Putin Approves Legislation Legalizing Bitcoin and Crypto Mining in Russia

[MrSpasybo]

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.

[Captain Corporate]

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.

[PX-Z]

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.

[bitterguy28]

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

[Woodie]

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

Maybe BTC can pump hard to as all their money will be going through this network to get onto the international market.

[Freemind]

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.

[Z-tight]

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.