot of Russian banks from their system, so now they can use BTC to settle the trade without any third party involvement. Still on this same discussion matters, El-Salvador is bringing an idea to Russian for considering the use of bitcoin in performing it international trades, as it said that this decentralized digital currency will help them have a quick recovery over the impeding consequences over the instilled sanction...
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If that happens, I have no doubt that El Salvador will draw even more attention to itself, because the US can hardly sanction China or India because they trade with a country that is under sanctions, but some small country could be an easy target for them. I honestly don't understand why Bukele has such a preference for countries like Russia, and at the same time uses the US dollar as its national currency.
However, the very idea of trading using Bitcoin does not mean much if most countries in the world do not want to trade with a country that is under sanctions.
A very close friend of mine, who's a normie, sent me a message that Russia is going to start testing/using cryptocurrencies for international trade and settlements next week to go around U.S. sanctions? I don't believe it's true,
It is in the news, the reports also say they are looking to create cryptocurrency exchanges too, i do not know if their plans will be successful, but they are set to start its trial on September 1st, so it means they are actually serious about it, so yeah.
but if Russia actually starts using crypto, that could be the inception of a global awareness of Bitcoin as some sort of breaker of political strongholds.
I am not sure if that is a good type of awareness for BTC, or don't you think so.
Good or bad, I believe that will merely be a matter of personal opinion. But because of Bitcoin's technical design which makes it decentralized and censorship-resistant, its very nature is to be or will always be as a breaker/weakener of political strongholds. Satoshi might not have intended that to be in Bitcoin's path, BUT maybe he also did? Because why take all of those extra-careful measures to hide his/her real identity.
A very close friend of mine, who's a normie, sent me a message that Russia is going to start testing/using cryptocurrencies for international trade and settlements next week to go around U.S. sanctions? I don't believe it's true,
It is in the news, the reports also say they are looking to create cryptocurrency exchanges too, i do not know if their plans will be successful, but they are set to start its trial on September 1st, so it means they are actually serious about it, so yeah.but if Russia actually starts using crypto, that could be the inception of a global awareness of Bitcoin as some sort of breaker of political strongholds.
I am not sure if that is a good type of awareness for BTC, or don't you think so.
A very close friend of mine, who's a normie, sent me a message that Russia is going to start testing/using cryptocurrencies for international trade and settlements next week to go around U.S. sanctions? I don't believe it's true, but if Russia actually starts using crypto, that could be the inception of a global awareness of Bitcoin as some sort of breaker of political strongholds.
The enemies of Bitcoin will definitely have no choice but to accumulate it too.
HODL!
The enemies of Bitcoin will definitely have no choice but to accumulate it too.
HODL!
Russia could not really ban Bitcoin mining also, so they decided to legalize it and they will probably change big tax for everyone who is mining legally.
Yes, I also believe that they legalized Bitcoin only to earn extra income from the taxes. They don't really care that either someone is interested in Bitcoin mining or not but they mainly want to tax miners so they can earn economical profits. Let's see when they'll increase the taxes on those who mine Bitcoin in Russia. Initially, they might not increase any taxes on the miners because they want miners to get peace of mine so the miners can expand their mining farms but once they get so many mining farms then they'll increase the taxes on those miners.
Alot Is going on in Russia as regards to bitcoin and it adoption, even though there have been war crimes, the country is indeed a center to many bitcoin mining and alot of other cryptocurrencies projects such as bitcoin mixing and other privacy enhancing development going on in that region.
When it comes to international trades and money movement, bitcoin serve that best purpose for Russia at this moment since their are suffering several sanctions, although this may just be my own speculations any ways.
When it comes to international trades and money movement, bitcoin serve that best purpose for Russia at this moment since their are suffering several sanctions, although this may just be my own speculations any ways.
For one, they need to find ways how to trade or move their funds internationally with limited options as they are sanctioned by a lot of governments around the world. So it is no surprise why they will be into crypto or btc. This is one good option for them for cross-border transactions or payments.
And with such move, of course, it is very favourable for bitcoin market. As this will create more demand. With the limited supply of bitcoin, we all know that the demand will further increase the value of this top coin. So we are not closing our doors to this kind of development, even if we say, it is Russia in play.
Bitcoin Mining now being legalized in Russia https://watcher.guru/news/brics-russia-officially-legalizes-bitcoin-and-crypto-mining and this have been signed into law already, I see it as a new development over BRICS in taking more considerations towards bitcoin by giving due recognition on it's mining, though China remains as it was.
Cryptocurrency mining is allowed to take effect for any industry or miner who are ready to go by the stipulated amount of energy consumption rate for the mining purpose in the country, we can also recall that recently, Russia approved the acceptance of crypto as a means of payment through international transactions.
Bitcoin is gaining more wins each day on every side, The world is now realizing more on how they needed bitcoin, especially by people and region it had been wrongly talked about, the BRICS is the main target now.
Am not sure if this has been discussed already, but I've checked on the bitcoin discussion board and see nothing related to the news updates on it.
Unfortunately they were late in realizing it, but now it is much more because they should have done something like that to be one of the countries that adapted to satoshi's discovery, this mining is certainly good news for bitcoin and going forward it is certainly a clear vision for the future of bitcoin. Cryptocurrency mining is allowed to take effect for any industry or miner who are ready to go by the stipulated amount of energy consumption rate for the mining purpose in the country, we can also recall that recently, Russia approved the acceptance of crypto as a means of payment through international transactions.
Bitcoin is gaining more wins each day on every side, The world is now realizing more on how they needed bitcoin, especially by people and region it had been wrongly talked about, the BRICS is the main target now.
Am not sure if this has been discussed already, but I've checked on the bitcoin discussion board and see nothing related to the news updates on it.
Speaking of China, I had a wild discussion with some wild people as analysts of the development of the bitcoin industry, they said that China will also unbaned bitcoin mining which they have strictly prohibited, but regarding the timing is still uncertain because it is only a thought, and in the future it will become more friendly again with bitcoin, maybe we just need to wait for the time.
Russia may not want to miss the opportunity to provide open space for Bitcoin mining in their country since they have areas with cold temperatures and abundant energy resources, it will be one of the investment destinations for global Bitcoin mining companies. This wise move by Russia can have an economic impact on them with the influx of investment and taxes from Bitcoin mining companies, and especially the US is unable to sanction them in this case since Bitcoin is decentralized.
But maybe specifically for China, they still can't fully accept Bitcoin in their country because they are quite protective and nationalistic about their currency and economy, so maybe Bitcoin still won't be fully accepted in China in the next few years. But maybe there is a change in that, although the possibility is small.
Bitcoin is gaining more wins each day on every side, The world is now realizing more on how they needed bitcoin, especially by people and region it had been wrongly talked about, the BRICS is the main target now.
But maybe specifically for China, they still can't fully accept Bitcoin in their country because they are quite protective and nationalistic about their currency and economy, so maybe Bitcoin still won't be fully accepted in China in the next few years. But maybe there is a change in that, although the possibility is small.
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