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Author Topic: Bitcoin for Oil and Gas  (Read 13738 times)

Offline Noverteno

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Re: Bitcoin for Oil and Gas
« Reply #75 on: November 24, 2022, 11:20:42 PM »
Russia seems to have announced that it will use cryptocurrency in terms of payments for certain resources, someone wrote about it. Now we need to think about whether they will ban the use of bitcoin while martial law is in effect.
you are right, whereas previously there was a ban in July that Russia does not accept crypto as legal tender by making regulations. but due to the protracted war situation and the embargo from European countries, a change in attitude finally had to be made by accepting crypto for payment for energy resources, although of course by complying with KYC rules.
On November 17, a bill was submitted to the State Duma of Russia regarding the regulation of cryptocurrency mining, which actually prohibits the circulation of cryptocurrency in this country. This is absolutely logical, since international sanctions are slowly doing their job, the Russian economy is falling into the abyss, wealthy people are leaving it with their capital. Therefore, in Russia they are trying to block the channels of capital flight abroad. Cryptocurrency is a good way to avoid the ban on the export of capital. Therefore, it expects an almost complete ban in Russia for citizens. At the same time, the government can use cryptocurrency to circumvent sanctions. But she will do this in complete secrecy.

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Re: Bitcoin for Oil and Gas
« Reply #75 on: November 24, 2022, 11:20:42 PM »

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Offline Astra

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Re: Bitcoin for Oil and Gas
« Reply #76 on: December 03, 2022, 06:19:44 PM »
Russia seems to have announced that it will use cryptocurrency in terms of payments for certain resources, someone wrote about it. Now we need to think about whether they will ban the use of bitcoin while martial law is in effect.
you are right, whereas previously there was a ban in July that Russia does not accept crypto as legal tender by making regulations. but due to the protracted war situation and the embargo from European countries, a change in attitude finally had to be made by accepting crypto for payment for energy resources, although of course by complying with KYC rules.
Although Russia's war in Ukraine is now in its tenth month, so far I have not seen any information that Russia is using cryptocurrency to circumvent international sanctions when selling its oil and gas, or in any other trade. Now Russia supplies about 40 percent of its energy to China and there is no need to use cryptocurrency in this. Russia holds part of its financial assets in yuan, and given the negative attitude of the Chinese government towards cryptocurrency, settlements in yuan are still the most likely. The situation is the same with other countries.
Moreover, in this situation, the problem is not in payment, but in the hidden supply of oil and gas.

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Offline yohananaomi

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Re: Bitcoin for Oil and Gas
« Reply #77 on: December 13, 2022, 05:04:58 AM »
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Although Russia's war in Ukraine is now in its tenth month, so far I have not seen any information that Russia is using cryptocurrency to circumvent international sanctions when selling its oil and gas, or in any other trade. Now Russia supplies about 40 percent of its energy to China and there is no need to use cryptocurrency in this. Russia holds part of its financial assets in yuan, and given the negative attitude of the Chinese government towards cryptocurrency, settlements in yuan are still the most likely. The situation is the same with other countries.
Moreover, in this situation, the problem is not in payment, but in the hidden supply of oil and gas.

It seems that the cooperation between Russia and China is increasingly closely intertwined after Russia's intervention resulted in a European embargo on Russia, so that trade between the two parties intensified.
You are right that it doesn't appear that both countries use Crypto for payment, because in fact both countries have also banned the use of Crypto in their respective countries.
they didn't mind paying in their own currency and they were able to do it all along and no problem.
Russia is unlikely to use crypto for trading transactions, with India alone they can accept the Ruble currency, and are likely to continue to use it with other countries.

Offline Madmax789

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Re: Bitcoin for Oil and Gas
« Reply #78 on: December 14, 2022, 09:27:19 PM »
I am new to the form, but I have benefited a lot from reading your post.
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Offline Senin

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Re: Bitcoin for Oil and Gas
« Reply #79 on: December 15, 2022, 02:45:24 PM »
It seems that the cooperation between Russia and China is increasingly closely intertwined after Russia's intervention resulted in a European embargo on Russia, so that trade between the two parties intensified.[/size]
You are right that it doesn't appear that both countries use Crypto for payment, because in fact both countries have also banned the use of Crypto in their respective countries.
they didn't mind paying in their own currency and they were able to do it all along and no problem.
Russia is unlikely to use crypto for trading transactions, with India alone they can accept the Ruble currency, and are likely to continue to use it with other countries.
Yes, cooperation between Russia and China has been constantly changing lately, sometimes getting stronger, sometimes cooling down. China is simply using Russia's plight domestically and internationally to further its own interests. Therefore, there are points of contact here, although Russia itself should understand why this is happening. In addition, Russia held part of its reserves in yuan, and therefore such cooperation is beneficial for Russia itself. Therefore, the ruble or yuan will most likely be used in relations between them. I would prefer the yuan, since the ruble is facing an unenviable fate due to ongoing sanctions. Even in Russia itself, there is now a great interest in the yuan from the citizens.

Offline Bobcrypto

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Re: Bitcoin for Oil and Gas
« Reply #80 on: December 15, 2022, 09:10:34 PM »
I am not sure bitcoin could be used on the oil and gas sector at the present state of it's development and adoptions, but I think it may be possible.
Russia planned to sell her Oil with Bitcoin may just be a common proposal but I have not seen any proof from any buyer of her oil yet. Hoping this idea from Russia could be implemented, at least, it may increase Bitcoin adoptions.

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Offline Micky

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Re: Bitcoin for Oil and Gas
« Reply #81 on: December 17, 2022, 05:28:38 AM »
I'm not sure about that. But if Russia start to using bitcoin instead of their currency. I think bitcoin will trade worldwide and it'll make history.
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Re: Bitcoin for Oil and Gas
« Reply #81 on: December 17, 2022, 05:28:38 AM »


Offline Zezari

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Re: Bitcoin for Oil and Gas
« Reply #82 on: December 17, 2022, 01:16:08 PM »
It is difficult to talk about this when the ban on cryptocurrencies was proposed in Russia, what changed that they decided to accept payment in bitcoins. If this happens, the price of cryptocurrency will increase dramatically.
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Offline zilzylian

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Re: Bitcoin for Oil and Gas
« Reply #83 on: December 17, 2022, 02:51:55 PM »
Bitcoin can be used by anyone and without restrictions for those who receive it, before the war in Ukraine, America had attacked Afghanistan and no country was against America at that time.

I read a lot of history about wars and if Bitcoin is used for payment then that is a good idea because we don't know Bitcoin is used to buy medicine or groceries for war victims.

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Offline pacar_tiri

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Re: Bitcoin for Oil and Gas
« Reply #84 on: December 20, 2022, 10:01:26 AM »
Bitcoin can be used by anyone and without restrictions for those who receive it, before the war in Ukraine, America had attacked Afghanistan and no country was against America at that time.

I read a lot of history about wars and if Bitcoin is used for payment then that is a good idea because we don't know Bitcoin is used to buy medicine or groceries for war victims.

Yeah, I think bitcoin could be used for payment transaction during war.
It's decentralised system.
I also agree bitcoin for oil and gas.


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Re: Bitcoin for Oil and Gas
« Reply #86 on: March 02, 2024, 08:00:31 AM »
always good to hear bitcoin for payment method, especially for oil and gas.
But I think the government should have the rules to arrange this.
Because bitcoin and altcoins are unstable.
I don't think Bitcoin will always be a payment for oil and gas because as you have mentioned, its unstable price movements make the recipient have a very high risk, but it all depends on the company's policies and considerations, if they still feel a profit then the payment uses Bitcoin will continue, but if it makes a loss it will stop and return to using fiat currency.

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Re: Bitcoin for Oil and Gas
« Reply #87 on: March 02, 2024, 09:15:52 AM »
always good to hear bitcoin for payment method, especially for oil and gas.
But I think the government should have the rules to arrange this.
Because bitcoin and altcoins are unstable.
I don't think Bitcoin will always be a payment for oil and gas because as you have mentioned, its unstable price movements make the recipient have a very high risk, but it all depends on the company's policies and considerations, if they still feel a profit then the payment uses Bitcoin will continue, but if it makes a loss it will stop and return to using fiat currency.

Many people have the same opinion that while Bitcoin is still highly volatile, Bitcoin is not suitable as an example of a payment method. Maybe in the future when bitcoin is more stable this could happen. Payments for oil and gas need a more stable nominal value, because sellers and buyers do not lose money.

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Re: Bitcoin for Oil and Gas
« Reply #88 on: March 02, 2024, 04:13:17 PM »
Huge possibility of this happening as we all know Russia is not new to Bitcoin. They knew that Bitcoin is not affected by inflation, sanction and other factors that they maybe experiencing or experience in the coming days, months or even years. For me I think Bitcoin will be one of their possible choice if not today but in the future unless they are comfortable to still use their government issued Ruble which is of course continue to lose it's value.

 

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