Cryptocurrency legalization for Russia is a "two-way stick". On the one hand, it may indeed be a way to partially circumvent sanctions. However, another problem remains unsolved - the Russian economy critically needs a currency, and not bitcoin, yuan or rupee. But dollars and euros ! And here is the problem - even having received settlements, for example, for oil in bitcoin - how to convert it into dollars?
On the other hand - in Russia again "close the iron curtain", and cryptocurrency is also becoming an option for financing opposition movements, and therefore.... should be banned.
This means a difficult problem to solve.
Topic: Russia To Legalize Use Of Cryptocurrency In International Trade (Read 609 times)
December 05, 2023, 12:52:28 PM
The Russian ruble fell, that's true, and the plan of forcing other currencies to use ruble for international trade didn't really succeed. However, Russia isn't desperate enough to try adopting cryptos for foreign trade either, it seems. The thing is, adoption would be required not just by Russia but also by its trading partners, and considering that Russia's mainly focused on doing business in Asia these days, it's not a fertile ground for Bitcoin adoption (India is known to be wary of Bitcoin, and China is directly against it). The sanctions maybe have weakened Russia, but unfortunately they didn't lead to anything resembling an economic collapse, and Russia adapted fairly well to them, as shown by the fact that they can still continue to produce weapons and continue waging their imperialist war against Ukraine.
December 03, 2023, 01:35:13 PM
In 2023, the Russian currency has already weakened by 26%. At the same time, the trading partners of the Russian Federation do not want to transfer payments to the ruble - this currency turned out to be of no use to anyone. Only Russia itself uses it in trade operations, and even then mainly to circumvent Western sanctions. Under these conditions, in Russia it would indeed be reasonable to use cryptocurrency in international trade payments. This was stated in the Russian State Duma last year, but the situation has not changed since then. Apparently, the Kremlin is afraid to do this, fearing that money in cryptocurrency will be hidden from government control, and also easily transferred outside of Russia.
The Russian ruble fell, that's true, and the plan of forcing other currencies to use ruble for international trade didn't really succeed. However, Russia isn't desperate enough to try adopting cryptos for foreign trade either, it seems. The thing is, adoption would be required not just by Russia but also by its trading partners, and considering that Russia's mainly focused on doing business in Asia these days, it's not a fertile ground for Bitcoin adoption (India is known to be wary of Bitcoin, and China is directly against it). The sanctions maybe have weakened Russia, but unfortunately they didn't lead to anything resembling an economic collapse, and Russia adapted fairly well to them, as shown by the fact that they can still continue to produce weapons and continue waging their imperialist war against Ukraine. Is Russia technologically backward? Russia is a leading country militarily, they are always considered by the US as the most feared opponent.
If you look at the news of arms sales on the international market, the US will be ready to embargo or punish any country that buys Russian weapons that are not theirs, which is a cowardly, weak act of the country is considered to be the world's leading. If Russia were technologically backward, it would not have caused the US and 28 European countries to supply weapons to Ukraine in the past 11 months and still could not end the war.
As for the energy story, let's wait and if the war doesn't end see soon before winter 2023, and see who will lose in the EU-Russia war. It is too early to say who has failed.
If you look at the news of arms sales on the international market, the US will be ready to embargo or punish any country that buys Russian weapons that are not theirs, which is a cowardly, weak act of the country is considered to be the world's leading. If Russia were technologically backward, it would not have caused the US and 28 European countries to supply weapons to Ukraine in the past 11 months and still could not end the war.
As for the energy story, let's wait and if the war doesn't end see soon before winter 2023, and see who will lose in the EU-Russia war. It is too early to say who has failed.
Are you serious?
))After the "second army of the world" was actually destroyed by the forces of the Armed Forces of Ukraine and volunteer battalions?! After all the vaunted "unparalleled in the world" technology turned out to be ordinary trash from the past!
I’ll just give a map showing the scale of the countries, and for reference - since 2014, Russia, having already killed hundreds of thousands of its citizens, has been able to occupy no more than 20% of the territory of Ukraine, and the prospects are such that they may have to sign capitulation in the Kremlin
The only thing that Russia had was a Nuclear Weapon. And then, you need to understand that this is the legacy of the USSR, for the most part produced by specialists from the Ukrainian SSR / Ukraine + what Ukraine gave to Russia. By the way, it was the 3rd largest arsenal of nuclear weapons in the world until 1991!
But 2022 showed that Russia and its greatness, that's all - a fake! At the same time, it is also a technologically strong remaining, degraded country! As in everything else. The only thing that exists is a huge, poorly provided territory, of which approximately 25% of the total area is in more or less human conditions ... And in terms of the economy, this is generally, today, less than 1% of the world's GDP! What technology are you talking about? Even if critical industries are 100% dependent on Western technologies (oil / gas production)
Don't try to be fooled by fake slogans from a fake country
And if we return to the topic, then all attempts to "legitimize cryptocurrency" are, in fact, a search to get away from sanctions, from which Russia simply squeals and beats in hysterics. And this will not be the recognition of cryptocurrency for the population, but a variant of circumventing sanctions. Well, the right for the Ozero Cooperative to withdraw stolen funds from Russia ...
Now the situation is worst in Russia country is having negative effect that's why they are looking for back up. whatever happens happens for a reason. When situation became worst then Russia legalize use of Cryptocurrency in International trade. Very interesting to even hear a country this big and influential consider legalizing cryptocurrency in a public way. I support this. Though I'm sure it's not to the standards of idealists its a great step towards decentralization and innovation on the geo-economics scale
The OP in this thread only pointed out that Russia is close to advancing legislation on the use of cryptocurrencies in international trade. As far as I know, Russia has never legalized cryptocurrency in international trade or in other areas of human activity. That is, there is practically nothing to discuss now. Russia was and is a country where there is actually a complete ban on the use of cryptocurrency as a means of payment, and the situation with respect to cryptocurrency is unlikely to change. They are now panickingly taking all possible measures to eliminate capital flight from the country, and therefore they are unlikely to legalize cryptocurrency. 
Now the situation is worst in Russia country is having negative effect that's why they are looking for back up. whatever happens happens for a reason. When situation became worst then Russia legalize use of Cryptocurrency in International trade. Very interesting to even hear a country this big and influential consider legalizing cryptocurrency in a public way. I support this. Though I'm sure it's not to the standards of idealists its a great step towards decentralization and innovation on the geo-economics scale
The announcement that Russia is close to pushing legislation for the use of cryptocurrencies in international trade has fueled interest and speculation among market watchers. The move comes as Russia seeks alternatives to the US dollar amid Western sanctions, and aims to facilitate more efficient cross-border settlements.
However, it seems that there are still questions around the regulatory framework that will be introduced to allow cross-border settlements in cryptocurrencies in Russia. It remains to be seen how this new policy will be implemented and whether it will lead to wider adoption of cryptocurrencies within the Russian financial system.
I think its developments are worth watching closely as they could have significant implications for the global cryptocurrency market and the wider financial landscape.
However, it seems that there are still questions around the regulatory framework that will be introduced to allow cross-border settlements in cryptocurrencies in Russia. It remains to be seen how this new policy will be implemented and whether it will lead to wider adoption of cryptocurrencies within the Russian financial system.
I think its developments are worth watching closely as they could have significant implications for the global cryptocurrency market and the wider financial landscape.
Most likely, the reason why in Russia, at the state level, "allows cryptocurrencies" does not aim only to circumvent sanctions. Trading for yuan, for example, partially solves the problem. Moreover, for Russia, the yuan will soon become the state currency
The meaning is different - Russia critically needs a CURRENCY, and not "wrappers". Without a currency, Russia cannot buy technology that is vital for Russia. They are not sold by China, India, or "terrorist brothers" Iran... They can be bought only in developed countries, and only for a stable currency - dollars or euros.
But Russia, having launched the hysteria "we will give up the dollar", once again shot itself in the foot, or even in two They refused the dollar, but they cannot live without the dollar! And there is no way back!
One of the ways to get currency through an alternative resource is cryptocurrencies. Why? Because neither the rupee nor the yuan, Russia can not exchange for dollars! And rubles and even more so ...
But the cryptocurrency - yes, both China and India will buy it, and for the currency, and it is not totally controlled, yet ..
BUT just do not think that this is a solution for the inhabitants of Russia! This is only to serve the elites, and their painful ideas, and the population should "enjoy stability in the ruble", the fate of these unfortunates does not bother the rulers of the Kremlin ...
The meaning is different - Russia critically needs a CURRENCY, and not "wrappers". Without a currency, Russia cannot buy technology that is vital for Russia. They are not sold by China, India, or "terrorist brothers" Iran... They can be bought only in developed countries, and only for a stable currency - dollars or euros.
But Russia, having launched the hysteria "we will give up the dollar", once again shot itself in the foot, or even in two
They refused the dollar, but they cannot live without the dollar! And there is no way back!One of the ways to get currency through an alternative resource is cryptocurrencies. Why? Because neither the rupee nor the yuan, Russia can not exchange for dollars! And rubles and even more so ...
But the cryptocurrency - yes, both China and India will buy it, and for the currency, and it is not totally controlled, yet ..
BUT just do not think that this is a solution for the inhabitants of Russia! This is only to serve the elites, and their painful ideas, and the population should "enjoy stability in the ruble", the fate of these unfortunates does not bother the rulers of the Kremlin ...
Is Russia technologically backward? Russia is a leading country militarily, they are always considered by the US as the most feared opponent.
If you look at the news of arms sales on the international market, the US will be ready to embargo or punish any country that buys Russian weapons that are not theirs, which is a cowardly, weak act of the country is considered to be the world's leading. If Russia were technologically backward, it would not have caused the US and 28 European countries to supply weapons to Ukraine in the past 11 months and still could not end the war.
As for the energy story, let's wait and see if the war doesn't end soon before winter 2023, and see who will lose in the EU-Russia war. It is too early to say who has failed.
In addition, this war showed the general backwardness of military equipment in comparison with the weapons of the NATO countries. The delivery of several HIMARS to Ukraine completely changed the situation at the front, and the Russians turned out to be powerless against these weapons. The air defense of Russia also turned out to be weak. Now Russian weapons are being abandoned, and the military factories of NATO countries are loaded with applications for many years to come.
Yes, earlier the United States, like the entire bloc of NATO countries, was afraid to enter into a direct military conflict with Russia. But like so many things, Russia's military power turned out to be just a bluff. But now Russia is no longer afraid and does not respond to constant threats from its side. The "Second Army of the World" was completely defeated by Ukraine, which few people paid attention to before.
January 11, 2023, 09:35:52 PM
They are looking for the back door for sure. Now the situation is even worst than before so it’s undeniably sure that they would want to have the bitcoin on board and see which countries are open to trade with them. Considering various sanctions they have lost the battle of trades in international market and must be struggling with the financial burden. It’s clear because they are not really receiving funds but loosing it all in one war. Now no country would ever expose their financials on paper, so as to Russia. It must be making them hardened over various situations now which might have made them to come to this conclusion.
At first, when the war broke out and it was reported that Russia was accepting bitcoins and cryptocurrencies for payments to Russia-friendly countries. But so far, the war has lasted more than 300 days, and everything is still not ready, showing that it is not the key or really important factor for them. I mean, they're still conducting normal international trade with their partners, there's no sign that they're struggling with sanctions. But they chose bitcoin, probably as you mentioned, still need a plan b, a back door for sure.
Sanctions mainly concern 2 key areas:
1. reduce the flow of currency from the sale of oil and gas, to stop "sponsoring" Russian terrorism
2. leave the economy and the military-industrial complex without high-tech components and technologies, because Russia is a technologically backward country, and cannot independently produce all the necessary components even for its military-industrial complex and industry
On the first point, there is progress, the demand for Russian hydrocarbons has fallen, for example, Germany, on 01/01/2023, completely abandoned oil, gas and coal from the country of the terrorist, and almost the entire EU. complete failure - during 2023. now, because of the sanctions and the embargo, Russia is suffering huge budget losses: The price ceiling for Russian oil is costing the Kremlin minus $172 million a day from planned revenues. Lost profits will rise to $280 million a day when the restriction is extended to petroleum products from February 5.
on the second point - there is also an effect. Russia is not able to provide its army with effective means for waging a terrorist war, and as you know, it begs rogue countries like Iran, North Korea for drones, shells and other weapons, the stocks of which are running out and production cannot produce them in sufficient quantities.
And note - it's only been 6 months since the sanctions began to take effect
Is Russia technologically backward? Russia is a leading country militarily, they are always considered by the US as the most feared opponent.
If you look at the news of arms sales on the international market, the US will be ready to embargo or punish any country that buys Russian weapons that are not theirs, which is a cowardly, weak act of the country is considered to be the world's leading. If Russia were technologically backward, it would not have caused the US and 28 European countries to supply weapons to Ukraine in the past 11 months and still could not end the war.
As for the energy story, let's wait and see if the war doesn't end soon before winter 2023, and see who will lose in the EU-Russia war. It is too early to say who has failed.
January 11, 2023, 07:22:44 AM
They are looking for the back door for sure. Now the situation is even worst than before so it’s undeniably sure that they would want to have the bitcoin on board and see which countries are open to trade with them. Considering various sanctions they have lost the battle of trades in international market and must be struggling with the financial burden. It’s clear because they are not really receiving funds but loosing it all in one war. Now no country would ever expose their financials on paper, so as to Russia. It must be making them hardened over various situations now which might have made them to come to this conclusion.
At first, when the war broke out and it was reported that Russia was accepting bitcoins and cryptocurrencies for payments to Russia-friendly countries. But so far, the war has lasted more than 300 days, and everything is still not ready, showing that it is not the key or really important factor for them. I mean, they're still conducting normal international trade with their partners, there's no sign that they're struggling with sanctions. But they chose bitcoin, probably as you mentioned, still need a plan b, a back door for sure.
Sanctions mainly concern 2 key areas:
1. reduce the flow of currency from the sale of oil and gas, to stop "sponsoring" Russian terrorism
2. leave the economy and the military-industrial complex without high-tech components and technologies, because Russia is a technologically backward country, and cannot independently produce all the necessary components even for its military-industrial complex and industry
On the first point, there is progress, the demand for Russian hydrocarbons has fallen, for example, Germany, on 01/01/2023, completely abandoned oil, gas and coal from the country of the terrorist, and almost the entire EU. complete failure - during 2023. now, because of the sanctions and the embargo, Russia is suffering huge budget losses: The price ceiling for Russian oil is costing the Kremlin minus $172 million a day from planned revenues. Lost profits will rise to $280 million a day when the restriction is extended to petroleum products from February 5.
on the second point - there is also an effect. Russia is not able to provide its army with effective means for waging a terrorist war, and as you know, it begs rogue countries like Iran, North Korea for drones, shells and other weapons, the stocks of which are running out and production cannot produce them in sufficient quantities.
And note - it's only been 6 months since the sanctions began to take effect
January 11, 2023, 03:40:44 AM
They are looking for the back door for sure. Now the situation is even worst than before so it’s undeniably sure that they would want to have the bitcoin on board and see which countries are open to trade with them. Considering various sanctions they have lost the battle of trades in international market and must be struggling with the financial burden. It’s clear because they are not really receiving funds but loosing it all in one war. Now no country would ever expose their financials on paper, so as to Russia. It must be making them hardened over various situations now which might have made them to come to this conclusion.
At first, when the war broke out and it was reported that Russia was accepting bitcoins and cryptocurrencies for payments to Russia-friendly countries. But so far, the war has lasted more than 300 days, and everything is still not ready, showing that it is not the key or really important factor for them. I mean, they're still conducting normal international trade with their partners, there's no sign that they're struggling with sanctions. But they chose bitcoin, probably as you mentioned, still need a plan b, a back door for sure.
January 11, 2023, 03:24:13 AM
In my opinion, the authorities in Russia will not follow the path of legalizing bitcoin and other cryptocurrencies.
Most likely, the Russian authorities will simply appoint a reliable person who will be entrusted with the organization of international operations with bitcoins. His duties will include - providing cold storage of bitcoins and the circulation of cash fiat money. Large organizations (exporters and importers) will be encouraged to interact with this person in all matters related to cryptocurrency transactions.
Bitcoin volatility is not a problem when making international payments. The contract may provide for the moment of a significant deviation of the bitcoin rate from the average for the week (up or down).
You and I don't know how the Chinese Communist Party really feels about Bitcoin.
They probably consider Bitcoin to be a monetary surrogate and are opposed to Chinese citizens using Bitcoin in settlements within China.
However, they may not mind using it for international transactions. In China, the activity of independent miners is prohibited. However, it is possible that the Chinese Communist Party itself mines Bitcoin and uses it to trade with countries that are under international sanctions (i.e. trade with Russia and North Korea).
January 10, 2023, 10:55:59 AM
In my opinion, the authorities in Russia will not follow the path of legalizing bitcoin and other cryptocurrencies.
Most likely, the Russian authorities will simply appoint a reliable person who will be entrusted with the organization of international operations with bitcoins. His duties will include - providing cold storage of bitcoins and the circulation of cash fiat money. Large organizations (exporters and importers) will be encouraged to interact with this person in all matters related to cryptocurrency transactions.
Bitcoin volatility is not a problem when making international payments. The contract may provide for the moment of a significant deviation of the bitcoin rate from the average for the week (up or down).
You know anything about liquidity pools?
He who as the money regulates the trading. It's not about politics any longer. China has the product. They want real money.
January 10, 2023, 10:54:25 AM
In my opinion, the authorities in Russia will not follow the path of legalizing bitcoin and other cryptocurrencies.
Most likely, the Russian authorities will simply appoint a reliable person who will be entrusted with the organization of international operations with bitcoins. His duties will include - providing cold storage of bitcoins and the circulation of cash fiat money. Large organizations (exporters and importers) will be encouraged to interact with this person in all matters related to cryptocurrency transactions.
Bitcoin volatility is not a problem when making international payments. The contract may provide for the moment of a significant deviation of the bitcoin rate from the average for the week (up or down).
December 28, 2022, 03:38:42 PM
I like to see the creation of Bitcoin as the beginning of an evolutionary process.
Bitcoin is a kind of virus that is being actively modified in order to multiply and spread. Bitcoin does not serve only idealists and cypherpunks, it uses scumbags, businessmen, bankers and officials for its own purposes.
Bitcoin has a goal - to become a global currency. And he uses every opportunity to get closer to achieving this goal.
Sometimes the first cryptocurrency follows the path of competition with the old financial system, and sometimes the path of symbiosis with it.
It is definitely a very hardcore approach to it I am not going to argue against that. However, you are sort of right as well at the same time. I feel like the best way to approach Bitcoin is to accept that it is not going to go away, it will always be around. Sometimes it gets low and sometimes it gets high but it is always around. As people who have been through a big pandemic recently, we could draw some parallels to it in the end as well.Bitcoin is a kind of virus that is being actively modified in order to multiply and spread. Bitcoin does not serve only idealists and cypherpunks, it uses scumbags, businessmen, bankers and officials for its own purposes.
Bitcoin has a goal - to become a global currency. And he uses every opportunity to get closer to achieving this goal.
Sometimes the first cryptocurrency follows the path of competition with the old financial system, and sometimes the path of symbiosis with it.
I believe that it doesn't really have any prejudices at all, bitcoin purchase helps or hurts everyone equally and doesn't care if you are rich or poor. If you hold it and it goes up, we all make a profit, if we hold it and it goes down then we all hurt together at the same time. White, black, Asian or African, Muslim or Christian, it doesn't care.
December 28, 2022, 04:13:49 AM
Because of energy issues, Russia must pay attention to this issue. Natural gas is used more in winter. However, no country can completely ban Bitcoin.
Cryptocurrency activities were previously banned in Nigeria, but the use of cryptocurrencies has finally been allowed. I think there will definitely be many more examples like this in the future.
Bitcoin will definitely be used globally, it is only a matter of time.
Cryptocurrency activities were previously banned in Nigeria, but the use of cryptocurrencies has finally been allowed. I think there will definitely be many more examples like this in the future.
Bitcoin will definitely be used globally, it is only a matter of time.
December 28, 2022, 01:02:23 AM
In my opinion, the authorities in Russia will not follow the path of legalizing bitcoin and other cryptocurrencies.
Most likely, the Russian authorities will simply appoint a reliable person who will be entrusted with the organization of international operations with bitcoins. His duties will include - providing cold storage of bitcoins and the circulation of cash fiat money. Large organizations (exporters and importers) will be encouraged to interact with this person in all matters related to cryptocurrency transactions.
Bitcoin volatility is not a problem when making international payments. The contract may provide for the moment of a significant deviation of the bitcoin rate from the average for the week (up or down).
December 27, 2022, 06:06:07 AM
I still don't know whether Russia is a pro-crypto or an anti-crypto country. It depends of the financial situation, I guess.
The Russian financial and political elite doesn't like Bitcoin/crypto in general, but they will happily use crypto in order to avoid the western sanctions. If the global financial situation changes, the Russian elite will become anti-crypto in no time.
This is a more opportunistic view of crypto, in comparison to the idealistic view of crypto(which is basically wanting to adopt BTC/crypto because they like the core principles of decentralization and transparency).
The Russian financial and political elite doesn't like Bitcoin/crypto in general, but they will happily use crypto in order to avoid the western sanctions. If the global financial situation changes, the Russian elite will become anti-crypto in no time.
This is a more opportunistic view of crypto, in comparison to the idealistic view of crypto(which is basically wanting to adopt BTC/crypto because they like the core principles of decentralization and transparency).
I like to see the creation of Bitcoin as the beginning of an evolutionary process.
Bitcoin is a kind of virus that is being actively modified in order to multiply and spread. Bitcoin does not serve only idealists and cypherpunks, it uses scumbags, businessmen, bankers and officials for its own purposes.
Bitcoin has a goal - to become a global currency. And he uses every opportunity to get closer to achieving this goal.
Sometimes the first cryptocurrency follows the path of competition with the old financial system, and sometimes the path of symbiosis with it.
December 27, 2022, 05:48:25 AM
I still don't know whether Russia is a pro-crypto or an anti-crypto country. It depends of the financial situation, I guess.
The Russian financial and political elite doesn't like Bitcoin/crypto in general, but they will happily use crypto in order to avoid the western sanctions. If the global financial situation changes, the Russian elite will become anti-crypto in no time.
This is a more opportunistic view of crypto, in comparison to the idealistic view of crypto(which is basically wanting to adopt BTC/crypto because they like the core principles of decentralization and transparency).
The Russian financial and political elite doesn't like Bitcoin/crypto in general, but they will happily use crypto in order to avoid the western sanctions. If the global financial situation changes, the Russian elite will become anti-crypto in no time.
This is a more opportunistic view of crypto, in comparison to the idealistic view of crypto(which is basically wanting to adopt BTC/crypto because they like the core principles of decentralization and transparency).
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