Quote from: pinggoki on Today at 05:10:46 PM

I think the reason why he tried to relate bitcoin into the oil trade is because as of the moment oil and gold are the means of determining whether a country is developed or not, the more oil and gold reserves they have, the more economically powerful a country is. He believes that bitcoin could be used as a substitute for currency but until the time it could be on par with oil in terms of value and use-case he is most likely to sideline it. Bitcoin, albeit a greener option, still falls short on the use-case sector since oil powers everything as of the moment, but as we trend towards a nature-friendly future, not only Russia but many nations which are initially against the use of crypto may change minds and opinions.

Quote from: dificanovi on October 16, 2021, 07:23:59 PM

Quote from: Blawpaw on October 14, 2021, 12:37:08 PM

Russia is adopting a different attitude towards cryptos than China. President Putin has come public saying "Bitcoin has value but it cannot be used in the Oil trade"

I guess Putin didn't still fully grasp the real potential of cryptos as he says

Quote

“Cryptocurrency is not supported by anything as of yet. It may exist as a means of payment, but I think it’s too early to say about the oil trade in cryptocurrency.”

But even so, it shows that Russia seems to be adopting a friendly position facing cryptocurrency and it may be having some impact on the industry. Given that China adopted a harsh position towards cryptos, is it possible that miners are relocating from China to Russia? Is it possible for Russia to step up to occupy the former place China had in Bitcoin? I guess this is what is happening, otherwise, Putin wouldn't come public with such a neutral position.

The Russian president only said that Bitcoin has value but he also said that Bitcoin cannot be used for oil trading, from the words of the Russian President I think that there is no hope for Bitcoin to be made as legal tender in the country.
From this news we can conclude that the President of Russia does not prohibit bitcoin in his country but the President of Russia also does not accept Bitcoin as a legal tender.
Hopefully in the future the Russian President can accept bitcoin as a legal means of payment so that the poor can be helped by bitcoin and on the other hand so that the price of bitcoin becomes more expensive.

There is still hope I think, we tend to forget the fact that more and more people are revolutionizing towards a future that is not run by non-renewable resources like oil and coal. Thus, once achieved I think we will have good chances that bitcoin could find some space in the Russian economy and be used for their everyday living. We have to consider that the opinion Putin presented is only for the moment and may change for the better, or for worse in the future, once all things are said and done.

But knowing how positive Putin about crypto at the present, it will be more likely to gain positive results in the future. Although no one holds the future, but we know in time crypto will be more usable in the years to come and by that time, maybe Putin will already accept crypto not just as a currency, but also for oil trading. And in terms of Russia replacing China, i have high hopes that it will really bound to happen soon as China becomes more unproductive to crypto. Russia will definitely be a good relocation for crypto miners as the President itself is not against with it. So definitely, its an edge.