Russia approves law allowing use of crypto for global payments

[TravelMug]

Great decision, Russia take a fantastic step for economic development. I think it will be very helpful Russian economy. Russia approves law allowing use of crypto for global payments for this decision Russia will be grow up from economic crisis. We know that Western countries mainly America given economic restriction for Russia and Russia are not interested to use US dollar. so instead of US Dollar crypto-currency is best alternative I think.

What do you mean? Russia's economy has been taking a hit since the war, and we don't hear reports about economic development as Putin's government is zone in the war itself. And as you have said, US and the rest of the West are giving Russia economic sanctions already and that's why they suddenly make a U-turn and starting to go full-crypto.

I also think if Russia use cryptocurrency properly they will never fall in economic crisis. Then western economic restriction will not work properly. So cryptocurrency could be blessing for Russia I think.

It's just one way to circumvent the restrictions to them. But if they really wanted to, they will have to build mining rigs and start mining Bitcoin for their government. That could be the best way for them to make crypto work on their side and not rely on other nations.

[pakhitheboss]

What do you mean? Russia's economy has been taking a hit since the war, and we don't hear reports about economic development as Putin's government is zone in the war itself. And as you have said, US and the rest of the West are giving Russia economic sanctions already and that's why they suddenly make a U-turn and starting to go full-crypto.

I do not have any proof related to the Russian economy but I certainly understand war needs money and so far Russia has not asked any country for billions of dollars to fund its war. One thing is for sure the sanction did not work for Russia and the only problem that they are facing is unable to use the SWIFT payment system.

It's just one way to circumvent the restrictions to them. But if they really wanted to, they will have to build mining rigs and start mining Bitcoin for their government. That could be the best way for them to make crypto work on their side and not rely on other nations.

Bitcoin is decentralized and Russia is heavily centralized by Putin. I do not think he will think about Bitcoin mining if he does think about it later on, it will be heavily regulated.

[MrSpasybo]

Great decision, Russia take a fantastic step for economic development. I think it will be very helpful Russian economy. Russia approves law allowing use of crypto for global payments for this decision Russia will be grow up from economic crisis. We know that Western countries mainly America given economic restriction for Russia and Russia are not interested to use US dollar. so instead of US Dollar crypto-currency is best alternative I think.

I also think if Russia use cryptocurrency properly they will never fall in economic crisis. Then western economic restriction will not work properly. So cryptocurrency could be blessing for Russia I think.

I would have considered this good news for crypto if it had been announced a few years ago and confirmed the Russian government support for crypto. Now it is being used as a way to avoid sanctions and get more resources to fund the war of aggression against Ukraine, which makes crypto a tool for acts of sabotage against peace and food security globally. This is not the scenario I want.

We will need more time to see what crypto Russia will use and what restrictions the West can apply to this. If Russia uses privacy coins like XMR + ZEC + DASH they can avoid onchain data analysis and investigation.

[Manna]

Sanctions are definitely the reason for this. Normally Putin is a dictator, so that means he would not want something as decentralized as Bitcoin to exist in his nation and would prefer to ban it, but even if not ban it, regulate it heavily. But considering western nations are focusing on sanctions, that means not only Russians are having trouble selling their stuff and using anything else for payment, and also there are many oligarchs who are rich enough that they want to bring their money back, to avoid sanctions and asset freeze. So that is why I think its clear that we are seeing Russia putting crypto in a good light for them.

The analysis you have made is quite logical and highlights an important aspect about Russia's position in the current global geopolitical context.  Russia, especially under Putin, has long emphasized central control and a state-run economic structure.  Naturally, this can be uncomfortable for an authoritarian government, with a decentralized and out-of-control technology like cryptocurrency.  However, you rightly point out that Western sanctions have forced Russia to look for an alternative path. The impact of sanctions on the Russian economy has been massive.  As a result, cryptocurrency has emerged as an attractive alternative, which can serve as a means of circumventing sanctions.  This is especially true of wealthy individuals and oligarchs, who may use cryptocurrencies to protect their wealth and carry out international transactions.