Could russia be the 1st to embrace a petro BTC

Dhaniii

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Quote from: Lucius on March 31, 2022, 04:58:35 AM

Quote from: DrBeer on March 30, 2022, 01:46:40 PM

Refusal of foreign exchange earnings will drive Russia into the Stone Age very quickly, because. they do not have their own production or technologies, and there are no other options to get them except by buying from the West.

I am not aware of how dependent Russia is on Western technology, but even if the West lowers the Iron Curtain and no longer trades with Russia, will they not try to circumvent those sanctions through China and India? And these two countries are certainly to some extent dependent on the West, and somehow I do not believe that the same West can afford to impose sanctions on them.

According to media reports, Lavrov went on visits to China and India, where talks are not about time and football, but about how to resist Western pressures and continue doing business as before. Therefore, it seems to me that Russia will find a way to get what it needs, in one way or another.

I think Russia will accept Bitcoin as a means of payment for its oil and gas exports to other countries as a move to boost the Russian currency which has lost more than 20% of its value this year.
Some analysts say, Russia would probably benefit from accepting the currently popular cryptocurrency and regardless of the risks involved Sanctions imposed by Britain, the United States (US) and the European Union after the invasion of Ukraine have weighed on the Russian ruble.

Ozero

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Quote from: LUCKMCFLY on April 09, 2022, 02:17:03 AM

Quote from: tvplus006 on March 30, 2022, 12:28:32 PM

Quote from: Hydrogen on March 25, 2022, 05:46:10 PM

...If russia sold oil in exchange for BTC could this represent yet another major step towards cryptocurrency mass adoption? Will other world leaders view these announcements as a trend for the future.

If we look at how new sanctions are being imposed against Russia, we will see that the EU countries are considering the possibility of imposing an embargo on oil supplied by Russia. And if the oil embargo is eventually imposed, then there can be no question of any sale of oil for BTC.

Sooner or later Europe will not resist anything, they need oil, they need gas, Europe is made up of consumerist countries, just like the USA they need their resources and for them it is everything, so will these countries stop having a good life for another? I really doubt it and I'm sure it won't be like that, the USA already did it, we mustn't forget that it sought out Venezuela to benefit from OIL, etnocs the need translates into doing whatever is necessary to avoid going through bad times. We cannot forget that France already has problems with cooking oil, and the country that exports the most is Argentina and they closed exports, this undoubtedly generates the greatest shortage that can be recorded over time, so despair will not be for RUSSIA, despair will be for Europe and USA.

Europe's dependence on Russia's energy resources - oil, gas and coal is gradually becoming a thing of the past. The countries of Europe have already realized their mistake of dependence on a single and unreliable supplier, which, moreover, periodically blackmails Europe, and have set a course for a complete rejection of Russian energy resources. The Baltic countries have already announced that they will forever refuse Russian energy carriers. European countries have already made a decision to refuse the supply of Russian coal, which will come into force this summer. Now they are looking for opportunities to reorient themselves to other suppliers and rely on "green" alternative energy. This means that in a few years Russia will lose the main source of its income and therefore, on the whole, will lose big.

LUCKMCFLY

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Quote from: tvplus006 on March 30, 2022, 12:28:32 PM

Quote from: Hydrogen on March 25, 2022, 05:46:10 PM

...If russia sold oil in exchange for BTC could this represent yet another major step towards cryptocurrency mass adoption? Will other world leaders view these announcements as a trend for the future.

If we look at how new sanctions are being imposed against Russia, we will see that the EU countries are considering the possibility of imposing an embargo on oil supplied by Russia. And if the oil embargo is eventually imposed, then there can be no question of any sale of oil for BTC.

Sooner or later Europe will not resist anything, they need oil, they need gas, Europe is made up of consumerist countries, just like the USA they need their resources and for them it is everything, so will these countries stop having a good life for another? I really doubt it and I'm sure it won't be like that, the USA already did it, we mustn't forget that it sought out Venezuela to benefit from OIL, etnocs the need translates into doing whatever is necessary to avoid going through bad times. We cannot forget that France already has problems with cooking oil, and the country that exports the most is Argentina and they closed exports, this undoubtedly generates the greatest shortage that can be recorded over time, so despair will not be for RUSSIA, despair will be for Europe and USA.

DrBeer

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Quote from: Lucius on March 31, 2022, 04:58:35 AM

Quote from: DrBeer on March 30, 2022, 01:46:40 PM

Refusal of foreign exchange earnings will drive Russia into the Stone Age very quickly, because. they do not have their own production or technologies, and there are no other options to get them except by buying from the West.

I am not aware of how dependent Russia is on Western technology, but even if the West lowers the Iron Curtain and no longer trades with Russia, will they not try to circumvent those sanctions through China and India? And these two countries are certainly to some extent dependent on the West, and somehow I do not believe that the same West can afford to impose sanctions on them.

According to media reports, Lavrov went on visits to China and India, where talks are not about time and football, but about how to resist Western pressures and continue doing business as before. Therefore, it seems to me that Russia will find a way to get what it needs, in one way or another.

Regarding the throwing of Russia in search of "friends against the West."
1. India and China have personal contradictions - these are issues of disputed territories.
2. India and China - do not consider Russia as a full-fledged partner, but only as a raw material appendage - look at their trade turnover, especially now. Now Russia is crawling in front of them on its knees and is trying to sell them oil and gas at mega-discounts in order to get at least some income in foreign currency.
3. For India and China, trade with Russia is an inconspicuous part, against the backdrop of trade with the West. And she can lose it because of the sanctions against those who try to give Russia a way to bypass the sanctions.

So, the attempts of Lavrov and the bunker Fuhrer to lure India and China to their side is another fake of Russian propaganda.

PS. No, I will not deny the existence of contradictions between India / China and the Western world, but economic stability, for them, is possible only with relations with the developed West and not with depressive, degrading Russia. Moreover, the Chinese have quite serious plans for Russian territories beyond the Urals, and for this they need to wait for the maximum weakening of Russia.

Lucius

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Quote from: DrBeer on March 30, 2022, 01:46:40 PM

Refusal of foreign exchange earnings will drive Russia into the Stone Age very quickly, because. they do not have their own production or technologies, and there are no other options to get them except by buying from the West.

I am not aware of how dependent Russia is on Western technology, but even if the West lowers the Iron Curtain and no longer trades with Russia, will they not try to circumvent those sanctions through China and India? And these two countries are certainly to some extent dependent on the West, and somehow I do not believe that the same West can afford to impose sanctions on them.

According to media reports, Lavrov went on visits to China and India, where talks are not about time and football, but about how to resist Western pressures and continue doing business as before. Therefore, it seems to me that Russia will find a way to get what it needs, in one way or another.

DrBeer

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No, he can not. Everything is very simple - the resource economy of Russia is very dependent on the receipt of foreign currency! The Russian economy cannot exist for a long time without the inflow of foreign currency to serve its highly backward, technologically, economy. They cannot even continue to produce oil and gas without Western technology and equipment, which wears out and needs to be updated regularly. Refusal of foreign exchange earnings will drive Russia into the Stone Age very quickly, because. they do not have their own production or technologies, and there are no other options to get them except by buying from the West.

tvplus006

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Quote from: Hydrogen on March 25, 2022, 05:46:10 PM

...If russia sold oil in exchange for BTC could this represent yet another major step towards cryptocurrency mass adoption? Will other world leaders view these announcements as a trend for the future.

If we look at how new sanctions are being imposed against Russia, we will see that the EU countries are considering the possibility of imposing an embargo on oil supplied by Russia. And if the oil embargo is eventually imposed, then there can be no question of any sale of oil for BTC.

19Nov16

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Quote from: Masplanc on March 28, 2022, 05:29:57 PM

Russia is the first to trade petrol in bitcoin, I think it is nice and other countries will adopt this style of bitcoin. This is the beginning to see bitcoin as the world currency which is more superior than the dollar. This will make people to believe in Bitcoin more.

A good signal that the world is soon following what russia is doing, with a growing global community backed bitcoin store that continues to grow even more promising due to its ever-increasing value than fiat that continues to inflate.

Lucius

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Quote from: Kakmakr on March 29, 2022, 07:49:46 AM

Can you imagine what will happen with the price of Bitcoin, if Russia start to accept bitcoins as a currency to pay for their oil and gas?

You speculate that Russia would start exporting the same amount of oil and gas again, and that all buyers pay with Bitcoin - and this is as realistic as Bitcoin becomes a global currency accepted by more or less all relevant countries. The US has completely banned the import of Russian oil and gas, and the EU is turning to alternative solutions such as LNG terminals and alternative energy sources to make it less dependent on Russian energy.

Politics is a dirty business, but I hope that in a year or two not everything will be forgotten and forgiven, although I have no doubt that the sanctions will be gradually lifted.

wiss19

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I agree that Russia could use bitcoin to overcome all these sanctions, but do we really think that petrol would be the way to go? I mean that is something physical and even if they end up selling using crypto, they would still need to send those barrels somewhere, which would mean that indirectly people would use euro to buy crypto, give that crypto to Russia, and Russia will sell that crypto to get ruble which would improve the value of ruble in the end game.

So, the sanctions would be gone and not even be there in that case. Hence the problem is not even being able to buy things, not just about using a different currency to buy them at all.

wiss19

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Are those terms even matter and what can be their effect? it's normal that local currencies are termed like that because local currencies are the best medium to use for any transactions but right now Russia have a problem with their local currencies due to sanctions, that is why they are considering bitcoins for a while. It's no surprise that bitcoin is going to be termed like that "petro bitcoin" but again, what is so special with that?

I don't think this can drive the mass adoption in cryptos even further but the adoption already started by the time Russia consider bitcoin as an alternative currency. We should forget that Russia is also under sanctions so selling oil and other items is still a part of their problem.

Captain Corporate

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Venezuela tried this as far as I can remember. When they were doing badly, they had this Petro token in mind, do not know if they managed to do it or not but it would be like one of that tokens would be equal to some petrol, maybe a barrel I do not know. This would allow them to sell quicker, and get a good return and this would allow people to either buy it using the token or just invest regularly. That could be done with Russia as well, people could use tokens to buy them, without actually getting them to their warehouses, just have the ownership but not the barrel itself, and can later sell it when the price goes up.

ariinv

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Russia produces 10.8 million barrels of oil and exports 4.7 Million Barrels per day, if we consider each barrel 100 USD it will be 4700 Million USD more turnovers per day for btc market, but they have considered several modes of payment and the volume of each is vague.

By the way I thinks it's more like BTC Dollar not Petro-BTC

Kakmakr

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Can you imagine what will happen with the price of Bitcoin, if Russia start to accept bitcoins as a currency to pay for their oil and gas? Russian Crude Oil exports was reported at 4,653.500 Barrel/Day in Dec 2020.... and in 2019, the world’s top exporters of crude oil were Saudi Arabia ($145bn), Russia ($123bn), Iraq ($73.8bn), Canada ($67.8bn), and the US ($61.9bn). Shocked

Source : https://www.aljazeera.com/news/2022/3/10/infographic-how-much-of-your-countrys-oil-comes-from-russia-interactive

Do you think Bitcoin has enough liquidity to fund $123bn of oil exports and that has to go through Russian exchanges to convert it to Fiat currencies. (Most other Crypto exchanges are blocking Russian wallets or Bank accounts linked to them) Roll Eyes

arwin100

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This is huge for bitcoin developments if this will happen and if Russia will realize that bitcoin is really a great currency to avoid any economic conflicts of the world. But even if they are using it for now the more realistic to happen is the Petro-yuan since for sure they will still rely on their partner country and help each other to strengthen up their countries economic state.

Lucius

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Quote from: paxmao on March 28, 2022, 05:22:46 PM

Translation: Putin's aggression has weakened the ruble to a ridiculous point.

I would not agree that the situation is as bad as some think or at least want to create the illusion that sanctions have a much greater effect than they actually have. If we look back we can see that in the past 14 years the Russian currency has been in a similar situation.

Quote from: https://www.tradingview.com/chart/RUBUSD/qnWosc9b-Rubble-s-reaction-to-Russian-Invasions/

In 2008, Russia invaded the sovereign nation of Georgia. This invasion and resulting sanctions resulted in a 37.1% drop in the value of the Rubble vs. the U.S. Dollar. In 2014, Russia invaded the sovereign nation of Ukraine. The resulting international sanctions resulted in a 60.55% reduction in the value of the Rubble against the U.S. Dollar. This is likely just the beginning of the pain instore for the Rubble over the latest Russian invasion of the sovereign nation of Ukraine.

Of course, this time the decline may be even greater, but the ruble is not in free fall, it is showing signs of recovery (at least temporarily). Russia did not enter this war without preparing well, and given all these sanctions and the war, I expected the ruble to sink much more.

Masplanc

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Russia is the first to trade petrol in bitcoin, I think it is nice and other countries will adopt this style of bitcoin. This is the beginning to see bitcoin as the world currency which is more superior than the dollar. This will make people to believe in Bitcoin more.

paxmao

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Quote from: Hydrogen on March 25, 2022, 05:46:10 PM

Quote

Russia is open to accepting bitcoin for its natural resources exports, the chairman of the country’s Congressional energy committee, Pavel Zavalny, said in a press conference on Thursday.

Zavalny explained that Russia is open to accepting different currencies for its exports, beginning with natural gas, depending on the buyer’s preferred method of payment. However, the chairman said terms will depend on the importing country’s foreign relations status with Russia.
...

....

When the US dollar was used to buy and sell oil on a global scale, it was referred to as the petro dollar in this role. In 2018, china announced it would denominate oil transactions in its native currency, the yuan. At which time, people referred to it as the petro yuan. China also initially announced it would offer yuan exchange for gold, to setup something resembling a gold standard. Unfortunately, this aspect of the announcement never materialized.

Today it seems russia is prepared to sell natural gas and oil in bitcoin. Could this signal the beginning of a petro bitcoin? Russia also seems to be offering to sell its natural resources in exchange for precious metals like gold. A move which precious metals supporters who have long called for a return to a gold standard might approve of.

If russia sold oil in exchange for BTC could this represent yet another major step towards cryptocurrency mass adoption? Will other world leaders view these announcements as a trend for the future.

Translation: Putin's aggression has weakened the ruble to a ridiculous point. He is in need of reserves, the problem is that "unfriend countries" pay in USD or Euro that immediately get blocked, thus do not help paying for the war massive expenses.

Putin is happy to receive any payment that he can actually use. Yuan - no problem, gold - perfect!, bitcoin -perfect, can be exchanged fluidly, ...

For the "unfriendly", you have to buy rubles with your USD and then give us the rubles. This way, the USD cannot be retained nor blocked.

dbc23

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selling Natural gas and oil for bitcoin is the only way Russians can interact with other foreign countries without spending more rubies in the foreign exchange market seeing how the Russian Rubie keeps declining following the numerous sanction surrounding their invasion. If they must deal with countries that didn't serve them sanctions it's either the use crypto or digital metal like gold which is a better barter option for them at the moment

Moneyprism

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I think this is a bold step taken by Russia, because they were the first country to declare payment for oil using bitcoin ... and this might inspire other countries to accept bitcoin for their various payments

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