796
Cryptocurrency discussions / Re: Putin's Ukraine Invasion: Effect on Cryptocurrency?
« on: January 04, 2024, 01:05:02 PM »The terrorist war launched by Russia against Ukraine has no significant and direct impact on cryptocurrency.The transfer of funds from national money and, above all, from rubles to cryptocurrency, may now be happening, but not at the level of states, but at the level of Russian citizens. But in Russia itself it is unlikely that such statistics will be published. Everything that does not contribute to the propaganda of war and the far-fetched stabilization and development of the economy is prohibited or hidden there. But such a process must take place, if only because many Russian citizens are leaving their country and exporting their capital. And the best way to do this is in cryptocurrency.
I was watching the market, and I assumed that the economic destabilization on a global scale, which became the cause of economic terrorism of russia in some markets (primarily - oil and gas market), could provoke the withdrawal of funds to "safe havens" such as gold and, I assumed, cryptocurrencies. But as practice has shown, the world economy, this time and in this situation, did not consider cryptocurrencies as the "safe haven" to wait out the "economic storm on the planet".
The idea you have voiced is very correct, but the facts tell a different story:
1. For example, Russia at the state level sponsors Hamas with the help of cryptocurrency, in 2023 were transferred crypto-assets in the equivalent of many tens of millions of dollars. This is the part that has come to light.
2. Russia's legislative framework says: The State Duma approved in its third and final reading a law banning the use of digital financial assets as a means of payment in Russia. Until now, the legislation did not explicitly prohibit such transactions
The State Duma has passed in the third and final reading a law banning the use of digital financial assets (DFA) and partially utilized digital rights (UCR) as a means of payment in Russia. This follows from the card of the bill in the State Duma database.
According to the law, it should be prohibited to transfer or accept DFAs as a counter-presentation for transferred goods, work performed or services rendered and as other means of payment.
And this means that citizens of the country cannot OFFICIALLY use crypto-assets and carry out any actions with them. Such restrictions were introduced precisely to prevent money from flowing out of the degrading economy.