Topic: Russia To Legalize Use Of Cryptocurrency In International Trade (Read 587 times)

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.

You noticed this correctly. After European countries sharply reduced their consumption of energy resources from Russia and intend to completely abandon Russian oil and gas in the future, China and India have become Russia’s main consumers, and they do not have a very good attitude towards cryptocurrency. Therefore, the legalization of cryptocurrency in Russia, even only for foreign trade, will not lead to anything good in terms of increasing trade turnover. This is probably why nothing has been heard about trading in Russia for cryptocurrency for a long time. Maybe some transactions in cryptocurrency with other states are taking place, but in Russia they will not talk about it openly.

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.

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 ...

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.

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 ...

Still, Russia is a technologically backward country. This was clearly shown by the war that she unleashed in Ukraine more than a year ago. When electronic chips and any products that can be used in the production of weapons fell under the sanctions, it became obvious that Russia, without the help of the West, is not able to manufacture and replenish losses in the war with its military equipment, since many components were previously imported from other countries. Therefore, electronic chips began to be removed from washing machines and other household appliances, but anyway, so far this does not help her much.

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.

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.

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

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.

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).

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.

We often discuss the possibility of legalizing cryptocurrency in Russia and its use by the Putin regime to circumvent international sanctions. But Russia’s war on the territory of Ukraine has been going on for almost a year now, sanctions are getting stronger and their negative effect on the Russian economy is growing, and we still don’t see any practical progress in this matter. Most likely, they will not be for the reason that the use of cryptocurrency will not save Russia from sanctions. In order to effectively circumvent sanctions, it is necessary first of all to move large consignments of sanctioned goods, and this is almost impossible to do covertly. Therefore, financial calculations for these goods fade into the background. Russia can always just use the currency of the state with which it trades. And using cryptocurrency for this may be unprofitable for Russia’s trading partner. Especially when it comes to China, which generally has a negative attitude towards cryptocurrency.

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.

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.

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.

In other words, in Russia they can establish the possibility of making external financial transactions using cryptocurrencies for legal entities that serve state interests with a complete ban on using cryptocurrencies as a means of payment for other citizens. It may well be that in order not to escalate the situation with the provision of the selective right to use cryptocurrency as a means of payment only to certain entities, they will most likely grant such a right by some secret decree of Putin so that the people know less about it, or in general such activity will be completely classified.

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.

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).

As soon as Central Bank of Russia gets involved, it will be a start of death of Bitcoin on Russian Territory. Central Bank has already destroyed WebMoney. It was one of Russian first digital currency which has operated for 24 years. Survived less than 2 years after Central Bank spread its roots there. Or that legalized cryptocurrency in Russia will be like Bitcoin on PayPal - as an independent Bitcoin that circulates only in PayPal system and can not be withdrawn.

Yes that's right!  Russia exports not only gas and oil, it exports a lot of goods - gold, timber, ferrous metals, nitrogen fertilizers, grain and much more. 

How to get paid for goods sold in the context of international sanctions? 

One option is to use cryptocurrency.  At the same time, it is necessary not to prohibit the use of cryptocurrency within the country in order to hide some transactions among the mass of other transactions.  Therefore, in Russia it is advisable not to ban Bitcoin and other cryptocurrencies, but to organize a "gray" market for the circulation of cryptocurrencies.

I mean if you are sanctioned off from the rest of the world and the whole Europe is working towards nuclear or renewable energy so that eventually they wouldn't have to buy gas or oil from you, which means we are seeing last of "you ignore my dictatorship or you won't benefit from our resources!!!" then it is acceptable to just get crypto to do the job for you. I mean if russians can't accept ruble or even dollars because its sanctioned off, crypto is at least half hidden, so western companies could pay in crypto and hide it, and Russians could still get paid for whatever they want to get paid for. This is their only possible out.

If I could understand your position well, Bitcoin transactions are not difficult or unavailable to governments and banks, even against legislative frameworks. But it is not so easy if we confirm the process officially. It is not easy in all cases to confirm transactions through official frameworks, even if it is internationally trusted. As it is well known, Russia is in an economic predicament because of its war in Ukraine, and it is natural for it to make attempts to bypass the impact of economic and financial sanctions on it. And after entering the crypto market in a state of stagnation after the fall of the ftx platform, Russia will certainly make the necessary revisions and may postpone the implementation of its decision to adopt the crypto market.

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).

Under the current authoritarian rule in Russia, there will never be a legalization of cryptocurrency. Politicians, including Putin, may say good things about cryptocurrency, but they will never allow their people to have free access to it. Therefore, Russia has the worst legislation in relation to cryptocurrency among European countries. I wouldn’t even be surprised if criminal liability for the use of cryptocurrency as a means of payment is introduced there, which has been talked about for a long time and there is a bill in the State Duma.

For international payments, the Russian government can use cryptocurrency without the appropriate laws for this, but it is unlikely to do so. It is quite a risky asset due to its high price volatility. In addition, for this it is necessary that the other party agrees to such payments. In any case, if the calculations in the cryptocurrency will take place, then we will not know about it anyway, since it will be classified.

This is why the rules for working with cryptocurrencies are being tightened all over the world. Under this, they launched legislation that introduces criminal liability for assistance in circumventing sanctions. And another nuance - if bitcoin eventually ends up 99% in the hands of the Kremlin - it will simply not be of interest to everyone else, because. it will cease to be something publicly available, but will become a kind of toxic asset that can only be paid off ... with Russia? And what can a technologically backward country, a raw material appendage of China, and a country that is a pariah for the rest of the world suggest?

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By itself ! How can about 1% of its volume affect the global economy? Moreover, the country is essentially a raw material appendage of the world? And today the country is also an international terrorist. The country is an international outcast! No way. This is just a repetition of the story of North Korea, where only in their inflamed painful imagination the whole world is afraid of them, they have the most "unparalleled" weapons, the strongest army and economy While Russia really does not remove fakes about how they won all the Olympiads and championships of the world, flew a manned spacecraft into the sun and returned back... But Russia has someone to look up to and from whom to learn from the experience of severe systemic delirium in an isolated society So soon "Russian North Korea" may appear on the map

PS Although I am a supporter of the fact that this artificial, bloody, terrorist entity should be divided into several independent states, with external control. These are guarantees of the destruction of world terrorism and a peaceful life on Earth...

[moderator's note: consecutive posts merged]

Maybe you don't understand what the OP meant in this topic. Of course what Russia is doing has to do with everyone using Bitcoin right now. So we need to follow the development of Bitcoin. Including the development of information on who will use Bitcoin. The simplest effect we get is a price change.

If Russia uses Bitcoin as a transaction tool to replace bank transactions in terms of world trade, of course this is the most important part for the development of Bitcoin. So that Bitcoin adoption will include countries that cooperate in the field of trade with Russia.

But I believe that the Russian state is not ready to do this. If they want to use Bitcoin, of course they will develop a wallet that is used specifically for the state, not the result of developing a private party or other individual. This relates to the security of state finances.

Another motive is that many countries are currently breaking off cooperation with the Russian state. So that transactions between Russia and other European countries stop, or the central bank does not allow a country's transactions with Russia. So that another alternative for countries that continue to cooperate in the field of trade with Russia is to make transactions with Bitcoin. Even though the condition of the Bitcoin price is classified as highly fluctuating, they can still use the standard value of Bitcoin.

Because the problem with transactions between countries is that they have to go through a long process, unlike the transactions we are doing today, country transactions of course have to go through certain rules and certain agreements that take a long time, so the price of Bitcoin has the possibility to change. to a higher or lower number.

Such a move by the Russian government was previously predicted by the well-known Russian economist Potapenko.  

Currently, international settlements of residents of the Russian Federation using foreign currencies (US dollar, euro, British pound sterling, Swiss franc, etc.) are subject to international sanctions.  

Therefore, Russian organizations cannot receive cash proceeds from the sale of their goods abroad and cannot purchase the foreign goods and materials they need.  

The situation can only be saved by the use of cryptocurrencies in international settlements with foreign counterparties.  

This applies not only to Bitcoin, but also to Monero (the best anonymous and confidential cryptocurrency).

Not sure what they are up to this time, but whatever they are doing may benefit them somehow. Let them do what they want. We need to focus on what we are gaining from this. If this could benefit the community then I guess whatever they do, I have no complaint. But if this is some kind of scheme to do something horrific this time, then I don't want them to succeed.

I do not think that the world can succumb to Russian desires to adopt new global strategies, especially if they are in the interest of Russia and give it opportunities to circumvent the economic sanctions imposed on it. It seems that the FTX drama further complicated the matter and limited Russia's chances of finding alternative options.
Today, I published news about North Korea providing Russia with military equipment, which indicates that Russia is facing wholesale crises on all levels, including military and economic ones. Also, this may indicate that some of its allies abandoned it due to regional pressures, perhaps or international temptations.

try from the point of view of the country's economy, to explain what real benefits a country can give to a terrorist, the transition to paying for oil and gas in cryptocurrency?
The main consumers of Russian hydrocarbons:
1. EU - oil embargo, pipeline. Provided that the EU has already found a replacement for this oil. Crypto doesn't solve the problem here
2. The EU - the main and largest consumer of gas - the EU. After Russia blew up its Serven Stream 1 and 2 gas pipelines (in order not to pay fines and continue terror against the EU), the EU was also replaced by 90+% with long-term gas supply contracts Here, at least for cowrie shells, sell gas - there is no buyer anymore
3. India and China. Friends about whom they say "you don't need enemies with such friends" They buy gas, oil, coal at absolutely dumping prices, dictating conditions to the Kremlin. From 2023, the price for China will probably be at the level of 15-20 dollars per barrel (+/-, we will soon find out for sure)

And where is the place to solve the problem with the help of cryptocurrency?

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.

The criminal and terrorists are always looking for ways to avoid well-deserved restrictions and punishments. As you understand, there is NO gold, no stable currencies, or anything liquid in the terrorist country, Russia! Or the stocks of such assets are critically declining, and will soon disappear too. Therefore, they are grasping at straws in the form of cryptocurrencies. This is expected. But as you noticed, over the past 3 years, the global system for controlling and monitoring the movement of payments, including cryptocurrency ones, has changed a lot.

I do not think that China, India and similar countries will bother and try to circumvent international sanctions against the country of an international terrorist. About China and India, no later than February 2023, you will learn the news about the change of oil suppliers, possibly earlier. Although the price there will not be as low as oil from Russia, which has come under sanctions and embargoes.

The second question is where will the elites and tops of such rogue countries as Russia put these cryptocurrencies? For them, you just can’t buy a yacht, a villa or a diamond necklace for a new mistress. Normal sellers require normal, liquid money. I do not believe that a HUGE shadow world market will appear, a copy of the real one where everything will be sold for cryptocurrency.

Well, and most importantly - - if Russia legalizes cryptocurrency - what will the whole world do about it? Who is Russia in the global economy? A point that is barely noticeable and which is constantly decreasing It's like I would now say that from today we are switching to dollars, which I will print on my printer

Surprising in a way that Russia is a strict country and are very allergic in many things but it's great that they made an exception with btc. I think that's because they found that btc is not controlled by anyone so they know that no one would stop them if they use this. Anyway, this topic was posted way back on September, so if you are active that time then this news won't surprise you anymore.

There's also no recession that time but I think we are at it now. Russia might still be using btc but is there any change the way we feel the recession? I guess there's nothing and even the btc itself is also been affected by it. Just continue doing your best, I know we can survive a situation like this.

Moreover this decision is not far away from the ban on the Russian economy because most transaction in Russia are facing this due to the war and that is having negative effect on them. They are struggling to balance their economy they have to encourage flow of financial transactions , making business transactions for the interested aligns to patronize at anytime because there are no limitation with bitcoin payment or third party agents.

Isn't this the beauty of crypto that even if the country bans its use of it, people can find a way to still own and transact with crypto?

China bans BTC and mining AFAIK but the Chinese are still mining and using BTC. Nothing captures BTC even the authoritarian government but they at least have clear laws about it.

What is surprising to me is the fact that Russia have come around to accept the use of bitcoin in large base to trade mostly during these times with war efforts and sanctions imposed. It is good, as it will ease the major world of the recession issues we are facing. I know the war is a contributing factor to the high inflation and scarcity of natural gas and other much tradables that have been needed.
The country has been known for its strict policies and this acceptance I feel will affect the rate or influence the crypto market if enacted.

They, like China, have been at war against Bitcoin since the very beginning, only China has always been in the public's focus because it has 10 times more people than Russia, and because of the very cheap price of electricity. Realistically speaking, Russia can pass any law that will ban this or that, but ordinary people will always find a way to use what they want.

Even this forum is blocked in Russia (as far as I know), but that does not mean that Russians have stopped using it. Bitcoin in Russia as some kind of legal payment method while the country is organized in this political-military way has no chance, but that does not prevent anyone from sending and receiving transactions with anyone anywhere in the world.

The war unleashed by Russia in Ukraine and harsh international sanctions have led Russia to isolation and a sharp decline in the economy. Under these conditions, it is expected that the government of Russia will prohibit the export of capital from the country, which means there will be bans on cryptocurrencies.

On November 17 of this year, a rather controversial bill on mining was submitted to the State Duma of the Russian Federation. He proposes "regulation" of cryptocurrency mining activities, and in fact - its ban on the territory of the country. "The circulation of cryptocurrency will be prohibited by law," said Anatoly Aksakov, chairman of the Russian State Duma committee on the financial market. The Russian parliamentarian added that the bill on mining, introduced on November 17, provides for a complete ban on the circulation of cryptocurrency.

Thus, according to the scandalous bill, the digital currency obtained as a result of mining will henceforth be subject to "realization without the use of the Russian information infrastructure." Exceptions are provided only for "transactions under the experimental legal regime", that is, which are carried out only by the authorities of the Russian Federation.

Now we can say for sure: the leadership of the aggressor state has declared a real war on cryptocurrency. One of the few remaining opportunities to conduct full-fledged financial transactions in Russia is now "fixed".

The only purposes this "solution" has are:
- an attempt to show that Russia will be able to "dodge" the sanctions that from January 1, 2023 will fully hit its oil and gas sector.
- but like most "solutions" this is an ordinary Russian idiotic decision The problem is that the sanctions speak of a ban on the purchase of this raw material from Russia, for example, by the European Union. Those. The EU will not buy oil at all, not for dollars or euros!
- China and India are unlikely to rush to buy bitcoin now in order to buy Russian oil and gas that no one needs in the short term! Why ? Because Russia simply has nowhere to store its oil and gas, and if they wait a bit, they will sell it for $10 and $1 each And India and China still do not hesitate to pay the country to a terrorist. I am sure that after the ban in the EU, they will not stop buying either. But as "Russia's best friends" - of course for a penny, forcing Russia to comply with all their demands. Since Russia will simply have nowhere to go

Too much noise for no reason when it comes to Russia - because their legalization of what they call "cryptocurrencies" is taking much longer than it has been for the past few months. In the end, it all came down to a bunch of unverified information and recycling of old news.

Two key things that are recycled in the article are the mention of Bitcoin as a means of payment for countries that would like it when it comes to trading with Russia, but isn't it ironic that they mention Turkey that has banned Bitcoin as a means of payment, or China that has banned everything what does it have to do with cryptocurrencies? The second, even more important fact is what the great leader thinks about it, and he clearly said that he does not think it is an option.

Will the Russians start using their cryptocurrency or will the Chinese use their digital yuan in international trade is a much more meaningful question than whether they will use Bitcoin. In the event that Bitcoin is in such a focus, it will not be anything good because then it will become just another target that will need to be sanctioned.

That's not surprising for me at all to see Russia doing that and when they said international trade this means they will only allow the people who are near the government to trade with cryptocurrencies because as far as I know in Russia mostly the rich people and the people who are actively doing international trades are near to the government and somehow related together, so that was very much expected to see Russia letting these people to any cryptocurrencies trades without of any problem because these people are also helping the government with the economic sanctions which can be important for the government.

It always gives me a bad feeling when they use the term "cryptocurrency" instead of just "bitcoin". This has been an ongoing trend, recently Iran publicly announced the same thing also, someone even mentioned Tether which I can only hope they did it out of being uninformed instead of being stupid enough to actually think a centralized shitcoin that can be frozen is a good option to use!

A couple of years ago I said the world is moving away from US dollar but at the time they were still arguing about the replacement. My analysis was that they came up with a couple of options instead of just one.
- Gold (a lot of international trades have already happened using gold directly)
- Each country's own currency (as it was also mentioned in the quote above)
- Alternative payment systems to replace SWIFT like the Russian SPFS
- Finally bitcoin was discussed at that time
(we later learned about gov-coins or CBDCs that seems to be another option, the Chinese one is claimed to have already processed a huge amount of transactions)
My point is that the Russian sanctions aren't the cause of this move, they are the catalyst. This has been going on for a couple of years at least. The reason is just the introduction of the New World Order; a large part of US dominance is in dollar. Take that away and it removes a big chunk of it.

P.S. I'm mostly curious about what each of these countries are going to do about the volatility.

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Russia's energy committee announced they were open to accepting payments for natural gas and other commodity exports in bitcoin as of march 2022.

While Putin is quoted as saying bitcoin has value but may not be fit for use in the oil trade.

Curious as to what may have prompted this latest development in russian monetary policy. What is the motive behind this?

Banks have in the past refused to carry out transactions for russia. Perhaps this is intended to allow russia and its trading partners to cut bank middle men out of the equation?

Or perhaps there are other motives behind it.