Topic: Russia to make bitcoin a currency (Read 649 times)
Russia accepting bitcoin as currency is the only way that can be best for Russia right now and it is also an advantage for Russia. Before now several sanctions have been given to Russia, recently I heard more sanctions is to be put upon Russia, with all this sanctions and the ones yet to come I don't think if Russia can really survive all the sanctions at hand. It is really going to affect the economy and if Russia had not accept bitcoin it would have been more terrible for them.
This is old news. February 9th. This means a lot of things have changed because we now have a war on going in between Russia and Ukraine. There were many sanctions which Putin foresee and changed the way they were looking at the crypto currency. The first assembly regarding legislations of bitcoin was entirely being discussed on different front. Like, they were just trying to have the agenda of bitcoin due new bill being passed on as the financial year end was close. But later on the War situation came in and Putin just got into trouble of huge sanctions from around the global and that included financial burdens on the Putin. I am pretty sure, Putin kept this on his mind, he might have planned it way early and that's why came on conclusion of legalising the bitcoin in the country. Honestly it is more or less personal interest to save his own assets rather than use-fullness to his people.
War will more or less affect people's lives, whether the country is taken over or the country is punished. That is unavoidable.
Bitcoin is not going to be the second currency in Russia but it is already legal and seen as a solution along with the ruble. People can mine bitcoins, use bitcoins as a tool to generate profits or store assets, as a parallel payment method with the ruble.
Combining good energy sources, which I am sure it must make it cheaper than the nation that really and truly need it and missing it, and the cold weather I always wondered how awesome it must be to mine there?Bitcoin is not going to be the second currency in Russia but it is already legal and seen as a solution along with the ruble. People can mine bitcoins, use bitcoins as a tool to generate profits or store assets, as a parallel payment method with the ruble.
I have no clue, Georgia is great though I know that and that is as close as it gets. All in all it should be something that people should look out for, it is really not that much of a big deal to allow people to mine bitcoin, because even in other nations people could go with renewable energy and buy solar panels and make it free basically with a higher starting capital, which is not really that expensive compared to moving to Russia and be under Putin's rule.
I heard that the Russian government is indeed active in investing in bitcoin as a foreign exchange reserve that has been recognized for several years, of course this is good news and makes bitcoin's position stronger in the market.
I do not want to repeat what I have posted before about what was going on in Russia and how the Central Bank of Russia were making moves to make sure crypto transactions are banned in the country, they want to follow what China did. But the president of Russia, Vladimir Putin later spoke good about bitcoin mining and believe this will do the country good.
If you are interested to read about it:
Fate of bitcoin in Russia
If the president had not made his own research, the Central Bank of Russia might have succeeded. After the good news from Vladimir Putin, Russia wants to make bitcoin a currency.
Russian government and central bank agree to treat Bitcoin as currency
This is very good news for all of us Russia is a big oil producer county so we are waiting for development. we will get good something in the near fiture. If you are interested to read about it:
Fate of bitcoin in Russia
If the president had not made his own research, the Central Bank of Russia might have succeeded. After the good news from Vladimir Putin, Russia wants to make bitcoin a currency.
Russian government and central bank agree to treat Bitcoin as currency
Quote
Russia’s government and central bank are now working on a draft law that will define crypto as an “analogue of currencies” rather than digital financial assets set to be launched on Feb. 18. Cryptocurrencies would function in the legal industry only if they have complete identification through the banking system or licensed intermediaries.
Kommersant noted that Bitcoin (BTC) transactions and possession of cryptocurrency in the Russian Federation are not prohibited; however, they must be done through a “digital currency exchange organizer” (a bank) or a peer-to-peer exchange licensed in the country.
Kommersant noted that Bitcoin (BTC) transactions and possession of cryptocurrency in the Russian Federation are not prohibited; however, they must be done through a “digital currency exchange organizer” (a bank) or a peer-to-peer exchange licensed in the country.
I agree with you that the economy has suffered greatly, but this is not immediately visible. Now many cycles with many things and essential products have not yet passed. It is very sad to say this, but Russian citizens will suffer greatly, even though they do not understand it now. Russian stores were banned from raising prices for goods, but this cannot be avoided.
I do not believe in bitcoin as the second currency of Russia.
I do not believe in bitcoin as the second currency of Russia.
War will more or less affect people's lives, whether the country is taken over or the country is punished. That is unavoidable.
Bitcoin is not going to be the second currency in Russia but it is already legal and seen as a solution along with the ruble. People can mine bitcoins, use bitcoins as a tool to generate profits or store assets, as a parallel payment method with the ruble.
There have been rumors that China and the Eurasian Economic Union (EAEU) will create a new currency to avoid dependence on the dollar and euro. This would make more sense than accepting bitcoin as currency, because bitcoin will still be heavily manipulated if the US and its allies are determined to join forces to bring it down. If a new currency was born, it would be the end of the dollar empire.
I fail to see how the US and its allies will be able to "manipulate" Bitcoin in order to bring it down, since the cryptocurrency has long been touted as "decentralized". Maybe I'm missing something? A new centralized currency would make no difference as it can still be sanctioned by allied countries. It doesn't matter if it lives on its own "blockchain" network, since the currency's centralized design will make it easier to shut down in an instant.
If China and Russia were smart, they would create a new digital currency that's secured by the Bitcoin blockchain itself. Something like a sidechain would do the trick. But I doubt Russia and China are going to take this approach, as they would be losing full control over people's finances. They'd have to outweigh the risks in order to try to avoid as much sanctions as possible. No one knows what Putin is up to right now, so we should be prepared for the worst. Just my thoughts
It is logical to assume that Russia, in alliance with China, may have a new currency. I do not think that they will be satisfied with the cryptocurrency. A very real currency may appear in the BRICS countries, these countries have a large number of people and natural resources, the economy is actively developing. I don't think these countries will use bitcoin as their own currency.
There have been rumors that China and the Eurasian Economic Union (EAEU) will create a new currency to avoid dependence on the dollar and euro. This would make more sense than accepting bitcoin as currency, because bitcoin will still be heavily manipulated if the US and its allies are determined to join forces to bring it down. If a new currency was born, it would be the end of the dollar empire.
I agree with you that the economy has suffered greatly, but this is not immediately visible. Now many cycles with many things and essential products have not yet passed. It is very sad to say this, but Russian citizens will suffer greatly, even though they do not understand it now. Russian stores were banned from raising prices for goods, but this cannot be avoided.
I do not believe in bitcoin as the second currency of Russia.
I do not believe in bitcoin as the second currency of Russia.
Do you understand one thing at this point?
RUSSIA ACCEPTING BTC = NIGERIA ACCEPTING BTC
I do not want to discriminate any nation here but slowly Russian economy is going down the pit hole and they are not able to digest it. After so many sanctions, things are worst in Russia. The aftermath will happen soon, it may not be seen clearly yet but its gonna turn the Russian economy upside down. All they have is oil, but there are obviously other major sources out there so lets not get into that discussion.
If Russian RUBL is not a good fix then how they gonna rely on the decentralised currency like BTC
RUSSIA ACCEPTING BTC = NIGERIA ACCEPTING BTC
I do not want to discriminate any nation here but slowly Russian economy is going down the pit hole and they are not able to digest it. After so many sanctions, things are worst in Russia. The aftermath will happen soon, it may not be seen clearly yet but its gonna turn the Russian economy upside down. All they have is oil, but there are obviously other major sources out there so lets not get into that discussion.
If Russian RUBL is not a good fix then how they gonna rely on the decentralised currency like BTC
Russia's economy may be going down, but I believe using Bitcoin as a safe-haven could move things in the right direction. The government could simply sell its assets in exchange for Bitcoin in a decentralized manner. It's as easy as making BTC legal tender for the economy to rise all the way back to its former glory. But doing so would mean surrendering the government's sovereignty over people's money. Knowing that China banned Bitcoin and cryptocurrencies altogether, it's likely Russia will do the same in order to stay in par with its ally. Perhaps China will help restore the Russian economy amid sanctions imposed by Western countries and the EU?
Whatever happens in the long run, things won't look good for Russia as long as Putin is in power. The war is still on-going despite economic sanctions. Russian people are now struggling to get on their feet with a decaying Ruble, so either they act against the Putin regime or else. Just my opinion
Do you understand one thing at this point?
RUSSIA ACCEPTING BTC = NIGERIA ACCEPTING BTC
I do not want to discriminate any nation here but slowly Russian economy is going down the pit hole and they are not able to digest it. After so many sanctions, things are worst in Russia. The aftermath will happen soon, it may not be seen clearly yet but its gonna turn the Russian economy upside down. All they have is oil, but there are obviously other major sources out there so lets not get into that discussion.
If Russian RUBL is not a good fix then how they gonna rely on the decentralised currency like BTC
RUSSIA ACCEPTING BTC = NIGERIA ACCEPTING BTC
I do not want to discriminate any nation here but slowly Russian economy is going down the pit hole and they are not able to digest it. After so many sanctions, things are worst in Russia. The aftermath will happen soon, it may not be seen clearly yet but its gonna turn the Russian economy upside down. All they have is oil, but there are obviously other major sources out there so lets not get into that discussion.
If Russian RUBL is not a good fix then how they gonna rely on the decentralised currency like BTC
It is logical to assume that Russia, in alliance with China, may have a new currency. I do not think that they will be satisfied with the cryptocurrency. A very real currency may appear in the BRICS countries, these countries have a large number of people and natural resources, the economy is actively developing. I don't think these countries will use bitcoin as their own currency.
The only good thing that can happen that Russia can adopt BTC as a currency is that the inflow of Demand will be impressive, and in this aspect I think that BTC could easily be reaching $100k, because all millionaires would not hesitate to obtain BTC, in addition that they would not be needing FIAT money, which is something dangerous in Russia at the moment, here they would end all economic blockade, although I do not know if the State in Russia would suit Putin this? perhaps it would be the particular solution for Russian citizens, but it would be a total decapitalization for the Ruble, and the ruble is the total representation of the Russian economy, although they could instead of relying on BTC rely on the Chinese stablecoin, which they would be entering in another type of economy that I think is much more prosperous than that of the same dollar.
Guess it's just more regulations getting slapped on bitcoin. At least it's gonna be legal. And I haven't heard of any news yet about something like a 30% tax like in India. It seems Russia really is gearing up for possible conflicts. I'm seeing this as a way to skirt around restrictions that could be placed on it if tensions regarding Ukraine intensify.
How can Russia bypass international sanctions with the help of a cryptocurrency, in particular, bitcoin? If we were talking about the need to move only finances, then yes, bitcoin could help with this. But here the sanctions mainly concern the import or export of certain groups of goods. A large volume of goods is almost impossible to quietly move over long distances. This will become known anyway, and all Russia's partners who violate the sanctions will themselves fall under them.On the other hand, in Russia, the circulation of cryptocurrency as a means of payment was not allowed, and the Russians are unlikely to wait for this. To keep the financial system from collapsing quickly, the Putin regime seeks to ban the flight of capital from the country, and the cryptocurrency could escape Russia for this capital. Putin's entourage understands this very well.
This actually would have been the best thing to have happened to us this year, far from being a Russian, If the Russian government decided to adopt Bitcoin as a currency, am certainly sure that other countries would want to do same considering the positive growth and rapid change it will bring to our economy .
I get your point and I noticed there is a little mid understanding with my point there, Bitcoin can not be boycott simply because Rusia make it legal and Rusia has no influence over Bitcoin market and the direction it goes, Bitcoin is not a currency for war and even if Rusia adopt Bitcoin it can not be used to avert the many financial sanctions against them.But since Rusia is looking towards China for alignment adopting bitcoin will be far from reach because China is an anti Bitcoin country.
The impact of cryptocurrency ban or regulation on the market can not be underestimated and RUSIA being a world leader adopting cryptocurrency is such a big news but the fact that the world is currently not in support of the Rusia invasion of Ukraine have made their economy downsize so adopting bitcoin In this period may likely not have any big influence on the market but again it will increase the rate of Bitcoin global adoption.
Bitcoin and war is a different thing and we people should not mix them both. Sure almost all the people are angry because of what Russia did to Ukraine but when it comes to the btc adoption on their country, I think people are glad to hear that and what can the people do anyway when Russia support btc? Will the people boycott btc? That sounds wrong.Bitcoin didn't do anything wrong for it to be boycotted but I believe only few people are going to do it because majority are benefiting with it. Who underestimates ban or regulation news in crypto anyway? I guess no one because the two are a very important matter here but I don't think Russia is the leader of the world.
This actually would have been the best thing to have happened to us this year, far from being a Russian, If the Russian government decided to adopt Bitcoin as a currency, am certainly sure that other countries would want to do same considering the positive growth and rapid change it will bring to our economy .
For me, the Russian government has been using Btc for many years, and it is obvious that they must have a large amount of BTC bought and generated through mining, another thing is that they do not make it known, but I am sure they are doing it , these people are not stupid at all, they are aware of the potential that BTC has as an asset almost as a Safe Haven, and it is not surprising that they are using it at the moment, that is why Biden has tried to block them through the Exchanges , but this is something almost impossible, you can lock them with some but not with all.
I agree with you. Im also sure that Russia has its own BTC reserves, but these actions are not aimed at justifying these reserves, but will only provide an opportunity to earn additional funds from ordinary investors. Everything that is done in the economic sphere isnt aimed at supporting investors, but only destroys them more.First of all, they ruin ordinary small investors who are not ready to pay taxes and register themselves as an investor officially
Russia adopting bitcoin as a legal tender could be an interesting scenario, after all China which is their most powerful ally has decided to go the opposite route for the time being, what will this mean for their relationship? What will be the reaction of the US? And what will this mean for bitcoin? After all El Salvador is a small country, and even if Russia is not an economic juggernaut it is way bigger in almost any metric we can imagine than El Salvador, which means doing something like this will be many times more complicated.
If Russia adopts Bitcoin as legal tender, that would mean a complete disagreement with China's actions. Knowing that China is a long-standing ally of Russia, it's probable the Russian government will never embrace Bitcoin for its own benefit. Maybe Russia will decide to "mimic" China by launching a CBDC of its own?
Even if it doesn't adopt Bitcoin as legal tender, it can still survive on its own. With a vast number of natural resources at its disposal, Russia can build its own self-sustainable economy that could be immune from sanctions. No one knows what's in Putin's mind right now, so anything can be expected in the future. Just my thoughts
For me, the Russian government has been using Btc for many years, and it is obvious that they must have a large amount of BTC bought and generated through mining, another thing is that they do not make it known, but I am sure they are doing it , these people are not stupid at all, they are aware of the potential that BTC has as an asset almost as a Safe Haven, and it is not surprising that they are using it at the moment, that is why Biden has tried to block them through the Exchanges , but this is something almost impossible, you can lock them with some but not with all.
Of course they are not stupid. They're secretly mining and hoarding Bitcoin to become as self-sustainable as possible. Who can blame them since Bitcoin is a decentralized and censorship-resistant cryptocurrency? The US and its allies may try to restrict centralized exchanges from dealing with Russian customers, but they won't be able to have much success doing so with decentralized exchanges and in-person trades.
Imagine if Russia adopts Bitcoin as legal tender just like El Salvador did. It'll be a complete "nightmare" for the West and the EU. US President Biden already signed an executive order with the intent of regulating the use of crypto, but that it's as far as it gets. I wouldn't worry about that as long as people are still able to achieve true financial freedom. Just my opinion
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