Russia says it will accept Bitcoin for its oil and gas exports

[Freemind]

If it happens, I think bitcoin doesn't struggle like now.
But I think It's just rumours if Russia government will accept bitcoin as the oil and gas payment.
But let's see for several months again.

It is very possible that Russia will accept Bitcoin and other cryptocurrencies, what is not certain yet is whether it will accept cryptocurrencies as a method of payment for gas and oil, the Russian finance minister hinted a few weeks ago. I suppose that in reality everything depends on Putin's decision and on the Russian government's need to obtain alternative financing channels to the traditional ones, since with the sanctions of different countries they obtain less money every day.

[de_prof]

I really don't know how to interpret this news yet as it is very recent and there is not as much information as I would like, but I think now the Chinese government can take a step to show the world what it really thinks about Bitcoin. We know that Bitcoin is still being bought and sold in China, but in different markets than they were used to. I would like to know if there are more "friendly" countries besides Turkey and China on Russia's list...

Here is the article of this news: https://markets.businessinsider.com/news/currencies/russia-bitcoin-oil-gas-friendly-countries-china-turkey-energy-minister-2022-3

I think It's a good news if Russia will accept bitcoin  for oilmand gas payment..
Hopefully all countries will follow Russia to allow bitcoin and crypto currency.

[rlirs]

It makes sense for Russia to start using Bitcoin as a reserve currency since $300 billion dollars of its central bank got frozen.

[Freemind]

It makes sense for Russia to start using Bitcoin as a reserve currency since $300 billion dollars of its central bank got frozen.

If the Russian government finally did that, I think they would have problems with almost every exchange in the world except Russian exchanges. Something like this would lead to the almost global ban on Russian exchanges outside its borders, and if that were to happen, there would be little point in using Bitcoin and other cryptocurrencies to avoid international sanctions. The Russian government is going to have problems with the current sanctions, but if the war doesn't end soon they will have much bigger problems that could lead to a very serious economic recession.

[rlirs]

It makes sense for Russia to start using Bitcoin as a reserve currency since $300 billion dollars of its central bank got frozen.

If the Russian government finally did that, I think they would have problems with almost every exchange in the world except Russian exchanges. Something like this would lead to the almost global ban on Russian exchanges outside its borders, and if that were to happen, there would be little point in using Bitcoin and other cryptocurrencies to avoid international sanctions. The Russian government is going to have problems with the current sanctions, but if the war doesn't end soon they will have much bigger problems that could lead to a very serious economic recession.

If Russia already cannot use US dollars or Euros why would it need exchanges? It can directly trade with Asian, African, Latin American and other countries that don't sanction it using bitcoins. It might be possible that, say, Turkey would buy bitcoin on exchanges first in order to buy gas from Russia. But Russia itself would not use exchanges. Russia will use these bitcoins to buy bananas from El Salvador since it is official currency there.

[Freemind]

If Russia already cannot use US dollars or Euros why would it need exchanges? It can directly trade with Asian, African, Latin American and other countries that don't sanction it using bitcoins. It might be possible that, say, Turkey would buy bitcoin on exchanges first in order to buy gas from Russia. But Russia itself would not use exchanges. Russia will use these bitcoins to buy bananas from El Salvador since it is official currency there.

If the Russian government were to use exchanges from the countries you've mentioned, do you know what would likely happen? More penalties, especially on those exchanges. Nobody knows the plans of Putin, who is the one who decides even if the one who makes the declarations is the finance minister, but if they finally accept Bitcoin as a payment method for these products, it would be a problem for the entire industry, and I don't think sanctions will be long in coming.

[Zezari]

Yes, it's true that they will do it first, and then they think that if this happens, many exchanges will fall under sanctions or what else will happen, for example, bitcoin will refuse to work with Russia.

[rlirs]

"bitcoin will refuse to work with Russia" - how would it happen technically?

[Freemind]

Yes, it's true that they will do it first, and then they think that if this happens, many exchanges will fall under sanctions or what else will happen, for example, bitcoin will refuse to work with Russia.

Bitcoin is not a company, and although it has well known developers in the industry, they do not own anything, they are people who work to improve the code. The economic problems that the Russian government (and unfortunately, the citizens) have could not be solved by simply accepting Bitcoin or other cryptocurrencies as a payment method. Russia will take decades to recover economically and I hope that before then Putin will no longer be president for the good of the country.

[lepbagong]

-"-

I think It's a good news if Russia will accept bitcoin  for oilmand gas payment..
Hopefully all countries will follow Russia to allow bitcoin and crypto currency.

The current situation is indeed Russia must make changes that are not as usual because of the embargo situation imposed on their country for the invasion of Ukraine. so they should be able to accept payments in other ways and obviously bitcoin is a viable alternative.
but of course there is a positive side that is formed in this way because bitcoin is increasingly trusted to be able to solve problems if something like this happens.

[Fenix]

-"-

I think It's a good news if Russia will accept bitcoin  for oilmand gas payment..
Hopefully all countries will follow Russia to allow bitcoin and crypto currency.

The current situation is indeed Russia must make changes that are not as usual because of the embargo situation imposed on their country for the invasion of Ukraine. so they should be able to accept payments in other ways and obviously bitcoin is a viable alternative.
but of course there is a positive side that is formed in this way because bitcoin is increasingly trusted to be able to solve problems if something like this happens.

Bitcoin will not save Russia. The question is not even how to pay for Russian oil and gas. Now many states do not want to trade with Russia, including receiving oil and gas from it. European countries have already adopted the sixth package of sanctions against Russia, which mainly concerns the partial and phased denial of Russian oil supplies to these countries. By the end of this year, the level of oil supplies from Russia should fall by 90 percent. China and India will not save Russia either, they do not need such a large amount of oil. But Europe is already preparing the seventh package of sanctions against the embargo on Russian gas. The aggressor will inevitably be punished and Russia may even lose its statehood.

[Abdulcrypto784]

i think its not bad situation because the usage of bitcoin get more popularity in different countries. In this way more people will know about bitcoin and start the use of bitcoin.

[Freemind]

i think its not bad situation because the usage of bitcoin get more popularity in different countries. In this way more people will know about bitcoin and start the use of bitcoin.

@Abdulcrypto784 they are actually two very different things. It is one thing for the Russian government to accept, for example, the mining and use of Bitcoin and other cryptocurrencies as a legal investment in Russia, that would be a regularization, and depending on the amount of the percentage to be paid in taxes I don't think there will be much people against measures like that. It's another thing to accept Bitcoin as a form of payment for oil and gas, which is what this thread is about.

[therozaq]

nice to hear that, Of the Russian government will accept bitcoin as oil and gas payment.
TBH It will have good effect for crypto currency market.
But It think It's difficult to happen.

[Lanirex]

i think its not bad situation because the usage of bitcoin get more popularity in different countries. In this way more people will know about bitcoin and start the use of bitcoin.

Yes, especially Russia is a big country and is widely known by the whole world, of course Russia's step in accepting Bitcoin will be warmly welcomed by Crypto and Bitcoin fans around the world. Of course our hope is, this will have an effect on increasing the price of Bitcoin in the future.