I do always have those doubts that they had created some FUD on banning it out and then making up some u-turn just because they had finished on placing themselves or buying on the bottom?
and now they are making out some positive sentiments for making the market going up? Well, its just my presumption yet those views is something that considerable or true speaking.
Im aint surprised that they would really be making out some u-turn and at least they do make out some realizations.
Topic: Russia to make bitcoin a currency - page 5. (Read 616 times)
Considering the fact that the Russian economy is struggling and at the same time the COVID cases are not getting better I do think that this mindset could help them. This can also be in preparation of the war that they might be about to start as well. Bitcoins can help get the funding in place and sending would be more easier since they were trying to do it with the gold deposits that Putin has saved up. But at the end of the day it's an amazing place for mining and soon enough this might not only be profitable for them but can also encourage other countries as well. But I am not really sure that it's something that can be trusted. *We will have to wait for a proper white paper or a law*
Bitcoin will turn to be a good asset for Russia since it will minimize the threat to Russia's financial system. I think just like El Salvador, they start to believe that bitcoin will be a hedge against inflation and it will totally improve the struggling economy of Russia since its also widely affected with this covid 19 economic crisis. And to think that adopting of bitcoin could lessen the growth of poverty rate, then putting it in a law will be good enough for legalization. 
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
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.
It's an interesting development to see, that's for sure. It looks like there is a tussle going on between the Russian Central Bank and Ministry of Finance. To me it seems that cryptocurrency is a very powerful tool for a country like Russia, who can use it to transport funds in an obfuscated way across borders and they are probably looking for any options that could diminish the power that the SWIFT system has over them. It would be unwise to cut Russia off from SWIFT at any point, but the threat is a possibility in extreme situations and would do them a lot of harm. Ultimately however, it does not make sense to ban such currencies and it seems that sanity has prevailed.
Imposing a limitation of crypto transactions and even possession to banks and crypto exchanges licensed in Russia is actually very significant and not pro-crypto. First, it means that hodling your own keys will essentially be illegal because it's not a bank account or a crypto exchange. Second, even doing something like Binance trading's also illegal because there's no way Binance obtained a special Russian license, and I'm sure many popular exchanges won't bother with countries that require special licenses, unless it's a country of huge financial significance (like the US). So even the draft law, which might not actually pass, isn't looking that good, even though it might initially sound bullish.
Considering the fact that the Russian economy is struggling and at the same time the COVID cases are not getting better I do think that this mindset could help them. This can also be in preparation of the war that they might be about to start as well. Bitcoins can help get the funding in place and sending would be more easier since they were trying to do it with the gold deposits that Putin has saved up. But at the end of the day it's an amazing place for mining and soon enough this might not only be profitable for them but can also encourage other countries as well. But I am not really sure that it's something that can be trusted. *We will have to wait for a proper white paper or a law*
My guess is that his change of mind is more likely to have come from some of his oligarch friends having found Bitcoin and Bitcoin mining to be rather profitable 
Yeah well, I can't imagine he'd be making statements like this just for the hell of it. No politician would do that; there's got to be some kind of incentive for Putin or any other world leader to publicly praise bitcoin.Game theory at it's finest, isn't it? Once enough folks get some Bitcoin just in case, you're bound to end up with people at the top getting in as well and thus their interests start aligning with the rest of the Bitcoin world...
Oh how the turn tables. 
The government is far from being trustworthy and it could be a ruse to find out who own how much but this is still a good news regardless. And if they push through with this, it's gonna be a big development. Russia is no El Salvador, the IMF would probably not try to harass.
If it become widespread there I suppose it could be a way for their economy to still function despite any new sanctions.
The government is far from being trustworthy and it could be a ruse to find out who own how much but this is still a good news regardless. And if they push through with this, it's gonna be a big development. Russia is no El Salvador, the IMF would probably not try to harass. That's pretty cool, but isn't Russia is a big adversary of cryptocurrency? So I really have some doubts about bitcoin being buddy buddy with Putin, maybe he wants the corruption in his regime reach a new heights, hopefully this is still going to give a positive effect on bitcoin. With Russia planning to adopt bitcoin, we might see more Russian allied countries follow suit though.
If it become widespread there I suppose it could be a way for their economy to still function despite any new sanctions.
Interesting, but you'd think Russia would have its collective mind on more important things than replacing its fiat currency or promoting mining at a time like this when there's so much political/military tension in the country.
Aside from that, I was recently looking at electricity rates around the world and discovered that Russia has some of the lowest. If you're a bitcoin (or altcoin) miner, it'd be fantastic to set up a big farm somewhere where the weather is always cold and power is cheap. But I'm always confused as to the state of legality regarding bitcoin in two countries: Russia and China. Is bitcoin mining legal in Russia or not? I could swear the last I heard it was not. If that's the case, hopefully Putin is coming around to making it OK to do so in Russia again.
Aside from that, I was recently looking at electricity rates around the world and discovered that Russia has some of the lowest. If you're a bitcoin (or altcoin) miner, it'd be fantastic to set up a big farm somewhere where the weather is always cold and power is cheap. But I'm always confused as to the state of legality regarding bitcoin in two countries: Russia and China. Is bitcoin mining legal in Russia or not? I could swear the last I heard it was not. If that's the case, hopefully Putin is coming around to making it OK to do so in Russia again.
My guess is that his change of mind is more likely to have come from some of his oligarch friends having found Bitcoin and Bitcoin mining to be rather profitable
Yeah well, I can't imagine he'd be making statements like this just for the hell of it. No politician would do that; there's got to be some kind of incentive for Putin or any other world leader to publicly praise bitcoin. 
He should've said that earlier. AFAIK, their very own genius Vitalik has been working with a government project but it's not about bitcoin, probably with his ETH.
This is a positive development. With just approval and a few words from Putin then things would come as he wants to go if it's about bitcoin in a positive note for telling it as a currency.
This is a positive development. With just approval and a few words from Putin then things would come as he wants to go if it's about bitcoin in a positive note for telling it as a currency.
snip
what the president of russia is doing is the right thing because rejecting Bitcoin today is like rejecting technological progress. El Salvador is still the first country to make Bitcoin as a legal tender, and after Russia recognized Bitcoin as a currency, are they going to make Bitcoin as a legal tender there! i'm looking forward to episode after episode that will happen again. 
Well not yet so . I do not see the news as an express adoption of bitcoin in Russia. Putin just made a statement that perhaps would not allow a ban or restriction to cryptocurrency but not a pass like e El Salvador did.
Yes, declaring Bitcoin a currency is not the same as declaring it legal tender. Since many countries already treat Bitcoin like a currency, at least in regards to tax, it's not quite as huge a step as it seems to be. But at least it's not going in completely the wrong direction.
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.
My guess is that his change of mind is more likely to have come from some of his oligarch friends having found Bitcoin and Bitcoin mining to be rather profitable
Well not yet so . I do not see the news as an express adoption of bitcoin in Russia. Putin just made a statement that perhaps would not allow a ban or restriction to cryptocurrency but not a pass like e El Salvador did.
Yes, declaring Bitcoin a currency is not the same as declaring it legal tender. Since many countries already treat Bitcoin like a currency, at least in regards to tax, it's not quite as huge a step as it seems to be. But at least it's not going in completely the wrong direction.
The good news, they are not banning it so we can close that chapter.
The bad news, they are "legalizing it" russian style.
Well, to be honest, this would be the best we could have got, thinking that they would not bind the legalization with a ton of requirements was just daydreaming, so let's hope the change from the draft to the law doesn't become more punitive.
Oh, another good part is they didn't mention any extra tax, maybe just maybe
The bad news, they are "legalizing it" russian style.
Quote
The mode of operation of the legal segment involves the full identification of the client according to banking rules, work taking into account AML / CFT requirements, all information about transactions through the Transparent Blockchain system of Rosfinmonitoring will be available for state control in the same way as transactions with non-cash rubles or foreign currency on bank accounts.
Quote
The possession of cryptocurrency in the jurisdiction of the Russian Federation and transactions with it (as well as with the dollar) are not prohibited - but only through the "organizer of the digital currency exchange system" (a bank with a universal license) or a p2p exchanger legalized in the Russian Federation.
Well, to be honest, this would be the best we could have got, thinking that they would not bind the legalization with a ton of requirements was just daydreaming, so let's hope the change from the draft to the law doesn't become more punitive.
Oh, another good part is they didn't mention any extra tax, maybe just maybe
Well not yet so . I do not see the news as an express adoption of bitcoin in Russia. Putin just made a statement that perhaps would not allow a ban or restriction to cryptocurrency but not a pass like e El Salvador did. The status is not that it would make bitcoin illegal like the banks initially wanted. At it is I think CBDC will be a way to start for Russia so they can handle other political challenges bedevilling them at the moment.
So I really have some doubts about bitcoin being buddy buddy with Putin, maybe he wants the corruption in his regime reach a new heights
Click on the link, read about it very well, only what people can against is that banks and legalized exchanges that will be used will be centralized, but what do we expect, it would. In this way, I do not see any corruption that will occur that fiat is not used for. Do not be of the mindset that bitcoin bring about scam and corruption like fiat and DeFi.
That's pretty cool, but isn't Russia is a big adversary of cryptocurrency? So I really have some doubts about bitcoin being buddy buddy with Putin, maybe he wants the corruption in his regime reach a new heights, hopefully this is still going to give a positive effect on bitcoin. With Russia planning to adopt bitcoin, we might see more Russian allied countries follow suit though.
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
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.
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