Post
Topic
Board Economics
Re: Russia gives in and considers accepting bitcoin exchange
by
Fortify
on 19/02/2022, 09:14:00 UTC
https://www.euronews.com/next/2022/02/09/russia-s-government-and-central-bank-agree-to-treat-cryptos-as-currency

From considering a ban to admitting that it is nearly impossible to prevent the use of bitcoin, that is already extended to millions of its citizens that will not stop their trading and holding just for an official ban, the government has chosen a much wiser path, legalise and make sure that the actors of the market are clearly identified and can operate in full compliance with legislation.

Unlike the internet, I guess they found it pretty impossible to control anyone in the country from being able to use it - so they might as well legalize it, tax it and have businesses making profit from it. Sounds like it will still be somewhat restricted and they what to contain it to certain areas of the country, at least from the mining perspective. It's a bit surprising that the ministry of finance and the central bank were so at odd's with each others opinion, maybe there is some kind of rivalry going on between the leadership of these two institutions and this is an outlet. The central bank, which controls the normal money flow, has lost it's case to the ministry of finance who is trying to innovate.