When Russia announce that they accepted the Bitcoin as money form, can you explain the news more?
I don’t remember reading any news that say that Russia accepted Bitcoin as a money, maybe if there is any news that said such, wouldn’t mind if you can link me up to that news so that I can read about it.
When you say that they accepted it as a money form I guess that you mean the way El Salvador has declared it a legal tender? Meaning that it is the same thing with their dollar and can be used to purchase anywhere? I don’t think that’s the case with Russia, the news I read said that they have declared it a legal asset, there is a difference between that and what you have said here.
Putin has talked a lot about bitcoin inconsistently. But in fact, nothing has been done to recognize bitcoin or another cryptocurrency as a means of payment. The previous law on digital assets passed still prohibits the use of cryptocurrency as a means of payment. The Central Bank of Russia also advocates a complete ban on cryptocurrencies. Only the Ministry of Finance of the Russian Federation proposed to legalize and regulate cryptocurrency, but nothing was adopted at the legislative level.
Now, after the failure of the attack on Ukraine and the imposition of unprecedented international sanctions against Russia, the Russian government must have changed its priorities and tasks. The main thing for Russia now is not to let the remaining capital flow out of the country. Cryptocurrency will just contribute to this. Therefore, I do not think that now they will turn to cryptocurrency there.