Interesting on the breaking news from Russia:




@ProfaneBenni
BREAKING: If reports are to be believed, #Russia is planning to recognise #cryptocurrencies as currencies. It's incredibly #bullish news.
I delved a little deeper. Here's what we know right now. Thread. 1/

https://twitter.com/profanebenni/status/1491313537092034563?s=21


@ProfaneBenni
The report circulating on #Twitter is sourced from the @kommersant newspaper.
According to #Wikipedia, Kommersant is a nationally distributed Russian paper with a daily circulation of 100000+ in 2013. It is devoted to covering politics and business. So it is legit. 2/
https://twitter.com/profanebenni/status/1491313555475673089?s=21


@ProfaneBenni
Here are the most important parts of the report. "The government and the Bank of Russia have agreed on a future regime for the circulation of cryptocurrencies in Russia: by February 18, they will prepare a draft law on the circulation of digital currencies in the Russian..." 3/
https://twitter.com/profanebenni/status/1491313558801756163?s=21


@ProfaneBenni
... Federation, in which cryptocurrencies are recognized as an analogue of currencies, and not digital financial assets (DFA)." 4/
https://twitter.com/profanebenni/status/1491313561427054592?s=21


@ProfaneBenni
"Their circulation in the legal sector will be possible only with full identification, through the banking system or licensed intermediaries." 5/
https://twitter.com/profanebenni/status/1491313573997715462?s=21


@ProfaneBenni
"... fines will be introduced for the illegal acceptance of cryptocurrencies as a means of payment."
This implies that crypto will be a legal means of payment in Russia. And illegal acceptance will invite legal action. 6/
https://twitter.com/profanebenni/status/1491313579370631170?s=21


@ProfaneBenni
 "... evasion of declaring transactions with cryptocurrency will become a criminal offense, and its use will become an aggravating circumstance in other offenses." 7/
https://twitter.com/profanebenni/status/1491313594050686976?s=21


@ProfaneBenni
"The possession of cryptocurrency in the jurisdiction of the Russian Federation and transactions with it are not prohibited - but only through the "organizer of the digital currency exchange system" (a bank with a universal license) or a p2p exchanger legalized in the ..." 8/
https://twitter.com/profanebenni/status/1491313601717882880?s=21


@ProfaneBenni
"... Russian Federation."
"So far, the most intriguing is the organization of the legalization of the existing undeclared cryptocurrency, which is not described in the concept." 9/
https://twitter.com/profanebenni/status/1491313604851007488?s=21


@ProfaneBenni
"The Ministry of Finance's estimate of the total amount of crypto assets in the Russian Federation has not changed - it is 12 million crypto wallets with assets worth 2 trillion rubles."
This is equivalent to around 26,711,184,000 USD. 10/
https://twitter.com/profanebenni/status/1491313618713190401?s=21


@ProfaneBenni
Previously, The Bank of Russia had expressed its disapproval of cryptocurrencies and called for an outright ban. However, Vladimir #Putin then went on record to outline Russia's advantages in #Bitcoin  mining. 11/
https://twitter.com/profanebenni/status/1491313621993156613?s=21


@ProfaneBenni
Putin is the indisputable ruler of Russia. His opinion could have been expected to prevail. It seems like it did. #NATO and the #US have been mulling over sanctions on Russia over their militaristic overtures in #Ukraine. 12/
https://twitter.com/profanebenni/status/1491313641169514497?s=21


@ProfaneBenni
There were talks of plans to remove Russia from the SWIFT payment system. So Putin could be looking for a way to sidestep the dollar and the conventional payment system. What better than Bitcoin! 13/
https://twitter.com/profanebenni/status/1491313646815035393?s=21


@ProfaneBenni
Consider Russia's massive #oil and gas reserves, among other natural resources, and you have the perfect recipe for a Bitcoin mining powerhouse. The Kommersant report says that decisions are still to be made on the subject of mining. Let's wait and watch. 14/
https://twitter.com/profanebenni/status/1491313664829591555?s=21


@ProfaneBenni
Now we wait for further corroboration from other news sources about this exceedingly bullish news. Few would have actually expected a country as powerful as Russia to come onboard the Bitcoin wagon so early. Even though it makes all the sense in the world. 15/
https://twitter.com/profanebenni/status/1491313669757890560?s=21


@ProfaneBenni
Game theory is working. Russia may be going all in.
Your move, US. 16/
https://twitter.com/profanebenni/status/1491313685943689220?s=21