Topic: Russia to legalize crypto for international trade (Read 154 times)
There is no wonder, when you look at what they are going through, that sanctions are crippling their economy. So they will do whatever it takes to restore their economy and avoid dependence on the dollar. If they are not punished, then as you say, they will never accept crypto or legalize it. I don't know when the war is over, will continue or they will announce a ban on cryptocurrencies again.
According to the congressional finance committee chairman, Anatoly Aksakov, It will only be used for International trades and not as a means of payment within the country. I still see it has Russian government still banning Bitcoin and other Crypto Currencies because not all their Citizens do international trade and since it can't be used for domestic transaction then it is useless. They are only concerned about western sanctions and not the interest of their Citizens.
That's too bad, they keep on banning crypto in their country despite of many countries use bitcoin and other alt for their needs. I just hope they can use crypto inside the country as well, it will not replace their own currency but rather it can help their economic stability. But who knows right? if they want to banned it fully it is possible for them. For a long time, they have been attempting to legalize Bitcoin trade on a global level. They're probably trying to avoid Western sanctions by accepting Bitcoin payments. But I'm not sure how Westerners will react to that. They might then take a stand against Bitcoin. I'm not sure why Russians don't accept crypto payments both globally and locally. Why limit themselves to international trade? It would be preferable if they opened up all crypto-related trades.
Ja that is the risk we have now this is why I do not think this is a good thing. If the West decides to target Bitcoin because Russia is using it to get past the sanctions I think that could be devastating to the price of btc for as long as they target it what I am concerned about is Bitcoin is not used much by governments and they could put a sanction on btc permanently if they wanted too which could effect the price further. As long as they allow people to transact in btc it should not be a big problem but sanctioning countries with btc would probably be just more negative news to create doubt. 
According to the congressional finance committee chairman, Anatoly Aksakov, It will only be used for International trades and not as a means of payment within the country. I still see it has Russian government still banning Bitcoin and other Crypto Currencies because not all their Citizens do international trade and since it can't be used for domestic transaction then it is useless. They are only concerned about western sanctions and not the interest of their Citizens.
It is about evading sanctions, that is correct and the Kremlin does not want people (regular citizens) to have access to Bitcoin because they probably fear Bitcoin could "affect the value of their local currency" (like happened in Nigeria).
In this sense Russia and China have that point in common, they are antagonist towards decentralization, since they are authoritarian governments by definition.
I am not sure to what level the Russian police enforces the laws against Bitcoin in their territory, though.
For a long time, they have been attempting to legalize Bitcoin trade on a global level. They're probably trying to avoid Western sanctions by accepting Bitcoin payments. But I'm not sure how Westerners will react to that. They might then take a stand against Bitcoin. I'm not sure why Russians don't accept crypto payments both globally and locally. Why limit themselves to international trade? It would be preferable if they opened up all crypto-related trades.
Whether they legalize or illegalize crypto for trades within their borders or outside, they can't avoid the sanctions that have been given to them. Also, it's been known that despite the ban that they've implemented. They just can't stop their people from doing transactions, they might stop it based on their laws but for sure that there are citizens that have been continuing what they've been doing. This is known for most countries even if they implement a ban nationwide.
Yes they can unless the sanctions include Bitcoin transactions which will probably be done soon. The sanctions are laws that have to be passed by the US and Europe. A lot of the sanctions include transactions from rubles to euros and dollars because these sanctions are written up and passed in court they take time. Russia is using Bitcoin as a way of getting around the sanctions otherwise it would not make sense why they are pushing for the use of btc so much in the past few months. nationwide bans have never worked and the same goes for the sanctions there will be countries still trading with Russia in secret with inflated prices. Bitcoin allows them to do that without the risk of being found out because the sanctions do not cover btc. 
Whether they legalize or illegalize crypto for trades within their borders or outside, they can't avoid the sanctions that have been given to them. Also, it's been known that despite the ban that they've implemented. They just can't stop their people from doing transactions, they might stop it based on their laws but for sure that there are citizens that have been continuing what they've been doing. This is known for most countries even if they implement a ban nationwide.
In the last month you can see that many decision in russia led to a wider adoption on crypto. It is not really clear if this is connected to the war, but it could be that russia doesn't want to ban bitcoin as it is an option to trade with sanctioned countries. This is the beauty of decentralization. If one country bans bitcoin another one will support it. After a few years, the roles may reverse, but in the end in some countries bitcoins will always be appreciated.
I would say it is clearly connected to the war. The citizens of Russia could not withdraw their money from the banks because they refused so they looked for alternatives and the Russian government has used Bitcoin as a way of avoiding the sanctions imposed by the West. I think there is enough evidence to support this. I agree that Bitcoin adoption may reverse in Russia because currently most are using it due to the war but when the war is over they may change to their rubles again .
In the last month you can see that many decision in russia led to a wider adoption on crypto. It is not really clear if this is connected to the war, but it could be that russia doesn't want to ban bitcoin as it is an option to trade with sanctioned countries. This is the beauty of decentralization. If one country bans bitcoin another one will support it. After a few years, the roles may reverse, but in the end in some countries bitcoins will always be appreciated.
Russia hasn't been consistently anti-Bitcoin. While some people and institutions called for a ban, others have been playing with the idea of legalizing it for a while. The current position seems very pragmatic and practical: they don't allow their own citizens to engage with Bitcoin because it isn't going in line with the totalitarian regime and because they don't want to risk undermining their local fiat, but they do need to find ways of limiting the impact of international sanctions, and accepting Bitcoin for international trade is one of them. Russian economists seem quite smart, considering how they've been handling a very difficult economic position that Russia's in because of the war. But such a step, should they truly undertake it, can lead to reputation losses of Bitcoin as a tool to avoid sanctions.
Most countries that have previously banned btc now allow its use. Russia only allows it because of the war before that I think it was banned. I know a lot of Russia people wanted to start using Bitcoin after their bank refused to give their money that they stored in the bank this was documented on the news. Governments that have banned it realized that they could benefit from allowing Bitcoin by taxing its use instead of banning it and not getting any return when it was still being traded. I think it was China that banned btc but the bitcoin usage only increased during the ban. 
Russia hasn't been consistently anti-Bitcoin. While some people and institutions called for a ban, others have been playing with the idea of legalizing it for a while. The current position seems very pragmatic and practical: they don't allow their own citizens to engage with Bitcoin because it isn't going in line with the totalitarian regime and because they don't want to risk undermining their local fiat, but they do need to find ways of limiting the impact of international sanctions, and accepting Bitcoin for international trade is one of them. Russian economists seem quite smart, considering how they've been handling a very difficult economic position that Russia's in because of the war. But such a step, should they truly undertake it, can lead to reputation losses of Bitcoin as a tool to avoid sanctions.
Link to the news
https://crypto.news/russia-to-legalize-crypto-for-international-trade/
I was actually surprised by the news. We all know that trading crypto in Russia is already banned. Even p2p transactions are not allowed and there are laws against it. Thus, I think this new decision is just to avoid sanctions from USA because of their current war with Ukraine. But will this step be sufficient or fruitful ? What do you think about this ?
Russia's current biggest trading partners are China and India. China has been very unfriendly to bitcoin, which means that this policy might be targeting India. https://crypto.news/russia-to-legalize-crypto-for-international-trade/
I was actually surprised by the news. We all know that trading crypto in Russia is already banned. Even p2p transactions are not allowed and there are laws against it. Thus, I think this new decision is just to avoid sanctions from USA because of their current war with Ukraine. But will this step be sufficient or fruitful ? What do you think about this ?
Although cryptocurrency investments or transactions are heavily taxed in India, it is more friendly than China. Russia would do anything to replace the US dollar in its international business transaction, therefore bitcoin might be a good alternative. India would be willing to trade with bitcoin because it is benefitting from its trade with Russia. The former is buying crude oil at a discounted price and Russia is willing to trade with them because it has few options. Restricting bitcoin transactions internally and promoting it in international trade is hypocrisy.
Link to the news
https://crypto.news/russia-to-legalize-crypto-for-international-trade/
I was actually surprised by the news. We all know that trading crypto in Russia is already banned. Even p2p transactions are not allowed and there are laws against it. Thus, I think this new decision is just to avoid sanctions from USA because of their current war with Ukraine. But will this step be sufficient or fruitful ? What do you think about this ?
Russia's current biggest trading partners are China and India. China has been very unfriendly to bitcoin, which means that this policy might be targeting India. Although cryptocurrency investments or transactions are heavily taxed in India, it is more friendly than China. https://crypto.news/russia-to-legalize-crypto-for-international-trade/
I was actually surprised by the news. We all know that trading crypto in Russia is already banned. Even p2p transactions are not allowed and there are laws against it. Thus, I think this new decision is just to avoid sanctions from USA because of their current war with Ukraine. But will this step be sufficient or fruitful ? What do you think about this ?
Russia would do anything to replace the US dollar in its international business transaction, therefore bitcoin might be a good alternative. India would be willing to trade with bitcoin because it is benefitting from its trade with Russia. The former is buying crude oil at a discounted price and Russia is willing to trade with them because it has few options. Restricting bitcoin transactions internally and promoting it in international trade is hypocrisy.
This is coming at the wrong time because the world currently is against Russia because of their invasion on Ukraine. This could hurt the reputation of Bitcoin because of this. I know it does not make a difference overall but temporarily this could have a effect on adoption because of that negative association with Russia
I do not think this news is a new one either. Although it is a welcome development if that is the case because it is the mass adoption we are talking about. However, Russian government has been in logger head with the EU and US over Ukraine war since the beginning of this year making Russia to face sanctions from various world powers and international organizations cutting them off ties in business, bilateral relationship etc. Maybe one of the major reason for doing that is to evade the ban on trading with them because any nation that do trade with Russia would likely face sanctions from the IS which is very detrimental so therefore it is best their identity is not known when dealing to cover their name which is a good move. If Russia takes such step, it would be a good one for them.
Russia faced punishment not only from United State but also from all Uni Europe countries have banned Russia due conflict and war with Ukraine. I think good decision did by Russia try to make Bitcoin and Cryptocurrency as legal for International trading. Have advantage when Russia getting suspend from Uni European countries and United State have chance with Bitcoin become alternative payment currency each other country want make deal with Russia.
Have ability with non European countries using Bitcoin for payment gass transaction because using Dollar seems possibility accepted by Russian government. I hope later, Bitcoin not only legalize as international trading only but also Russia can adapt Bitcoin as tender payment transaction.
Have ability with non European countries using Bitcoin for payment gass transaction because using Dollar seems possibility accepted by Russian government. I hope later, Bitcoin not only legalize as international trading only but also Russia can adapt Bitcoin as tender payment transaction.
Link to the news
https://crypto.news/russia-to-legalize-crypto-for-international-trade/
I was actually surprised by the news. We all know that trading crypto in Russia is already banned. Even p2p transactions are not allowed and there are laws against it. Thus, I think this new decision is just to avoid sanctions from USA because of their current war with Ukraine. But will this step be sufficient or fruitful ? What do you think about this ?
https://crypto.news/russia-to-legalize-crypto-for-international-trade/
I was actually surprised by the news. We all know that trading crypto in Russia is already banned. Even p2p transactions are not allowed and there are laws against it. Thus, I think this new decision is just to avoid sanctions from USA because of their current war with Ukraine. But will this step be sufficient or fruitful ? What do you think about this ?
As practice shows, the news is very often deceptive and has nothing to do with reality. However, if this news is true, then the best way is to check it out to see if it is true or not. But based on the current situation, this news may well be true, but the question still remains, what exactly will the cryptocurrency be used to pay for? I remember once they asked Putin a question about whether BTC could be used to pay for hydrocarbons or oil, to which he replied that in the future it is possible - yes, but as long as the price of BTC is too volatile, this option is not considered. So everything is simple here, cryptocurrencies can be used as a means of payment, but for this their prices must be stable.
We all know that trading crypto in Russia is already banned. Even p2p transactions are not allowed and there are laws against it.
Is there any source for this because so far I have only seen statements by random people claiming the decision makers should start banning bitcoin not that it is already banned.Quote
Thus, I think this new decision is just to avoid sanctions from USA
Wrong. You can not avoid sanctions by using bitcoin because the source and destination are still known. The only reason why countries use bitcoin for their international trade is to replace US dollar which is an attack on US economy considering it will get completely destroyed if the world stopped using dollar.BTW this is not new and there is a topic about it here: https://bitcointalksearch.org/topic/russia-to-legalize-use-of-cryptocurrency-in-international-trade-5412477
According to the congressional finance committee chairman, Anatoly Aksakov, It will only be used for International trades and not as a means of payment within the country. I still see it has Russian government still banning Bitcoin and other Crypto Currencies because not all their Citizens do international trade and since it can't be used for domestic transaction then it is useless. They are only concerned about western sanctions and not the interest of their Citizens.
Generally speaking, Russians prefer that crypto be used for international trade payments to replace the dollar, but not for domestic use.
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