Putin believes Bitcoin has value - page 2.

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Quote from: Blawpaw on October 14, 2021, 07:37:08 AM

Russia is adopting a different attitude towards cryptos than China. President Putin has come public saying "Bitcoin has value but it cannot be used in the Oil trade"

I guess Putin didn't still fully grasp the real potential of cryptos as he says

Quote

“Cryptocurrency is not supported by anything as of yet. It may exist as a means of payment, but I think it’s too early to say about the oil trade in cryptocurrency.”

But even so, it shows that Russia seems to be adopting a friendly position facing cryptocurrency and it may be having some impact on the industry. Given that China adopted a harsh position towards cryptos, is it possible that miners are relocating from China to Russia? Is it possible for Russia to step up to occupy the former place China had in Bitcoin? I guess this is what is happening, otherwise, Putin wouldn't come public with such a neutral position.

It seems that Putin is walking a fine line between not wanting officials to escape Russia with large amounts of illegally gained money and the fact that Bitcoin is almost impossible to sanction like a lot of other income generation Russia has going on right now. The fact that Bitcoin sits outside the regular banking system controlled by American friendly interests and the fact that Russian hackers can get paid in Bitcoin which is easy to sell are both big positives for the country, more than outweighing the negatives. He has already scared most Russian citizens into the idea that people can be assassinated anywhere in the world, so he doesn't have to fear money running away as much as most other countries like China do.

Wildwest

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if putin thinks like that then the russian state will use bitcoin as a transaction tool even though for now they still have big considerations in using it, especially in exporting oil imports which they currently do often, and for now many countries are learning about the crypto world including Russia for them to be able to use it legally and have regulations in using bitcoin and other altcoins, with Putin's opinion the value of bitcoin is currently increasing and this has a huge impact on the market later.

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Quote from: Marvell1 on October 16, 2021, 12:18:59 AM

Partly because the US government has said it will not ban bitcoin. Certainly, Putin does not want to be left behind in the race. Second, Bitcoin can help Russia avoid dependence on the US dollar. In the same statement, Putin stressed that if the US continues to impose sanctions on Russia, It is likely that Russia will abandon oil trading in USD. Currently they still trade oil in USD but apparently, he is implying that bitcoin could be used in the future to replace USD.

I know they said that but we still cannot know if Putin will use BTC instead of USD if that happens. My guess is that they are going to try the EURO first. Only if that also fails they'll look for an alternative. Right now EUR and USD are dominating the financial world. Luckily though, EUR won't survive if the USD fails because they are all connected.

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Quote from: worle1bm on October 16, 2021, 12:25:03 AM

He has just talked about it's usage but has said it's too early to talk about crypto so don't say they are adopting bitcoin or other cryptocurrencies because there is no such trace in his statement about the same.Many are thinking to adopt various ways to regulate the cryptos but it doesn't mean they all are adopting it immediately.Same is the case with Russia and Putin might have different approach for them but it's still too early to tell what will happen.

It doesn't mean that Putin is actually adopting but giving a positive view towards crypto and Bitcoin, if Putin believes that crypto can be beneficial to their economy, he would have said that instead of mentioning the Oil price trade, clearly, people won't use Bitcoin for the oil price trade so I really don't know what his point was in his 2nd statement, I guess he's still trying to find out on what part of his country will actually benefit the citizens and their own government.

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He has just talked about it's usage but has said it's too early to talk about crypto so don't say they are adopting bitcoin or other cryptocurrencies because there is no such trace in his statement about the same.Many are thinking to adopt various ways to regulate the cryptos but it doesn't mean they all are adopting it immediately.Same is the case with Russia and Putin might have different approach for them but it's still too early to tell what will happen.

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Quote from: bittraffic on October 14, 2021, 10:03:24 PM

Quote from: Gyfts on October 14, 2021, 09:28:01 PM

For those that might actually believe this dictator - Do you think someone that murders his political opponents in order to retain a tight grip on power is going to give up his economy to a digital currency that is free to use? Russia's economy has been in shambles since Putin was put in power, his regime would not survive if Russian citizens detached themselves from central banking. I'm sure he'll talk up Bitcoin with empty words that do not translate into anything meaningful.

It's actaully best for a dictator to use cryptocurrency to surveillance the people in the country. Look how China is doing. Using their CBDC is to look into the account and money spending of their people through their CBDC makes Xiing Ping more in control of their people's behavior.

He doesn't have to control social media feed because he knows his people, how much money they have in their accounts, and can bankrupt with just one click. Gaining power is difficult when he sticks with this old system. How many tyrants are dead because of it. Luckily for Putin, people are still liking him.

China is attempting to ban Bitcoin, and here Putin is praising it.

Could it be part of the long game? Slowly introduce crypto to the Russian people, then start issuing out CBDC in order to retain control over all finances, sure. But Putin is not advocating for Bitcoin without malicious intent. He is horribly corrupt and has rigged elections to stay in power. Anything that would take dependency away from government is not in Russia's best interest.

Even if Russia were to adopt Bitcoin, I can't imagine it ever replacing their currency. Their economy is too small for significant impact.

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Quote from: mindrust on October 15, 2021, 11:24:54 PM

Quote from: Blawpaw on October 14, 2021, 07:37:08 AM

Russia is adopting a different attitude towards cryptos than China. President Putin has come public saying "Bitcoin has value but it cannot be used in the Oil trade"

I guess Putin didn't still fully grasp the real potential of cryptos as he says

Quote

“Cryptocurrency is not supported by anything as of yet. It may exist as a means of payment, but I think it’s too early to say about the oil trade in cryptocurrency.”

But even so, it shows that Russia seems to be adopting a friendly position facing cryptocurrency and it may be having some impact on the industry. Given that China adopted a harsh position towards cryptos, is it possible that miners are relocating from China to Russia? Is it possible for Russia to step up to occupy the former place China had in Bitcoin? I guess this is what is happening, otherwise, Putin wouldn't come public with such a neutral position.

Putin's acknowledgement is a great accomplishment for bitcoin indeed. He says that it cannot be used for trading oil because the current FIAT monetary system is still intact. When it all goes down, bitcoin will be the king and Putin will have to re-think his options. As far as I know they still use USD for trading oil and USD's days are numbered.

Partly because the US government has said it will not ban bitcoin. Certainly, Putin does not want to be left behind in the race. Second, Bitcoin can help Russia avoid dependence on the US dollar. In the same statement, Putin stressed that if the US continues to impose sanctions on Russia, It is likely that Russia will abandon oil trading in USD. Currently they still trade oil in USD but apparently, he is implying that bitcoin could be used in the future to replace USD.

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Quote from: Blawpaw on October 14, 2021, 07:37:08 AM

Russia is adopting a different attitude towards cryptos than China. President Putin has come public saying "Bitcoin has value but it cannot be used in the Oil trade"

I guess Putin didn't still fully grasp the real potential of cryptos as he says

Quote

“Cryptocurrency is not supported by anything as of yet. It may exist as a means of payment, but I think it’s too early to say about the oil trade in cryptocurrency.”

But even so, it shows that Russia seems to be adopting a friendly position facing cryptocurrency and it may be having some impact on the industry. Given that China adopted a harsh position towards cryptos, is it possible that miners are relocating from China to Russia? Is it possible for Russia to step up to occupy the former place China had in Bitcoin? I guess this is what is happening, otherwise, Putin wouldn't come public with such a neutral position.

Putin's acknowledgement is a great accomplishment for bitcoin indeed. He says that it cannot be used for trading oil because the current FIAT monetary system is still intact. When it all goes down, bitcoin will be the king and Putin will have to re-think his options. As far as I know they still use USD for trading oil and USD's days are numbered.

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Quote from: Rengga Jati on October 15, 2021, 05:38:33 PM

It signs that Putin is tolerant of crypto adoption and welcomes enough crypto world.
We know that Bitcoin is one of the most influencing currencies in the world and this business has been spreading around the world.
Russia is a big country, this news may lead the price of Bitcoin higher and higher again.
I read some websites that also posted about this good news, about Putin recognizing payment using cryptocurrency and also other adoption. But once more, this is not the final decision.

Dave1

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Quote from: Rengga Jati on October 15, 2021, 05:38:33 PM

It signs that Putin is tolerant of crypto adoption and welcomes enough crypto world.

I totally disagree though, if he is tolerant then there's something might be for his government.

Quote from: Rengga Jati on October 15, 2021, 05:38:33 PM

We know that Bitcoin is one of the most influencing currencies in the world and this business has been spreading around the world.
Russia is a big country, this news may lead the price of Bitcoin higher and higher again.
I read some websites that also posted about this good news, about Putin recognizing payment using cryptocurrency and also other adoption. But once more, this is not the final decision.

With or without Russian's inclusion to the so called friendly countries, bitcoin can still reach all time high, can be used by other countries as hedge or legal tender like El Salvador. Don't think that just because a big country like Russia whose government are oppressive by the way means that they can push it higher and higher.

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It signs that Putin is tolerant of crypto adoption and welcomes enough crypto world.
We know that Bitcoin is one of the most influencing currencies in the world and this business has been spreading around the world.
Russia is a big country, this news may lead the price of Bitcoin higher and higher again.
I read some websites that also posted about this good news, about Putin recognizing payment using cryptocurrency and also other adoption. But once more, this is not the final decision.

electronicash

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Quote from: Kasabus on October 15, 2021, 03:48:37 PM

Quote from: electronicash on October 15, 2021, 03:36:42 PM

Quote from: DoublerHunter on October 15, 2021, 03:30:45 PM

Quote from: Murtaza345 on October 15, 2021, 03:19:17 PM

Yes and value of bitcoin will increase more and more because bitcoin is reality,and world understanding the value of crypto currency slowly slowly and more countries will be involved and approved bitcoin in their countries.And I'm looking the Many contries will alow to lagal bitcoin like currieny .So as I say always the world know the future of bitcoin is very bright.

^ It depends on who is the president of the country, there are leaders that has open m indeed when it comes to blockchain technology or BTC itself.
If all leaders in all countries will enlighten their minds and accept cryptocurrency, it sounds good BTC is more legal tender and has the potential to become a worldwide crypto asset. However, this is good news to the country of Russia that their president was accepted BTC and now, probably the crypto mining business in Russia will increase.

Putin is open for suggestions. He could bann BTC in the country if he isn't open for crypto acceptance.

in some report however Putin doesn't see the need for cryptocurrency as payment for gas making his comment invaluable for the community. but with this coment, i guess it crossed their mind for some time. crypto had gone mainstream as we could see reports already where presidents are talking about it. hopefully the people will see it as hedge.

The fact that Putin believes that bitcoin has a real value, i think its a good sign for bitcoin to be accepted soon in Russia. Maybe it will take some time for Putin to consider bitcoin as a medium of payment but when it happens, its price will eventually continue to surge high. And as the number of countries who are considering bitcoin making it as a medium of exchange keeps increasing, then China will certainly feel fears that such countries will no longer need China for their own progress because bitcoin will make it possible.

China and Russia are not very different country though. once Putin starts accepting BTC, China might also do the same, they know how to adapt since they've been there before. but its a good thing that countries ruled by dictators may not be able to stop crypto because they can slowly bend to internet money.

now that countries are preferring to accept EUR, they may try starting to accept BTC since EUR is also struggling. the future of fiat money is not looking good. even that Yuan which they thought to be a good fiat because of its economy but China is also facing same problem.

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Quote from: Kasabus on October 15, 2021, 03:48:37 PM

Quote from: electronicash on October 15, 2021, 03:36:42 PM

Quote from: DoublerHunter on October 15, 2021, 03:30:45 PM

Quote from: Murtaza345 on October 15, 2021, 03:19:17 PM

~

^ It depends on who is the president of the country, there are leaders that has open m indeed when it comes to blockchain technology or BTC itself.
If all leaders in all countries will enlighten their minds and accept cryptocurrency, it sounds good BTC is more legal tender and has the potential to become a worldwide crypto asset. However, this is good news to the country of Russia that their president was accepted BTC and now, probably the crypto mining business in Russia will increase.

Putin is open for suggestions. He could bann BTC in the country if he isn't open for crypto acceptance.

in some report however Putin doesn't see the need for cryptocurrency as payment for gas making his comment invaluable for the community. but with this coment, i guess it crossed their mind for some time. crypto had gone mainstream as we could see reports already where presidents are talking about it. hopefully the people will see it as hedge.

The fact that Putin believes that bitcoin has a real value, i think its a good sign for bitcoin to be accepted soon in Russia. Maybe it will take some time for Putin to consider bitcoin as a medium of payment but when it happens, its price will eventually continue to surge high. And as the number of countries who are considering bitcoin making it as a medium of exchange keeps increasing, then China will certainly feel fears that such countries will no longer need China for their own progress because bitcoin will make it possible.

There is no guarantee that Russia will accept Bitcoin with what Putin said about Bitcoin. But it's a good sign that Russia is not a Bitcoin hater
like China, so either way it's good news. It is also possible that Putin said this to provoke a reaction from the Chinese government, which did
ban Bitcoin. Or Putin is still considering the advantages that Russia will get if Russia is really open to Bitcoin. But if Russia really accepts Bitcoin,
this will have a very big impact, because Russia is a big country that is quite influential.

retreat

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Quote from: Blawpaw on October 14, 2021, 07:37:08 AM

Russia is adopting a different attitude towards cryptos than China. President Putin has come public saying "Bitcoin has value but it cannot be used in the Oil trade"

I guess Putin didn't still fully grasp the real potential of cryptos as he says

Quote

“Cryptocurrency is not supported by anything as of yet. It may exist as a means of payment, but I think it’s too early to say about the oil trade in cryptocurrency.”

But even so, it shows that Russia seems to be adopting a friendly position facing cryptocurrency and it may be having some impact on the industry. Given that China adopted a harsh position towards cryptos, is it possible that miners are relocating from China to Russia? Is it possible for Russia to step up to occupy the former place China had in Bitcoin? I guess this is what is happening, otherwise, Putin wouldn't come public with such a neutral position.

it is clear that the views of the two communist countries are clearly different, China is very ambitious to reduce the prestige of bitcoin in their country and make the digital yuan dominate in the country while Russia has no ambition to beat bitcoin. maybe in the next few years, we will see Russia open its arms to welcome miners to come to their country.

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Quote from: electronicash on October 15, 2021, 03:36:42 PM

Quote from: DoublerHunter on October 15, 2021, 03:30:45 PM

Quote from: Murtaza345 on October 15, 2021, 03:19:17 PM

Yes and value of bitcoin will increase more and more because bitcoin is reality,and world understanding the value of crypto currency slowly slowly and more countries will be involved and approved bitcoin in their countries.And I'm looking the Many contries will alow to lagal bitcoin like currieny .So as I say always the world know the future of bitcoin is very bright.

^ It depends on who is the president of the country, there are leaders that has open m indeed when it comes to blockchain technology or BTC itself.
If all leaders in all countries will enlighten their minds and accept cryptocurrency, it sounds good BTC is more legal tender and has the potential to become a worldwide crypto asset. However, this is good news to the country of Russia that their president was accepted BTC and now, probably the crypto mining business in Russia will increase.

Putin is open for suggestions. He could bann BTC in the country if he isn't open for crypto acceptance.

in some report however Putin doesn't see the need for cryptocurrency as payment for gas making his comment invaluable for the community. but with this coment, i guess it crossed their mind for some time. crypto had gone mainstream as we could see reports already where presidents are talking about it. hopefully the people will see it as hedge.

The fact that Putin believes that bitcoin has a real value, i think its a good sign for bitcoin to be accepted soon in Russia. Maybe it will take some time for Putin to consider bitcoin as a medium of payment but when it happens, its price will eventually continue to surge high. And as the number of countries who are considering bitcoin making it as a medium of exchange keeps increasing, then China will certainly feel fears that such countries will no longer need China for their own progress because bitcoin will make it possible.

stomachgrowls

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Quote from: ultrloa on October 15, 2021, 09:18:03 AM

Quote from: guydin on October 15, 2021, 08:58:06 AM

Quote from: Blawpaw on October 14, 2021, 07:37:08 AM

Russia is adopting a different attitude towards cryptos than China. President Putin has come public saying "Bitcoin has value but it cannot be used in the Oil trade"

I guess Putin didn't still fully grasp the real potential of cryptos as he says

Quote

“Cryptocurrency is not supported by anything as of yet. It may exist as a means of payment, but I think it’s too early to say about the oil trade in cryptocurrency.”

But even so, it shows that Russia seems to be adopting a friendly position facing cryptocurrency and it may be having some impact on the industry. Given that China adopted a harsh position towards cryptos, is it possible that miners are relocating from China to Russia? Is it possible for Russia to step up to occupy the former place China had in Bitcoin? I guess this is what is happening, otherwise, Putin wouldn't come public with such a neutral position.

Being a resident of Russia, I am really happy that Putin doesn't prevent us from buying and trading cryptocurrencies. We can't pay with them, but at least we can use them as investment. I think that it is a wise step from him as Bitcoin and blockchain technologies in general have a big potential and are really useful, so if Russia starts adopt Bitcoin in the same way as America, it will be good for it.

Its good to have a open minded president since they could give their citizens an options to venture theirselves on new things just like bitcoin, For sure this will be a good basis to others that they should trust bitcoin to since once other country will think the same as Putin or other government who adopt bitcoin for sure it will be beneficial to us and to the industry to last long and have good institutions to hold on.

Whenever you do have a leader who do have this kind of positive sentiment towards crypto then you would really give that kind of awareness about crypto existence towards into your vicinity.

Its good to see that one of the most powerful leaders or country does have that kind of consideration or positive towards crypto which they could really be having some significant add up

towards recognition and adoption but lets see on how things would be going because sentiments like this could really changed up from time to time .So lets not make out some conclusions yet.

electronicash

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Quote from: DoublerHunter on October 15, 2021, 03:30:45 PM

Quote from: Murtaza345 on October 15, 2021, 03:19:17 PM

Yes and value of bitcoin will increase more and more because bitcoin is reality,and world understanding the value of crypto currency slowly slowly and more countries will be involved and approved bitcoin in their countries.And I'm looking the Many contries will alow to lagal bitcoin like currieny .So as I say always the world know the future of bitcoin is very bright.

^ It depends on who is the president of the country, there are leaders that has open m indeed when it comes to blockchain technology or BTC itself.
If all leaders in all countries will enlighten their minds and accept cryptocurrency, it sounds good BTC is more legal tender and has the potential to become a worldwide crypto asset. However, this is good news to the country of Russia that their president was accepted BTC and now, probably the crypto mining business in Russia will increase.

Putin is open for suggestions. He could bann BTC in the country if he isn't open for crypto acceptance.

in some report however Putin doesn't see the need for cryptocurrency as payment for gas making his comment invaluable for the community. but with this coment, i guess it crossed their mind for some time. crypto had gone mainstream as we could see reports already where presidents are talking about it. hopefully the people will see it as hedge.

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Quote from: Murtaza345 on October 15, 2021, 03:19:17 PM

Yes and value of bitcoin will increase more and more because bitcoin is reality,and world understanding the value of crypto currency slowly slowly and more countries will be involved and approved bitcoin in their countries.And I'm looking the Many contries will alow to lagal bitcoin like currieny .So as I say always the world know the future of bitcoin is very bright.

^ It depends on who is the president of the country, there are leaders that has open m indeed when it comes to blockchain technology or BTC itself.
If all leaders in all countries will enlighten their minds and accept cryptocurrency, it sounds good BTC is more legal tender and has the potential to become a worldwide crypto asset. However, this is good news to the country of Russia that their president was accepted BTC and now, probably the crypto mining business in Russia will increase.

Murtaza345

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Yes and value of bitcoin will increase more and more because bitcoin is reality,and world understanding the value of crypto currency slowly slowly and more countries will be involved and approved bitcoin in their countries.And I'm looking the Many contries will alow to lagal bitcoin like currieny .So as I say always the world know the future of bitcoin is very bright.

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Quote from: Questat on October 15, 2021, 10:29:24 AM

Quote from: cheezcarls on October 15, 2021, 06:55:52 AM

I remember the time that Russia said cryptocurrency trading is allowed but not as means of payment (in other words legal tender). At least they could still trade cryptos, but it would be better if they could expand its use cases like as a medium of exchange. It’s good for Putin to say that Bitcoin has value, but that’s just the first step. Hopefully in the future, he would consider allowing cryptos as mode of payment but should be regulated very well like registering as an operating payment system (OPS).

Its been a while that Putin announcing that Bitcoin could be considered as a legal tender to their country but it was sudden that changes his mind and turn it in favor of Bitcoin adoption. I like the idea of changing his decision but if that only will be going to happen, where it having stricter and regulated rules it never attracts interest for the people to adopt Bitcoin and use it.
I assume that he already understands how it works but with his actions, I think he wanted to make it centralized and take control of everything which is not acceptable by the majority.

Well, if he has his own intentions why he come out in the public with a hope in bitcoin, and wishing that it can be controlled by him, then i don't think bitcoin will work in Russia. Its not gonna happen since we all know that bitcoin is always decentralized and there's no way it can be fully controlled even by the president of a country. But, if bitcoin will be used in Russia as a medium of payment, i think it will create an advantage aside from the tax that can be collected from it, bitcoin will always be inflation free so its users will never have to worry about that like they experienced in fiat.

Topic: Putin believes Bitcoin has value - page 2. (Read 526 times)