Altcoins Talks - Cryptocurrency Forum
Learning & News => News related to Crypto => Topic started by: ABCbits on August 09, 2024, 12:30:49 PM
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Putin Approves Legislation Legalizing Bitcoin and Crypto Mining in Russia
Russian President Vladimir Putin has signed a new law legalizing Bitcoin and cryptocurrency mining in Russia, according to a report by Russian news agency TASS.
The legislation defines terms such as digital currency mining, mining pools, and mining infrastructure operators.
Mining activities are now classified as part of financial turnover, rather than the issuance of digital currency... Read more here (https://btctimes.com/putin-approves-legislation-legalizing-bitcoin-and-crypto-mining-in-russia/).
I would speculate this is another attempt to evade sanction, which previously done by Iran. And while initially it sounds good news to Bitcoiner, the news doesn't mention details of the law itself. Your opinion is greatly appreciated.
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The legislation is mainly about BTC and cryptocurrency mining, it also states that miners have to register with the authorities before mining in Russia, so i hope the government isn't going to use miners for any kind of blacklisting later. I don't know if to be excited about this, it is hard to be excited about things coming out from Russia these days, for obvious reasons anyway.
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I would speculate this is another attempt to evade sanction, which previously done by Iran. And while initially it sounds good news to Bitcoiner, the news doesn't mention details of the law itself. Your opinion is greatly appreciated.
Russia's economy is very large and Bitcoin can be easily tracked. I don't think that legalizing Bitcoin will help the Russian economy avoid sanctions. The US may decide to ban any Bitcoin address that deals with Russia, which will force many to avoid doing business with them. They will be easy to track because countries trade in large amounts that are easier to track.
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Russian President Vladimir Putin has signed a new law legalizing Bitcoin and cryptocurrency mining in Russia, according to a report by Russian news agency TASS.
A smart move on his part, a logical sequence of events. It is not clear to me why there was so much waiting for such a decision to be made.
In the long term, this could have a greater effect on crypto than anything Trump and his satellites announce.
I'm not a fan of either of them
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Doesn't sound (https://www.coindesk.com/policy/2024/07/30/russia-legalizes-crypto-mining-and-brings-an-experimental-regime/) that encouraging:
Only Russian legal entities and individual entrepreneurs included in a register will have the right to mine. Individuals who do not exceed the energy consumption limits set by the Russian government will have the right to mine digital currency without being included in the register.
The authorized body and the central bank will have the right to introduce a ban or restriction on transactions with digital currency to maintain Russia's monetary stability.
This law also brings into effect a ban on advertising cryptocurrencies and offering them to an unlimited number of people.
Is the last part effectively a ban on airdrops?
The legislation is mainly about BTC and cryptocurrency mining, it also states that miners have to register with the authorities before mining in Russia, so i hope the government isn't going to use miners for any kind of blacklisting later.
Later? The FSB is most likely taking its share right now, there is no profitable business there that doesn't trigger a really unwelcomed attention from the state, the enl excpection would be if the business aren't already owned by them.
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The legislation is mainly about BTC and cryptocurrency mining, it also states that miners have to register with the authorities before mining in Russia, so i hope the government isn't going to use miners for any kind of blacklisting later. I don't know if to be excited about this, it is hard to be excited about things coming out from Russia these days, for obvious reasons anyway.
I am not at all excited about this decision because of everything that I have already written in the previous topic (https://www.altcoinstalks.com/index.php?topic=323153.msg1597429#msg1597429), and regardless of the fact that some people think that there is something good for Bitcoin, I think that for many people this news will serve for new attacks on Bitcoin. If by any chance Russia uses BTC to avoid sanctions, then those who imposed the sanctions will have to do something, and that only means that we will all feel it on our skin.
Of course it's stupid to blame a tool because someone uses it, but today's world is very far from logical thinking...
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Evading could just be one reason but Putin I think also considers the fact that US is about to adopt BTC as well. He might as well be the first to send the message to his fellow Russians to use crypto.
Trump says he wants BTC to be mined in US. Well, he isn't as crazy as anyone thought because President Bukele did it the first and he seem successful.
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Putin Approves Legislation Legalizing Bitcoin and Crypto Mining in Russia
Russian President Vladimir Putin has signed a new law legalizing Bitcoin and cryptocurrency mining in Russia, according to a report by Russian news agency TASS.
The legislation defines terms such as digital currency mining, mining pools, and mining infrastructure operators.
I would speculate this is another attempt to evade sanction, which previously done by Iran. And while initially it sounds good news to Bitcoiner, the news doesn't mention details of the law itself. Your opinion is greatly appreciated.
Clearly, the sanctions imposed due to the war have forced Russia to seek solutions, and crypto offers a way to avoid the current troubles. Since Russian businesses have been able to use crypto in international transactions, it's understandable and not surprising for the crypto community that crypto mining has become legal in Russia.
Personally, I dislike the idea of crypto being used by an invading country, but I also can't stop Russia from accessing and using crypto if they really want to. I hope that other governments have enough tools to detect crypto transactions related to the Russian government and can prevent them to continue maintaining sanctions for peace.
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Clearly, the sanctions imposed due to the war have forced Russia to seek solutions, and crypto offers a way to avoid the current troubles. Since Russian businesses have been able to use crypto in international transactions, it's understandable and not surprising for the crypto community that crypto mining has become legal in Russia.
Personally, I dislike the idea of crypto being used by an invading country, but I also can't stop Russia from accessing and using crypto if they really want to. I hope that other governments have enough tools to detect crypto transactions related to the Russian government and can prevent them to continue maintaining sanctions for peace.
Um that inadvertently means that they will use blockchain analysis to see which transactions are 'sanctioned' (really just going to Russian businesses and prominent people).
The general consensus in the crypto community is that blockchain analysis is universally hated because it produces flawed results and makes unnecessary problems for us.
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The legislation is mainly about BTC and cryptocurrency mining, it also states that miners have to register with the authorities before mining in Russia, so i hope the government isn't going to use miners for any kind of blacklisting later. I don't know if to be excited about this, it is hard to be excited about things coming out from Russia these days, for obvious reasons anyway.
It's one of the concern, especially when Russia government already perform various censorship.
Doesn't sound (https://www.coindesk.com/policy/2024/07/30/russia-legalizes-crypto-mining-and-brings-an-experimental-regime/) that encouraging:
Only Russian legal entities and individual entrepreneurs included in a register will have the right to mine. Individuals who do not exceed the energy consumption limits set by the Russian government will have the right to mine digital currency without being included in the register.
The authorized body and the central bank will have the right to introduce a ban or restriction on transactions with digital currency to maintain Russia's monetary stability.
This law also brings into effect a ban on advertising cryptocurrencies and offering them to an unlimited number of people.
Is the last part effectively a ban on airdrops?
If CoinDesk use accurate word, wouldn't limiting number of people who can airdrop can be used as workaround?
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I would speculate this is another attempt to evade sanction, which previously done by Iran. And while initially it sounds good news to Bitcoiner, the news doesn't mention details of the law itself.
Without looking at the nitty-gritty details of this law on cryptocurrency and mining signed by Vladimir Putin after some years of hesitation on whether to recognize Bitcoin and allow mining or not, generally speaking this can still be considered as good news to the industry and am sure this can have some impact on Bitcoin in one way or another. Of course, this is one way to go around with the sanctions imposed on the country and yes if they can have Bitcoin they can do so many things without being hampered by countries like USA and its minions. What is interesting is that this comes after Trump made a promise to be friendly to Bitcoin and encourage more mining within the country...so in case Trump will win and will follow-up his many crypto-related promises we might be entering a very exciting Bitcoin mining race between USA and Russia and which can encourage China to also join the party.
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Personally, I dislike the idea of crypto being used by an invading country, but I also can't stop Russia from accessing and using crypto if they really want to. I hope that other governments have enough tools to detect crypto transactions related to the Russian government and can prevent them to continue maintaining sanctions for peace.
Each country has the right to use crypto. Bitcoin is decentralized, it isn't limited to certain areas in the world. I don't know why you use the term of "invading country" to Russia, I think even US is also an invading country. Anyway, I'm not interested to mix the political matter with crypto.
I think other countries have no right to detect every crypto transaction done by Russia. There is no country which has no authority to regulate the crypto industry. Each country has the right to make their own policy related to crypto.
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Personally, I dislike the idea of crypto being used by an invading country, but I also can't stop Russia from accessing and using crypto if they really want to. I hope that other governments have enough tools to detect crypto transactions related to the Russian government and can prevent them to continue maintaining sanctions for peace.
Each country has the right to use crypto. Bitcoin is decentralized, it isn't limited to certain areas in the world. I don't know why you use the term of "invading country" to Russia, I think even US is also an invading country. Anyway, I'm not interested to mix the political matter with crypto.
I think other countries have no right to detect every crypto transaction done by Russia. There is no country which has no authority to regulate the crypto industry. Each country has the right to make their own policy related to crypto.
North Korea was pretty much sanctioned and there was even an ETH developer who faced legal case when he goes to North Korea to teach blockchain.
I think if North Korea will also adopt BTC and also mine BTC, it will have its independence as well. So finally all countries will all have its independence in the financial trades. Evem the countries they are prohibited to trade with is no longer possible to stop.
Russians have been using Bitcoin since its beginning so its not surprising anymore to see Russia will openly encourage everyone.
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North Korea was pretty much sanctioned and there was even an ETH developer who faced legal case when he goes to North Korea to teach blockchain.
I think the case you are reffering to might be Tornado Cash?
Tornado Cash was used to launder money in North Korea, this is why it was sanctioned. Probably they used it to move money illegally to north korea.
https://www.bloomberg.com/news/articles/2022-08-08/crypto-mixer-tornado-cash-sanctioned-by-us-treasury-department
Tornado Cash, a popular cryptocurrency service that allows users to mask their transactions, was sanctioned by the US Treasury Department after North Korean hackers relied on it to launder illicit gains, officials announced on Monday. The sanctions bar American companies and individuals from doing business with it.
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I would speculate this is another attempt to evade sanction, which previously done by Iran. And while initially it sounds good news to Bitcoiner, the news doesn't mention details of the law itself. Your opinion is greatly appreciated.
Indeed this development is an attempt to evade the sanctions but isn't the beauty of BTC and crypto that they provide full freedom and the US can't ban Russia from trading with other countries in the crypto world like they did in the fiat world. That's the beauty of crypto and Russia is taking benefit of it and IMO there is nothing wrong with that.
Besides the fact that people who don't like Russia will say they are doing wrong, but I as a neutral person think they are doing nothing wrong, because their ways have been shut down by the US so they have to find other ones.
Overall for me, it's a good development because first, they said the international trades would be done in the form of BTC and now they have legalized crypto mining which is a good thing for the overall market.
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It will become effective on November 1, 2024 based on Coindesk article thisis actually expeeimental and they have full control as those interested will have to registered and get license from regulators this is a big shift coming from Russia before Russia is banning everything related to Cryptocurrency now they are starting to integrate it to their system, maybe Russia have realized that they cnnot ignore Bitcoin as a world wide phenomena.
https://www.coindesk.com/policy/2024/07/30/russia-legalizes-crypto-mining-and-brings-an-experimental-regime/
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It's one of the concern, especially when Russia government already perform various censorship.
Yeah, very true, i would be worried for those mining pools. Miners should not be used in anyway for any kind of blacklisting or censorship, but i think it is only matter of time beefore it starts happening frequently. We already know of OFAC blacklisted address in the U.S, though i don't think U.S. miners have begun any blacklisting on that grounds, no?
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I think if North Korea will also adopt BTC and also mine BTC, it will have its independence as well. So finally all countries will all have its independence in the financial trades. Evem the countries they are prohibited to trade with is no longer possible to stop.
Is there no tool that traces which block/s will be mined by North Korean miners? It might still be difficult for them to convert mined BTC to fiat just like how they have launder cryptocurrencies they allegedly hacked.
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The legislation is mainly about BTC and cryptocurrency mining, it also states that miners have to register with the authorities before mining in Russia, so i hope the government isn't going to use miners for any kind of blacklisting later.
this is definitely good news for bitcoin enthusiasts however there is a nagging feeling where the government is only trying to give a sense of privacy but in reality they are taking it away what is the point of cryptocurrencies if you still need to register to the government in order to use or operate it when cryptocurrencies were made exactly to avoid centralization
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Mining in russia are only for registered businesses to operate mining there, well, mining is really a kind of business, or else you will be labeled as lawbreaker who will tax evade and etc.
Is there no tool that traces which block/s will be mined by North Korean miners? It might still be difficult for them to convert mined BTC to fiat just like how they have launder cryptocurrencies they allegedly hacked.
There are so-called "anonymous miner" who also got mined a block sometime by luck as the higher probability for mining will always from larger mining pools. Idk how these pools regulations and policy if what miner participants' countries they accept to join the pool. Probably some NoKor miners joined already there.
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A move forward although late. They opened door to profit from cryptocurrencies even though it has some restrictions. Overall it is a way to get a part from the cake while they can and especially to get around sanctions imposed by the West.
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It's one of the concern, especially when Russia government already perform various censorship.
Yeah, very true, i would be worried for those mining pools. Miners should not be used in anyway for any kind of blacklisting or censorship, but i think it is only matter of time beefore it starts happening frequently. We already know of OFAC blacklisted address in the U.S, though i don't think U.S. miners have begun any blacklisting on that grounds, no?
There are some attempt to make Bitcoin mining pool censor TX. For example,
1. MARA tried that in past, https://ir.mara.com/investors/news-events/press-releases/detail/1239/marathon-digital-holdings-becomes-the-first-north-american-enterprise-miner-to-produce-fully-aml-and-ofac-compliant-bitcoin (https://ir.mara.com/investors/news-events/press-releases/detail/1239/marathon-digital-holdings-becomes-the-first-north-american-enterprise-miner-to-produce-fully-aml-and-ofac-compliant-bitcoin).
2. An analysis shows some pool doesn't include certain TX. https://b10c.me/observations/08-missing-sanctioned-transactions/ (https://b10c.me/observations/08-missing-sanctioned-transactions/).
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There are some attempt to make Bitcoin mining pool censor TX. For example,
Thank you for the links, i believe if it is proven that there is a pool that constantly blacklists transactions, then i feel the miners mining in that pool would pull out their computational power and mine in other pools that is not censoring tx's, this will reduce the hashrate of the censoring pool and the rate at which they mine blocks.
I say so because if censorship in mining becomes very popular, then we can say goodbye to a decentralized and censorship resistant network.
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~snip~
Besides the fact that people who don't like Russia will say they are doing wrong, but I as a neutral person think they are doing nothing wrong, because their ways have been shut down by the US so they have to find other ones.
Overall for me, it's a good development because first, they said the international trades would be done in the form of BTC and now they have legalized crypto mining which is a good thing for the overall market.
Will you think the same if because of this decision and the possibility that Russia will use mixers, the pressure on them from the US, EU and UK will be much greater than it is now and accordingly mixer that you are promoting and some others will be seized?
Generally speaking, you can't ban anyone from using Bitcoin, but sanctions against Russia exist to try to stop the aggression it is doing to another country - therefore, any use of cryptocurrencies to circumvent such sanctions is completely negative.
Being neutral in a specific case is the same as being on the side of the one who does evil, regardless of the fact that you feel more comfortable in a neutral position.
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I am not saying I like Putin but I like his decision. Their financial economy has been in sanction and I think until now that it does.
So exploring to the new ways of making money and approving and legalizing Bitcoin mining and cryptos means a lot to them. I'm sure that most of the Russians that are earning crypto and as well as mining them won't have any troubles anymore as the climate there is favorable for mining.
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There are some attempt to make Bitcoin mining pool censor TX. For example,
Thank you for the links, i believe if it is proven that there is a pool that constantly blacklists transactions, then i feel the miners mining in that pool would pull out their computational power and mine in other pools that is not censoring tx's, this will reduce the hashrate of the censoring pool and the rate at which they mine blocks.
I say so because if censorship in mining becomes very popular, then we can say goodbye to a decentralized and censorship resistant network.
But looking at behavior of those who stake ETH, i don't expect majority of miners would move just because few TX got censored. Although it's different case if they censor so many TX, where miner notice they could earn more Bitcoin on pool which doesn't censor.
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It will become effective on November 1, 2024 based on Coindesk article thisis actually expeeimental and they have full control as those interested will have to registered and get license from regulators this is a big shift coming from Russia before Russia is banning everything related to Cryptocurrency now they are starting to integrate it to their system, maybe Russia have realized that they cnnot ignore Bitcoin as a world wide phenomena.
https://www.coindesk.com/policy/2024/07/30/russia-legalizes-crypto-mining-and-brings-an-experimental-regime/
In addition to your statement that miners have to get registered first is not correct because according to the source link that OP has shared it says individual miners don't have to register with governments but they have to consume electricity under limits.
There are not so many individual miners out there I think that's why they gave this compromise.
It is really strange how their views about crypto are changing as last time they were banning it in the name of devaluation of their Rubble and now they are adopting it at a bigger level.
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Um that inadvertently means that they will use blockchain analysis to see which transactions are 'sanctioned' (really just going to Russian businesses and prominent people).
The general consensus in the crypto community is that blockchain analysis is universally hated because it produces flawed results and makes unnecessary problems for us.
I'm not entirely sure about this, but on-chain analysis is part of police work to track and identify criminals who have used crypto for illegal purposes. Additionally, on-chain analysis is used by investors to understand the buying and selling behaviors of whales, and many investors making significant profits from this trading method.
I believe that Western countries are currently focusing on analyzing on-chain data to find evidence to penalize countries that trade with Russia using crypto to avoid economic sanctions. I think they have experience applying this to Iran and North Korea.
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But looking at behavior of those who stake ETH, i don't expect majority of miners would move just because few TX got censored. Although it's different case if they censor so many TX, where miner notice they could earn more Bitcoin on pool which doesn't censor.
Eth network is different from the BTC network and the risk of censorship is very high in the pos mechanism. I believe BTC miners should move just because of censorship and not even because of what they can or can't earn, but i guess mining is just a business and it is all about profit.
However, if we are to keep the network at being censorship resistant, then the right thing to do is for miners to reject any form of censorship.
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I think if North Korea will also adopt BTC and also mine BTC, it will have its independence as well. So finally all countries will all have its independence in the financial trades. Evem the countries they are prohibited to trade with is no longer possible to stop.
There is no much information about crypto in North Korea. I think North Korea is very aware of the potential of crypto future. That's why they ever stated that they want to develop crypto in their country. They even wants to grow mining industry, too. But I don' really know the further information about this. You can learn this article about crypto in North Korea: https://www.investopedia.com/news/what-north-koreas-role-bitcoin/
Russians have been using Bitcoin since its beginning so its not surprising anymore to see Russia will openly encourage everyone.
Agree. Rusia has been utilized crypto industry a long time. Sure, it is not so surprising if Rusia wants to develop crypto there. Rusia also has a big role in crypto because Rusia policy may influence crypto market.
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Agree. Rusia has been utilized crypto industry a long time. Sure, it is not so surprising if Rusia wants to develop crypto there. Rusia also has a big role in crypto because Rusia policy may influence crypto market.
Policy of control and dictatorship, just like North Korea, i don't think we need that in the industry. I know the network is free for anyone to use, even if they want to use it to circumvent sanctions, but countries like Russia and NK are dictatorial, so even if BTC mining becomes popular in those regions, they will find a way to control miners for their own benefit.
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Evading could just be one reason but Putin I think also considers the fact that US is about to adopt BTC as well. He might as well be the first to send the message to his fellow Russians to use crypto.
Trump says he wants BTC to be mined in US. Well, he isn't as crazy as anyone thought because President Bukele did it the first and he seem successful.
I think exactly the same as you, and it's the first thing that came to mind when I read the news. It's not just about regulations, business, and knowing who mines cryptocurrencies. I think this is primarily an attack on Trump and his latest statements on Bitcoin, and this attack also comes at the right time, when Trump is distraught over the appearance of Kamala Harris.
It is possible that if Trump wins the next elections he will try to accelerate the entire process related to Bitcoin so as not to lose a privileged position for having more than 59 million cryptocurrency holders.
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Russian President Vladimir Putin has signed a new law legalizing Bitcoin and cryptocurrency mining in Russia, according to a report by Russian news agency TASS.
Good new for Bitcoiners who live in Russia, now they can mine Bitcoin without any legal issues. I believe such steps should be taken by each country's government as Bitcoin mining isn't harmful in anyway and can be a great source of income for a tax payer of a country. Good job Putin! Hope others may follow him and do something similar.
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Evading could just be one reason but Putin I think also considers the fact that US is about to adopt BTC as well. He might as well be the first to send the message to his fellow Russians to use crypto.
Trump says he wants BTC to be mined in US. Well, he isn't as crazy as anyone thought because President Bukele did it the first and he seem successful.
I think exactly the same as you, and it's the first thing that came to mind when I read the news. It's not just about regulations, business, and knowing who mines cryptocurrencies. I think this is primarily an attack on Trump and his latest statements on Bitcoin, and this attack also comes at the right time, when Trump is distraught over the appearance of Kamala Harris.
It is possible that if Trump wins the next elections he will try to accelerate the entire process related to Bitcoin so as not to lose a privileged position for having more than 59 million cryptocurrency holders.
US has been one of the biggest country that already adopts crypto although they are still in the gray area. We will have to wait and see, it's politics and we really don't know if Trump will win and he will really "walk the talk" as far as his crypto stance. Remember that this is not the first time that he will be President and so before he didn't do anything that make crypto move forward in the US.
Putin back is against the wall now, so he will not wait on who is going to win in the US Presidential Election. His government needs all the help he can get from the embargo that has been in their shoulders for years, so he has no choice but to take effect this legislation and circumvent everything to his favor.
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Policy of control and dictatorship, just like North Korea, i don't think we need that in the industry. I know the network is free for anyone to use, even if they want to use it to circumvent sanctions, but countries like Russia and NK are dictatorial, so even if BTC mining becomes popular in those regions, they will find a way to control miners for their own benefit.
I do know that mining in Russia will be heavily regulated and entry into this business will be only decided by Putin. I do not think other private players will be able to start mining Bitcoin without permission from the Russian government. That is why I think we should not be worried about mining popularity or controlling the miners for their benefit.
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I do know that mining in Russia will be heavily regulated and entry into this business will be only decided by Putin. I do not think other private players will be able to start mining Bitcoin without permission from the Russian government. That is why I think we should not be worried about mining popularity or controlling the miners for their benefit.
The oligarchs will use Bitcoin mining as a means to obtain money that will further help to evade sanctions to it's obvious why Putin would only want his own group of people to be able to do that.
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The President of Russia has opened his mouth for reconciliation. Russian President Vladimir Putin recently approved a new law to legalize Bitcoin and other cryptocurrency mining in Russia. Through this act, crypto mining has been recognized as a legitimate and regulated activity, which aims to establish control over various activities related to cryptocurrencies. If this continues, one day the market for Bit Coin is expected to be much better.
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The President of Russia has opened his mouth for reconciliation. Russian President Vladimir Putin recently approved a new law to legalize Bitcoin and other cryptocurrency mining in Russia. Through this act, crypto mining has been recognized as a legitimate and regulated activity, which aims to establish control over various activities related to cryptocurrencies. If this continues, one day the market for Bit Coin is expected to be much better.
Most likely. This news is not limited to what Putin is going to do and the Russians adopting Bitcoin. Other countries are watching what transpires in US election since Bitcoin and crypto is introduced everywhere with the help of Trump and even Harris.
Other countries will not just sit and watch while Russia is trying to adopt BTC and mining. They know El Salvador has been mining for awhile. They too will start looking into mining and adopting coins.
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The President of Russia has opened his mouth for reconciliation. Russian President Vladimir Putin recently approved a new law to legalize Bitcoin and other cryptocurrency mining in Russia. Through this act, crypto mining has been recognized as a legitimate and regulated activity, which aims to establish control over various activities related to cryptocurrencies. If this continues, one day the market for Bit Coin is expected to be much better.
Most likely. This news is not limited to what Putin is going to do and the Russians adopting Bitcoin. Other countries are watching what transpires in US election since Bitcoin and crypto is introduced everywhere with the help of Trump and even Harris.
Other countries will not just sit and watch while Russia is trying to adopt BTC and mining. They know El Salvador has been mining for awhile. They too will start looking into mining and adopting coins.
Your observation is very accurate. Russia's move toward bitcoin and cryptocurrencies under Putin could be an important message to the rest of the world. As Russia begins to adopt and mine Bitcoin, other countries will certainly be watching these changes carefully and trying to take appropriate steps for their own situation. El Salvador has already legalized Bitcoin and started their crypto mining projects, which is an example for other countries. set the example. If Russia moves into Bitcoin and mining, many other countries may rethink their monetary policies and economic strategies. Especially countries that want to stabilize the value of their currencies or reduce the impact of international sanctions. Just as Trump and Harris have played a role in the development of the US election and the outlook for cryptocurrencies, the leaders of other countries will also depend on these issues. As the adoption of cryptocurrencies increases, especially in large countries, this could further accelerate the adoption of cryptocurrencies globally. It will be interesting to see which countries will follow Russia's approach and how they will adjust their economic and monetary policies to cryptocurrencies.
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North Korea was pretty much sanctioned and there was even an ETH developer who faced legal case when he goes to North Korea to teach blockchain.
I think if North Korea will also adopt BTC and also mine BTC, it will have its independence as well. So finally all countries will all have its independence in the financial trades. Evem the countries they are prohibited to trade with is no longer possible to stop.
Oh yeah, North Korea ill have its freedom, what about the people?
It seems like a lot of people are misunderstanding the basic things about sanctions!
The US and the EU are not standing guard somewhere and canceling all deals Russia has or they are raiding banks and so on, it's pretty simple, any entity that does business with Russia will et snctioned and be unable to do business within the US and EU.
Nobody is stopping banks from China to deal with banks in Russia, nobody, but what they are afraid of is being restricted from the western markets, so they will simply choose to not do business anymore
https://www.businessinsider.com/russia-economy-all-china-banks-refuse-yuan-ruble-transfers-sanctions-2024-8
Now, do you think crypto will change a thing? Not at all, because it doesn't matter in what you get paid , they could have been paid in gold or oil, they are afraid of being cut out of markets that are 30x in size, the payments are not the problem, it's the consequences.
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this is very good news with the legalization by the president then bitcoin will be easy to buy and sell, a country with a rich economy and a very advanced country will make crypto even bigger technological developments even crypto will live in the future. I think this is good news will help market movements so that market prices increase.
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I would speculate this is another attempt to evade sanction, which previously done by Iran. And while initially it sounds good news to Bitcoiner, the news doesn't mention details of the law itself. Your opinion is greatly appreciated.
This is a good step in my opinion and it doesn’t matter at all what the speculations surrounding this move is saying. Russia a very large country with a large economy. The effect of this move will definitely be felt, it may not be now, it may take time for it to happen, but to me it’s still a great move worth commendable.
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I would speculate this is another attempt to evade sanction, which previously done by Iran. And while initially it sounds good news to Bitcoiner, the news doesn't mention details of the law itself. Your opinion is greatly appreciated.
This is a good step in my opinion and it doesn’t matter at all what the speculations surrounding this move is saying. Russia a very large country with a large economy. The effect of this move will definitely be felt, it may not be now, it may take time for it to happen, but to me it’s still a great move worth commendable.
Well it's a good step if they have done this prior to the war and prior to the sanctions being handed down to them by West. But now it's obvious that they have done this because they want to evade and circumvent the sanctions.
Of course, it will take sometime, but the timing though of this so called legalization of Bitcoin and crypto mining in Russia. They should have taken advantage of it before, just like what Bhutan, a small kingdom country with abundance of electricity and now they are one of the largest holder of Bitcoin per their population.
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Well it's a good step if they have done this prior to the war and prior to the sanctions being handed down to them by West. But now it's obvious that they have done this because they want to evade and circumvent the sanctions.
Of course, it will take sometime, but the timing though of this so called legalization of Bitcoin and crypto mining in Russia. They should have taken advantage of it before, just like what Bhutan, a small kingdom country with abundance of electricity and now they are one of the largest holder of Bitcoin per their population.
I do not believe that Putin approved these laws to avoid international sanctions (which were not going to be of any use either, since Putin has the economic and military support of other countries), in fact, Russia has not had too many problems economically speaking after starting the invasion of Ukraine. I'm more inclined to think that Putin passed these laws to deal a blow to Trump and his White House election campaign.
In reality, Putin is getting more of an advantage by passing these laws, since Trump has only made promises of what could happen. But what happens with Trump or Harris, and their subsequent actions related to cryptocurrencies, remains to be seen.
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Well it's a good step if they have done this prior to the war and prior to the sanctions being handed down to them by West. But now it's obvious that they have done this because they want to evade and circumvent the sanctions.
Of course, it will take sometime, but the timing though of this so called legalization of Bitcoin and crypto mining in Russia. They should have taken advantage of it before, just like what Bhutan, a small kingdom country with abundance of electricity and now they are one of the largest holder of Bitcoin per their population.
I do not believe that Putin approved these laws to avoid international sanctions (which were not going to be of any use either, since Putin has the economic and military support of other countries), in fact, Russia has not had too many problems economically speaking after starting the invasion of Ukraine. I'm more inclined to think that Putin passed these laws to deal a blow to Trump and his White House election campaign.
In reality, Putin is getting more of an advantage by passing these laws, since Trump has only made promises of what could happen. But what happens with Trump or Harris, and their subsequent actions related to cryptocurrencies, remains to be seen.
Not really sure about if there are countries that are going to support Putin. But in any case, if he thinks that his country can benefit from mining Bitcoin then why not.
But as I have followed them, specially around 2018-2019, their government seems to be on the fence with regards to crypto that we have to take everything with a grain of salt on what they are going to say in public. So for me, there is a big reason why they suddenly change and make legislation pertaining to Bitcoin and mining, in my opinion.
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I do not believe that Putin approved these laws to avoid international sanctions (which were not going to be of any use either, since Putin has the economic and military support of other countries), in fact, Russia has not had too many problems economically speaking after starting the invasion of Ukraine. I'm more inclined to think that Putin passed these laws to deal a blow to Trump and his White House election campaign.
In reality, Putin is getting more of an advantage by passing these laws, since Trump has only made promises of what could happen. But what happens with Trump or Harris, and their subsequent actions related to cryptocurrencies, remains to be seen.
Having lived in Russia for over 12 years, I've witnessed firsthand the devastating impacts of the war and subsequent sanctions on the Russian economy. Hyperinflation, labor shortages, and a deteriorating quality of life have become the norm. Unfortunately, these severe consequences have yet to compel the Russian government to cease hostilities.
Given Russia's previous stance against crypto, I believe these recent policy shifts are a direct response to Western economic sanctions. While support from China may alleviate some pressures, it's unlikely to fully insulate Russia from economic decline. With the BRICS initiative also facing challenges, crypto appear to be a viable alternative for the nation at this juncture.
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I believe that Putin knows that there is a good chance that we could see this Bitcoin world help with the citizens to do better and I think we should be considering that Russians could benefit from this a lot and I think there will be something that will do greater. Sanctions are big deals and I think it needs to be something that can used to go over the sanctions and do fine. I think its going to be a little hard to handle for the long term, and because of that I think we are going to end up with something that is getting a little bit harder to focus for other nations to keep trying to use sanctions with time.
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Given Russia's previous stance against crypto, I believe these recent policy shifts are a direct response to Western economic sanctions...
If that's the main reason then they should amend their decision of banning bitcoin transaction payment in the country. And should be done earlier when sanction has beem made.
But this recent decision is only for accepting/allowing mining business in the country, so i could only think the other way.
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I know the network is free for anyone to use, even if they want to use it to circumvent sanctions, but countries like Russia and NK are dictatorial, so even if BTC mining becomes popular in those regions, they will find a way to control miners for their own benefit.
i am sure they will it is hard to believe that putin genuinely cares about the benefits of bitcoin and its use to the public when just a few years ago russia has a strict opinion on bitcoin and it wasn’t a positive one this approval obviously is just damage limitation at this point they are trying to avoid the sanctions and lessen dependence on the us dollar
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Russia has always been a good friend to bitcoin but it's unfortunate it's caught up with the conflict with Ukraine which seems not to be stopping any time soon, and like mentioned in the OP this move could be one to evade sanctions by supporting the running of a parallel economy through cryptocurrencies to try get things running all normally...but let's see how much interest they can generate after making BTC legal tender and hope they have good intentions in all this 8)
Maybe BTC can pump hard to as all their money will be going through this network to get onto the international market. :P
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i am sure they will it is hard to believe that putin genuinely cares about the benefits of bitcoin and its use to the public when just a few years ago russia has a strict opinion on bitcoin and it wasn’t a positive one this approval obviously is just damage limitation at this point they are trying to avoid the sanctions and lessen dependence on the us dollar
With each passing day I am more convinced that this new law and decision by Putin is not only intended to avoid international sanctions (although in some European countries they say that such restrictions have had no impact on Russia) but also a serious blow to Trump's latest statements on cryptocurrencies and Bitcoin. A few days ago we saw a video in which Trump made his first transaction with Bitcoin in a bar, it wouldn't seem strange to me to see Putin doing the same or something very similar in the very near future. With a single law, Putin has solved more problems than Trump could if he did everything he says he will do if he becomes president again.
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i am sure they will it is hard to believe that putin genuinely cares about the benefits of bitcoin and its use to the public when just a few years ago russia has a strict opinion on bitcoin and it wasn’t a positive one this approval obviously is just damage limitation at this point they are trying to avoid the sanctions and lessen dependence on the us dollar
I agree, a dictator cannot care about a decentralized and free currency like BTC, they can only think about how to use it for their own benefit or agenda. To be honest, i would not want to be a miner in Russia, the government will never allow the miners mine freely, and they will create laws that will control them and maybe even use them for censorship.