Topic: Russian Ministry wants to legalize Bitcoin mining in specific areas (Read 599 times)

That's why I told you you don't have a clue what SWIFT is.
Russia did trade with Europe during the USSR and Warsaw Pact, they weren't in SWIFT, no Russian banks were, no Warsaw pact banks were in it yet trade still was done, by simply guess what, sending payments. But while payments were happening, USSR or the West could decide those items are not really for sale and stop the trucks at the border afraid of smuggling or spying, and did this means that the bank transfer failed? Not at all.
You can send payments with any method you want as long as the deal can't be reached it means you have failed!

Again, kicking Russia out of SWIFT doesn't mean you can't send a payment to a Russian bank!
Imposing a full-out ban on commerce with it means that no fucking payment solution will get you that stuff sold and bought.

So again, you're looking at bitcoin as a solution for the wrong non-existent problem.
Second, you're bringing unnecessary political problems to the network, Foundry is hovering between 15-20% of the hashrate, the so-called BMC members have about 60EXahash on orders, guess what will happen if Russia would turn Bitcoin into its tool for avoiding US sanctions?


That's reality. How many contracts of Extra-Union trade have you signed and overseen?

I am primarily interested in why Russia is going to allow bitcoin mining only in certain regions? Is it due to people or lack of energy in certain regions?
In any case, there is nothing surprising in establishing taxes on profits for cryptocurrency mining, and this is quite logical and natural. In addition, the consequences of the latest tough international sanctions will soon appear in Russia in connection with Russia's recognition of two independent republics on the territory of the occupied regions of Ukraine and the official introduction of its troops there. This is open aggression and therefore the civilized world will no longer reckon with its economic losses from the imposition of its own sanctions. But it could be a disaster for Russia.

Russian is so well known for its mining industry. As far as I know, mining is not banned in Russia, since people are still engaging in mining activities.
Anyway, put it on the legal lever may be beneficial for those big miners, expecially those close to the government.

But that wasn’t the point. The point was being sanctioned from using SWIFT, and using Bitcoin as a protocol, and as a settlement layer.

If the payment was made in Bitcoin, and the delivery of the item was blocked, you believe that Bitcoin didn’t work?

What if Russia was sanctioned, and used Bitcoin as the settlement layer for trading military weapons with China and all the items arrived?


That’s a straw man ser.

I love that rather you sneakily avoided commenting exactly the most important thing.
A real case event where a country under sanctions, despite managing to secure a shipment and paying for it hasn't been able to have that shifted to them.
So again, I'm asking you, how is bitcoin or any other type of parallel payment going to bypass a situation like the one I've pointed out before?

This is exactly the debate here, bitcoin helps in bypassing sanctions, look, we have merchandise that was ordered paid and stopped from being delivered, and the country that ordered it got nothing and lost the money also, how will bitcoin act differently? How will bitcoin make a difference?
What is so hard to understand is that if the police come to my parent's business and tell us if we export one single truck of meat to Russia we're going to get arrested we won't give a damn about what you pay us? You can ask the tooth fairy to sneak in during the night and put gold bars under our pillow to make it totally undetectable, but we can't make a truck invisible while crossing the border, get some alien to drive it, and at the same time cook the books as nothing happened, not without our own workers realizing something really fishy is going on.

Bitcoin or monero or any other coin or any other means of payment were not built for this, it was never their purpose, they exist in the digital world, goods need to be transported in the real one. I understand your enthusiasm but you need to a reality check.

i know a couple people above are pealing away from russia wanting mining.. to talk about the whole russia/ukraine politics of war and us sanctions.. so lets just guide them to some things they should look into to correct themselves

russia and china are already getting their 'cross-border' CBDC connected. so that russia is not reliant on the US payment system or the IMF to offer russia any 'credit/loan facility.

so russia wont be tethered to the whims of 'us sanctions' as much as the US would like.

yes the US could cut off russia's access to the IMF but russia wont care, if they need funding they can just ask china for some reserve tokens from the cross border CBDC system

some might want to read this
https://www.atlanticcouncil.org/blogs/econographics/russia-and-china-partners-in-dedollarization/
it shows how russia is less caring about swift and the IMF now,  than it was in 2013

and if interested in the cross border CBDC.. look into the BIS doing the m-bridge
https://www.bis.org/publ/othp40.htm

You say that as if it was so easy. It won’t be easy, especially for the Europeans that have started shutting down Nuclear Power.


I honestly think you have no idea what SWIFT is, no offense.
And again, the can thing, theoretically, everything could work for everything it just happens that it doesn't right now in the real world.