Posted on 12/23/2022 11:20:48 AM PST by SeekAndFind
Russia’s Congressional finance committee chairman, Anatoly Aksakov, said the country is moving to greenlight international trade in cryptocurrency within the next month, according to a report by national news agency TASS.
"In January, we want to legalize cryptocurrencies to ensure foreign trade activities," Aksakov said, per a translated version of the report.
The chairman highlighted that although Russia is taking steps to allow bitcoin and cryptocurrency payments for imports, there are no plans to encourage similar usage of the burgeoning assets within the boundaries of the nation’s territory.
"The circulation of cryptocurrencies as a means of payment on the territory of Russia will be prohibited, and liability will be prescribed in this regard," he reportedly stated.
"But to pay for foreign trade transactions, we still assume the possibility of using cryptocurrencies, for example, for parallel imports."
Russian officials have teased at this possibility for almost a year, following an intense package of Western sanctions deployed in the wake of the nation’s invasion of Ukraine.
Russia laid out a roadmap for bitcoin regulation in January 2022, and the Ministry of Finance submitted a proposal in the following month. Around the same time, U.S. President Biden announced the first tranche of Russian sanctions, blocking five of the biggest Russian banks and freezing all the assets they held in America. One month later, Russia said it was open to selling natural gas for bitcoin.
"There can be a variety of currencies, and that’s a standard practice. If they want bitcoin, we will trade in bitcoin," the chairman of the country’s Congressional energy committee, Pavel Zavalny, said in a press conference at the time.
Soon, the idea gained steam and different areas of Russia’s government began endorsing it. In April, the country’s tax authority proposed a change to the local cryptocurrency bill to let entities accept cryptocurrency as payment in foreign trade. By May, the matter was being "actively discussed" in Russia.
The Bank of Russia, which was hardest government body to be convinced given its previous calls for a complete ban on bitcoin and cryptocurrency, first nodded to the possibility of allowing bitcoin payments for international settlement in June. In September, Russia’s central bank agreed with the Ministry of Finance that it would be "impossible to do without cross-border settlements in cryptocurrency."
Now, as the year draws to a close, the legal basis to allow such payments is about to become a reality, per the TASS report.
Mastercard and Visa are sad.
No no Vlad!
Dogecoin!
FINALLY!!! The killer app for crypto: international trade with a rogue, pariah nation! I knew that eventually a beneficial use for society would be found for crypto!
Every time I see a photo of a gold “bitcoin” it cracks me up. It’s marketing. Bitcoins don’t exist in the physical world. They are manufactured from faith. You can’t even grow a Tulip from one.
Russia soon to be money laundering capitol of the world.
Crypto can only work with countries that are RESPONSIBLE with their finances, and considering that Russia has neither a significant budget deficit or national debt, they have that option.
As for the West, they know they’ll have to outlaw it.
This must be fake news.
I was told earlier this week that crypto has no utility value...
https://freerepublic.com/focus/news/4117916/posts?page=22#22
What’s even funnier is when Customs or some Border guard finds a souvenir metal “Bitcoin” and decides it’s undeclared contraband.
I honestly believe that could happen. They don’t come from a very high talent pool. Prolly better than TSA, though...
Yep. First they buy a lot of gold, and now this. Not a good sign for the US.
All crapto coins are scam. This is just another iteration of it.
U.S. Dollars don't exist in the physical world either. They're also manufactured from misdirected faith in the Fed.
Bitcoins at least have a blockchain number and a known set of total coins in circulation. Dollars, on the other hand, are continuously overprinted by the Fed.
Things must be getting pretty desperate
U.S. Dollars don’t exist in the physical world either. They’re also manufactured from misdirected faith in the Fed.
Bitcoin owners want to see their value increase.
Wrong.
Bitcoin are manufactured from work - energy in motion.
Mathematical Proof of Work is what makes a Bitcoin.
Work is Godly and righteous.
Proof of Stake (crypto) is of the devil, ultimately relying on faith in men.
Proof of Work is faith in immutable math.
No man can bend math to his purpose.
Wrong.
Bitcoin are manufactured from work - energy in motion.
Work really means nothing. Sometimes work is futile. Digging a ditch to nowhere is work, but it has no real value, once it is analyzed end to end. Lots of people struggle to accomplish nothing, though it may appear they’ve accomplished something. I was in IT. A lot of projects were cancelled and never implemented, sometimes after costing millions.
The foundation of Bitcoin is math, and only math.
The math of hash encryption, the math of distributed network effects, and the simple math of scarcity.
I don't see where faith comes in at all, enlighten me.
Math always works, and it always works precisely the same.
Lol.. the globalists who are trying to replace him, would stop these proxy wars Obama started in Syria and joe started in Ukraine.
They would have to eliminate him.
The whole reason the Obama era world movers n shakers appointed zelensky was to get rid of Putin.
Putin is an evil man for sure… but they would be forced to eliminate him altogether in a J6 type witch-hunt if he did this.
Their green agenda requires absolute control of Russian natural resources. The Russians would be fools to let this happen.
Then they would be like Americans whose food bearing soils are owned by corporations, B Gates and the Chinese.
Don’t sell out Russia, fight this agenda with every ounce of strength left.
We didn’t and now every vital industry is decimated with the vax mandates, courtesy of operation warp speed.
Don’t believe me? Go to your local hospital the next time you need blood and ask for unvaccinated blood… they will mock, laugh and suddenly not be so interested in helping you.
You can thank Obama for mandating the flu vax via CMS percent disbursements for laying the foundation.
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