Russia approved bitcoin as a form of money in order to hedge against the Russian ruble's depreciation and the Biden sanctions. What are your thoughts?
Putin is in favor of establishing bitcoin as a kind of money since he is threatening war and Biden's economic penalties will harm the ruble. He might still use bitcoin to transact in the global economy. I'd want to hear everyone's thoughts on this. Thanks for your response in advance
I do not think they have really decided on this. Yes, I did see the news earlier this February when it was said that the Russian government and the Bank of Russia reached an agreement on how they would regulate Bitcoin and has accepted it to be a form of currency, but some sources said that they haven’t really come to any agreement.Putin is in favor of establishing bitcoin as a kind of money since he is threatening war and Biden's economic penalties will harm the ruble. He might still use bitcoin to transact in the global economy. I'd want to hear everyone's thoughts on this. Thanks for your response in advance
As of recent I started seeing another news, I think that was two days ago , that the Bank of Russia has started to push for crypto ban again. They have chosen to go for digital ruble, which I believe would be their CBDC (central bank digital currency). With that said, their neighboring country which is Ukraine has as of recent declared Bitcoin a legal asset in their country.