Russia considers accepting Bitcoin for oil and gas - page 2.

crzy

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Quote from: sherry5997 on March 25, 2022, 04:17:28 AM

What do you think of this news? Russia could accept Bitcoins from some countries as payment for oil and gas supplies: the BBC writes, quoting the head of the Duma's energy commission, Pavel Zavalny.

https://www.bbc.com/news/business-60870100

Most probably because of the sanctions this can happen, BTC and Ruble are the only option for them this can also strengthen the value of their money so for sure, this is the only way for them to survive. Its a good news because its adoption but we know western countries wont give up as well so most probably, they might restrict some countries from dealing with Russia or else they will also suffer. Russia is a great source of oil and gas, we can’t just deny it and we really need it on a world market, BTC will be the best option.

Fortify

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Quote from: sherry5997 on March 25, 2022, 04:17:28 AM

What do you think of this news? Russia could accept Bitcoins from some countries as payment for oil and gas supplies: the BBC writes, quoting the head of the Duma's energy commission, Pavel Zavalny.

This is actually terrible news for bitcoin supporters because it will encourage much more anti-crypto measures from politicians in Europe and North America. It's just part of a dying Russia thrashing around and looking for any little way that they can avoid sanctions or get a little win by hitting back. Realistically Russia could not use this long term and it will draw absolute scrutiny or additional controls if it somehow gained more traction. Even mention of it is going to get more restrictions and intense scrutiny in future, better not to think it's a good idea.

arallmuus

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Quote from: sherry5997 on March 25, 2022, 04:17:28 AM

What do you think of this news? Russia could accept Bitcoins from some countries as payment for oil and gas supplies: the BBC writes, quoting the head of the Duma's energy commission, Pavel Zavalny.

https://www.bbc.com/news/business-60870100

They could choose to do so but they wont because it wont really affect their economy, why would Putin even want to use cryptocurrency though. Russia wants the other country to purchase their oil and gas supplies by using Ruble so the other countries will need to sell their Euro to purchase Ruble if they want these oil and gas supplies but the other countries wouldnt want to do so

Putin wont settle for an option that benefit both party, he will only settle for the usage of Ruble because this is one of the way to help them recover their economy

el kaka22

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There are too many people who would like this not to happen. I mean it is clear that people do not like Russia right now, but that is really not the case for most of the time in the crypto world since it is decentralized. We can't just decline to let people who we dislike to use bitcoin, if it is decentralized then we just need to accept the fact that it is decentralized and do not really focus on anything else.

If you really want to see bitcoin to be great, then we are going to see both Russia and Ukraine use it, you can't just allow one and disprove of the other one. At the end of the day Russia will be doing fine and we should be happy that bitcoin is used this way.

||bit

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It was the expected news from the Russia.All the Swift transfer to top 7 bank was closed.It was made only to reduce the money flow.Now the Russian had used the updated platform to get money.Bitcoin is enough for the money necessary for the war.It also fill the people usage in their country.It’s better to Russia to create their own crypto currency.Then it will help their country flow.

Fatunad

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Quote from: naira on March 25, 2022, 03:12:42 PM

Quote from: sherry5997 on March 25, 2022, 04:17:28 AM

What do you think of this news? Russia could accept Bitcoins from some countries as payment for oil and gas supplies: the BBC writes, quoting the head of the Duma's energy commission, Pavel Zavalny.

https://www.bbc.com/news/business-60870100

Once again bitcoin is independent and no one can forbid it if Russia does implement an oil and gas payment system using Bitcoin. But so far, what I've heard is that Russia enforces that every country that wants to buy oil and gas must use the ruble. Because for now, raising the price of rubles is the main thing to strengthen their fiat. But as some Middle Eastern countries have done when the war of payment methods through crypto became the most effective alternative.

Its still on "CONSIDER"
https://www.cnbc.com/2022/03/24/russia-might-take-bitcoin-as-payment-for-oil-and-gas-as-sanctions-rise.html
which means that it wasnt finalized but since there are already some words in related to it then possibly it could really be pushed and this isnt a surprising thing for Russia
to do so since Bitcoin/Crypto is indeed an online currency and maybe they wont really be minding about much their ruble(for now).

naira

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Quote from: sherry5997 on March 25, 2022, 04:17:28 AM

What do you think of this news? Russia could accept Bitcoins from some countries as payment for oil and gas supplies: the BBC writes, quoting the head of the Duma's energy commission, Pavel Zavalny.

https://www.bbc.com/news/business-60870100

Once again bitcoin is independent and no one can forbid it if Russia does implement an oil and gas payment system using Bitcoin. But so far, what I've heard is that Russia enforces that every country that wants to buy oil and gas must use the ruble. Because for now, raising the price of rubles is the main thing to strengthen their fiat. But as some Middle Eastern countries have done when the war of payment methods through crypto became the most effective alternative.

Gyfts

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According to the source, only the "friendly" countries have that option. I can't imagine the incentive they would have to pay in crypto unless Russia doesn't accept their local currency (or whatever reserve currency they might be using). Russia is wise to use Bitcoin to avoid sanctions, but crypto isn't circulating enough on the global stage by whatever "friendly" countries to warrant Bitcoin output through commerce between the nations. The only two large players are India and China that are willing to accept Russian oil, and they don't strike me as being pro-Bitcoin.

Pomogator

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I think this does not mean that Russia wants to introduce the cryptocurrency sphere into its economy, most likely it means that Russia wants to get away from the dollar dependence on paying for natural resources. Recently, the news came that gas will be sold for rubles, but even better for cryptocurrency.

Findingnemo

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Quote from: sherry5997 on March 25, 2022, 04:17:28 AM

What do you think of this news? Russia could accept Bitcoins from some countries as payment for oil and gas supplies: the BBC writes, quoting the head of the Duma's energy commission, Pavel Zavalny.

https://www.bbc.com/news/business-60870100

If I am not wrong Putin announced countries can buy their gas only with Rubles now why they need to change their strategy because now the country who are in need of the oil and gas has to rush and ask for the change I don't think Russia will change the strategy or they will allow the local currency trade which is already happened in China. Probably they will add bitcoin as another payment option but the chances are least.

Freeesta

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Oh yes, fresh news! I think this is a great opportunity to develop the circulation of digital currency in the world. Of course, this will take time, because for normal work with cryptocurrency, it is necessary to integrate the mechanism of cryptocurrency turnover into the country's financial system. I hope mining will be legalized in many countries and it will be possible to pay in cryptocurrency for a large number of goods and services.

so98nn

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That might not get them anywhere because Russia is ready for the acceptance of bitcoin as payment BUT, are the other nations ready to pay in bitcoins? I don’t think. Why would any other government go beyond their countries set out rules and regulations if they have already regulated the bitcoin in their country or if they don’t wanna promote the bitcoin?

For example, any bitcoin transaction in India would cost 30% taxes at the end of financial year. This means the same taxes will be recovered by Indian government by imposing them on the fuel purchases by common man.

Do you really think they gonna like it?

kryptqnick

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Russia said it wants to accept ruble as payment for gas, but various EU countries said they won't do it and that they believe it violates the contracts they had with Russia. So if we're looking at "unfriendly" countries, they're NOT going to buy gas using ruble, and they would likely say the same thing about crypto payments: it violates the contracts they had with Russia. As for "friendly" countries, why wouldn't they just pay in ruble? And how is increasing the usage of Bitcoin can help boost the Russian fiat, exactly?
I understand that they are starting to feel the hit of the sanctions and starting to see that it's only going to get worse, so they need solutions to stabilize the economy fast, but I hope they won't exploit cryptos for that because that can give cryptos bad reputation in the eyes of many people and also because I don't want Russia to find a way of elevating the pressure of sanctions.

Rruchi man

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Quote from: sherry5997 on March 25, 2022, 04:17:28 AM

What do you think of this news? Russia could accept Bitcoins from some countries as payment for oil and gas supplies:

Since the United States imposed sanctions on trade with Russia in a bid to suffocate them economically into abandoning the war with Ukraine, their biggest exports which is Oil and gas has been avoided by most countries that patronize them, not mainly due to reason that they are in support of the decision from United States, but because they are threatened by the facts that if they go against the United States and maintain patronage, they may come under sanctions as well.

The decision to abstain from the Russian oil and gas is easier for some countries than it has been for some others that have already become dependent and the current situation is really affecting them. Russia understands the situation and with this consideration towards bitcoin payment may be able to take advantage of the situation.

With this method, you may be surprised that some countries that have openly criticized Russia for the invasion will still in secret patronize them, but proper intelligence can still give them away.

tabas

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They can do that, no one's going to stop them and they can simply convert it quickly into Ruble. But the thing is that they should allow exchange companies to operate on their country so that there's still liquidity where they can send those bitcoins paid to their oil. Well, the technical of it can be done by them smoothly as long as they're really going to adopt it. Everything is going to be easy if they start doing that and there's no longer a need for them to go through a dollar exchange rate since they want to go Ruble. So that would be Btc/Ruble, we know that for bitcoin, it's going to be a benefit after all.

Moneyprism

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it would be great if Russia started accepting cryptocurrencies for their official payments.. this will open a new chapter in the global adoption of cryptocurrencies, and maybe because of this more countries will start accepting cryptocurrencies for their official payments

_act_

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It is a smart move by the Russian government as the energy chief says it would accept Bitcoin for oil and gas, including Russian rubles, Chinese yuan, Turkish lira. Let us see if this will be done by Russian Federation‘s energy chief Pavel Zavalny, if done and successful bu accepting bitcoin, this is a smart move. But what j am afraid about is that if Bitcoin bull run starts, Russia will be able to fund the Ukraine war more. Russia do not accept US Dollar again.

sherry5997

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What do you think of this news? Russia could accept Bitcoins from some countries as payment for oil and gas supplies: the BBC writes, quoting the head of the Duma's energy commission, Pavel Zavalny.

https://www.bbc.com/news/business-60870100

Topic: Russia considers accepting Bitcoin for oil and gas - page 2. (Read 255 times)