Altcoins Talks - Cryptocurrency Forum
Further Discussions => Economics , Sociology & Politics => Topic started by: electronicash on March 01, 2024, 08:54:48 PM
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Edward Snowden was predicting more countries will be using BTC for international transactions. And the first to have done this is Russia just 2 days ago, a news comes out about New Cryptocurrency Move from Russia! "The First Approval Has Arrived!" (https://coinmarketcap.com/community/articles/65df36708654694551814bb7/)
Accordingly, digital assets such as BTC can be used as payment in the import and export of goods and services within the framework of the country's currency regulation law.
Chairman of the State Duma Financial Market Committee Anatoly Aksakov said that the adoption of the bill regarding cryptocurrencies in the lower house was a “historic decision”.
in such case, countries trading with Russia i guess will likely be paying BTC for their gas. this is where government i think will be dropping their local currencies because its going to become less and less valuable.
you think US and China will follow?
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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.
Source: https://www.altcoinstalks.com/index.php?topic=261335.msg1510321#msg1510321
This is my reply to one of the topic here in the forum from Bitcoin discussion board a topic made by TomPluz tackling about Bitcoin for Oil and Gas I think this is still a valid answer to this.
in such case, countries trading with Russia i guess will likely be paying BTC for their gas. this is where government i think will be dropping their local currencies because its going to become less and less valuable.
you think US and China will follow?
I guess most countries that will more likely to use Bitcoin as payment are those that has conflicts with the west no doubt about that.
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Well, I would like to be more optimistic in this respect but I don't see it, especially in the short and medium term. If it is 15 years ahead, maybe. And Russia is forced to look for ways out because of the situation it finds itself in. It has also used the yuan and other currencies, but I don't see the countries that use the dollar switching massively to using bitcoin for international payments, especially when CBDCs are now going to be launched.
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Well, I would like to be more optimistic in this respect but I don't see it, especially in the short and medium term. If it is 15 years ahead, maybe. And Russia is forced to look for ways out because of the situation it finds itself in. It has also used the yuan and other currencies, but I don't see the countries that use the dollar switching massively to using bitcoin for international payments, especially when CBDCs are now going to be launched.
maybe for the BRICS countries to just keep the currency they are trying launch.
but i think they are seeing BlackRock as an extension of US government buying BTC to which Russia would also be buying in secret. China has already set Hongkong to be a cryptohub in Asia so there is high possibility they could be keeping a CCP arm to also be accumulating BTC. this is a race to whoever accumulated more BTC and control this network.
but what i am anticipating is another country declaring BTC a legal tender like El Salvador.
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I've seen a post a week ago about major institutional players selling their shares. There was no mention of using the money to buy BTC or precious metals but they are probably not the type that sits on fiat. As for other countries that will be using or making BTC a legal tender, there were already some speculations before.