Topic: Russia's approval of BTC (Read 1494 times)

If Russia has a stable source of income, then it will have no need to adopt BTC as an alternative to the Ruble. The pioneer cryptocurrency will stay "banned" unless Russia is in a "tight situation" where it has no ways to fund its operations in the long run. There's no need to worry about this, as long as there are other countries supporting the cryptocurrency. Russian people would have no choice but to recur to P2P exchanges and DEXs to get access to the world of crypto/Blockchain tech. Bitcoin is already decentralized and censorship-resistant, so it's possible to access it through other means without bringing unwanted attention.

The world is changing at a fast pace, thus we should expect the unexpected in the future. Who knows if someday the Russian government changes its mind and gives the "green light" for Bitcoin use within the country? Just my thoughts

True, Russia has close economic relationships with nations like China and India, and these ties can lessen the effects of sanctions. Additionally, Russia has considerable negotiating power in the face of impending sanctions thanks to its capacity to export gas and oil to Western nations.

The situation with cryptocurrency can quickly change in Hong Kong, even China, but not in Russia. Russia's military invasion of Ukraine and the destruction and atrocities inflicted by the Russians in Ukraine will set Russia back in development not even years, but decades.

The Russian economy is now slowly and confidently entering a steep peak and it will simply not be possible to get out of it in the coming years. The situation could be changed relatively quickly if the occupying Russian troops were withdrawn from Ukraine and reparations started to be paid to Ukraine for the material and moral damage caused. Only then could one hope for a phased lifting of sanctions. But this is hardly to be expected. Putin will not accept such a decision. For him, leaving Ukraine is tantamount to death, since in this case his own people will kill him. He has no other choice than to continue the war, clinging to his life and continuing to push Russia into the abyss.

On the other hand, there has been no opposition in Russia for a long time, it has long been destroyed by Putin and there is no real candidate to replace him. If Putin is removed, then there will most likely begin an armed struggle for power, this is facilitated by the presence now of many private armies that are supposedly being formed for a war with Ukraine, but in fact to protect individual politicians and businessmen in the coming troubled times. Therefore, the chaos in Russia will last for a very long time and a sharp shift in this direction will occur after the successful expected counter-offensive of the Armed Forces of Ukraine.

Here I agreed with you about this no one can predict about future how things will change and who is going to have better ways of life with cryptocurrency because now China is moving through Hong Kong and things getting better for them and this could be positive change for many other countries which are also having studying case about cryptocurrency with adopting can bring good investments and positive changes in communities as well.

Russia which is suffering badly due to their wrong decisions about Ukraine and few other things if try to have regulated things about crypto and allow things for their peoples surely can improve their economy and also have better response from the peoples as well even with the current situation buy/sell is not easy just because of Rubble but still many peoples can do as few countries are having use of Rubble which will be helpful for the peoples even still not easy.

That is true. But things could change now that China is starting to embrace crypto/Blockchain tech through Hong Kong. It's likely Russia will follow its "partner's footsteps" by doing the same after it recovers from the Ukraine war. This is a process that could take years to accomplish, considering that the Russian economy had a severe downfall due to sanctions and the war itself. Even if Russia doesn't approve the use of crypto, people can still get access to it as long as it remains decentralized and censorship-resistant. The only downside is that it will be almost impossible to buy/sell crypto using Russian Rubles alone.

These are uncertain times we're living into, so expect the unexpected. Who knows what would be of Bitcoin within the country in a decade from now? Just my thoughts

In Russia, various officials periodically express conflicting opinions about the prospects for the legalization of cryptocurrency in this country. Only the actions of the State Duma of Russia and the Central Bank of this country are clearly aimed at the complete prohibition of the use of cryptocurrency as a means of payment. Today, the use of cryptocurrency as a means of payment is completely prohibited in Russia, and I do not see any changes for the better in relation to cryptocurrency in the foreseeable future in Russia. On the contrary, given the defeat of the Russian army in the war against Ukraine, the increase in spending on the war, the growing budget deficit, the imposition of additional taxes on businesses and citizens, Russia will try to use any means to prevent the flight of capital from the country. Therefore, they are unlikely to legalize cryptocurrency there.

Russia do not only approve bitcoin legally, they also will accept bitcoin for exporting activities of their natural resource. This was said by Pavel Zavalnya ¹ (The chairman of the Russian congress energy committee) that Rusia will open bitcoin as one of payment methode to their natural recourse.  Accepting bitcoin in Rusia will centainly allow to change trade flows in the country, as Putin have rejected the possibility last year..

Source ¹

To what extent is this information accurate? It has been observed that Binance has started enabling users to buy cryptocurrencies using cards issued by Russian banks, a step perceived as an attempt to bypass international sanctions that had previously restricted its services in Russia.

In fact, for a long time Russia through the Central Bank of Russia (CBR) has rejected the use of bitcoin and the like for fear of misuse that leads to money laundering, but now the situation is much different. because of the crisis with ukraine and it seems russia must also be willing to accept the fact that the development of crypto is very fast and all countries have to renew to be able to accept crypto.

I agree with you that in the future all countries will not be separated from a renewable technology called crypto, because many countries have accepted it as a legal tender, so that all countries are definitely forced to accept progress regarding this crypto. Of course with Russia, where we know that crypto users in Russia are very large, the government must be able to provide protection.

like China, India, they are allies of Russia who are willing to buy oil and gas from Russia, so the sanctions imposed on Russia do not seem to be a significant obstacle, on the other hand Russia sends vaccines to North Korea which means that they also have good relations, So in this case Russia is not alone, especially for western countries, oil and gas from Russia are the dominant supply for them, so that by imposing sanctions, they will certainly find themselves in trouble.

It is necessary to take a realistic look at Russia's current position in the field of finance both inside and outside the country, due to the fact that for more than three months Russian troops have been attacking Ukraine with all their might, almost completely destroying settlements and killing its civilians on their way. , and also taking into account the fact that almost the entire civilized world has united around Ukraine in an effort to punish the aggressor and applies unprecedented sanctions against Russia and its citizens for such aggression. Russia is increasingly isolated from the outside world and this is directly reflected in the financial sector.
The Putin regime is now trying in every possible way to maintain the appearance of the ineffectiveness of the sanctions, and thereby drive their payment system into a big dead end. Many wealthy citizens leave Russia, no longer seeing their future in this country, which is thrown back in its development for many decades. The Russian government is trying to prevent the flight of capital from the country. Therefore, they definitely will not legalize cryptocurrency for the population.

With decentralized exchanges and P2P trading platforms, it may be possible to trade BTC for Ruble or vice versa even with economic sanctions in play. But Russia still has some allies willing to purchase its petroleum and natural gas reserves, so legalizing Bitcoin would not be a priority right now. Even if Bitcoin never gets the approval of Russia, government officials can still use it "behind the scenes". It's a decentralized and open source cryptocurrency after all.

Adoption for BTC is growing worldwide, so it should only be a matter of time before "hyperbitcoinization" becomes a reality. Just my opinion

Russian corruption move millions of dollars in coins !!! and after sanction, they will be thsnt move BLN'S of dollar in crypto, and they  can thant nake coins more more liqidity, more demnand and supply of  coins for them vvolume...

Corruption is veru bad !!! War with Ukrain start corruption in fase of putin..

The idea is that if they do this, then they could make sure that they sell that bitcoin for ruble and gather all the ruble all around the world. Not just inside their nation, but get bitcoin from others, and this would earn them a ton of bitcoin, then sell it and get dollars, or euros, and then they could sell those and get ruble.

What this does is put a lot more dollars into the world since they are selling it, and taking more ruble out of the circulation because they are buying it. As we can see, that would work. However, they are already doing fine to be fair and I do not think that they would need something like that at this point.

If Russian government can approve bitcoin to be legalized in their country,it will be a welcome development to Russian citizens to be part of this progress other countries that made bitcoin legal are enjoying in their land. It will really help the economy of Russian to grow faster so that their citizens will return back to bulling economy that will help them to recover all the things the war has destroyed in their country.

It is undeniable that the world in the future cannot be separated from crypto technology, currently the elsalvador country has proven progress in legalizing bitcoin in their country, maybe in the future Russia will follow like the elsalvador country and yesterday i read in one thread there were 30 countries that wanted to discuss with This elsavador country proves that many countries want to legalize bitcoin in their country.

The world is gradually moving into technology by making things easy, when it come for financial sectors, by Russia's approval of BTC as a means of payment in the country, i think is a good one, and it will increase more demand of bitcoin transaction across the nation.

Yes, if Russia agrees to have BTC as legal tender, where would the Ruble be? It would be a double-edged sword for Putin, because everyone would buy pure crypto, and the currency would simply lose more and more liquidity, because you can't compare a government-backed currency to BTC and everything that has to do with crypto. In addition to the fact that the inflationary economy will always be below the economy that manages BTC, any deflationary economy will have more influence and much more guarantee than the traditional economy, it is no secret to anyone that the high hands in Russia manage BTC.

Putin will have to decide whenever he wants his country to collapse due to economic pressure or all the other way around. Bitcoin may be an alternative to help restore the Russian economy, but it's not the only option available. With Russia's own natural reserves and strong alliances with China, it's possible the country will rise again back to its former glory (if it ever does). Bitcoin's been going downhill recently, so there's no rush for Russia to approve its use anytime soon. Even if Russia never legalizes Bitcoin, the government can still use it in secret.

For what I know, Bitcoin doesn't need the approval of countries in order to survive. What matters is how many people support the blockchain so that it can stand the test of time. With many nodes and miners supporting the network, it's likely Bitcoin will last a lifetime. Just my opinion

All this news are just meant to generate ecstasy among bitcoin traders and enthusiast. Such information or development does not push the market to bull market but I feel they are development that can help in the long run. Putin will not put bitcoin above Rubie and no news from Russia prove all the information coming here on the country adoption. Bitcoin does not run in trillions of dollar and we know the amount on exchanges and trading at the moment, The available amount cant pay fuel fund at the moment