Welcome to BeerMoneyForum.com - BIGGEST MAKE MONEY FORUM ONLINE

[Balint098]

The bill, called "On Digital Financial Assets", has passed the legislative body, cementing cryptocurrency legal status in all of Russia. There's a catch though, crypto still can't be used as payment method. This bill has paved the way for crypto to get integrated into Russian people daily lives.

 

[Wisdom01]

I think Russia might soon create their own digital currency because the government looks more concerned about its use , but why are they not using crypto as payment method

 

[Balint098]

I think Russia might soon create their own digital currency because the government looks more concerned about its use , but why are they not using crypto as payment method

Because they have not yet make a law or regulation about crypto as payment option. Still, this is a good moment for crypto as more and more country legalize it.

 

[Wisdom01]

Because they have not yet make a law or regulation about crypto as payment option. Still, this is a good moment for crypto as more and more country legalize it.

If they have not make a law on regulating it, can people still use it as payment option because in some country crypto is not regulated or legalized but people can still trade with it

 

[Balint098]

If they have not make a law on regulating it, can people still use it as payment option because in some country crypto is not regulated or legalized but people can still trade with it

I don't know I'm not living in Russia, but then considering that many HYIPs and hackers have origin in Russia people there will still use crypto as payment regardless of legal or illegal status.

 

[Reznov]

Glad that they made it legal, sooner or later it will be used as payment method there though, next step is to take care of the huge scam hyips that are based there

 

[Josemendez]

The bill, called "On Digital Financial Assets", has passed the legislative body, cementing cryptocurrency legal status in all of Russia. There's a catch though, crypto still can't be used as payment method. This bill has paved the way for crypto to get integrated into Russian people daily lives.

I think even with the ban on use of cryptocurrency as payment method , it is still a good improvement. Now they can be trading cryptocurrency without fear , and can as well to local currency .

 

[Wisdom01]

Glad that they made it legal, sooner or later it will be used as payment method there though, next step is to take care of the huge scam hyips that are based there

Yeah scam hyips is alarming and the government needs to act fast ,because a lot of people has gone broke and lost a lot of money on those hyip sites as well thing's need to be done

 

[KarthikP]

Yeah same goes with our country. Cryptocurrency has been declared as legal but no one can accept Bitcoin as a payment method. One can use crypto for trading and other purposes.

 

[Balint098]

Same here too, in my country crypto is legal, though the law is still a bit wonky, and yet people are already trading crypto. No one dared to accept it as payment option tho.

 

[ELSA-ELI]

This is yet again a milestone in the world of crypto currency.It will help boost the confidence and hoping more and more players will come on-board and support this mode of value exchange.

 

[kodiokeke]

The bill, called "On Digital Financial Assets", has passed the legislative body, cementing cryptocurrency legal status in all of Russia. There's a catch though, crypto still can't be used as payment method. This bill has paved the way for crypto to get integrated into Russian people daily lives.

This is commendable coming from Russia, i hope other countries will align with this development, though this is desperately needed in Russia as it tries to navigate away from crippling effect of US sanction and European Union though stand against it, coupled with the economic impact of Corona virus, the Ruble has been experiencing one of its worst days compared with other currencies.

 

[Niftyicon]

To put their fears away, regulations should be put in place to guide the use of crypto not only in Russia but all other countries so that the economy still thrives with the use of both crypto and the local currency.

 

[Balint098]

To put their fears away, regulations should be put in place to guide the use of crypto not only in Russia but all other countries so that the economy still thrives with the use of both crypto and the local currency.

I don't think regulations can remedy this, especially in countries with iron arms like Russia or China. If people there were given chance they will quickly adopt crypto and abandon their national currencies since crypto gives them more freedom.

 

[ELSA-ELI]

It could be that the govt has succumbed due to the international financial pressure.You know when it comes to foreign reserves there is no way Russia being one of the super powers would remain autonomous in trade with only its preference of convertibles hence the need to just accept cryptocurrency. But one of the greatest fears is cryptocurrancies volatility more especislly bitcoin such that when not handled carefully can cripple the economy if government accept it as legal tender.

 

[Niftyicon]

I don't think regulations can remedy this, especially in countries with iron arms like Russia or China. If people there were given chance they will quickly adopt crypto and abandon their national currencies since crypto gives them more freedom.

I still think there should be a way to make things work with both. One shouldn't be abandoned for the other because crypto is becoming a world identity and the local currency is part of the country's identity.

 

[onlyprofits]

The Russian economy is not very big, so they must look for alternatives and open up to new technological markets, it is their only way to remain at the top as a power, coupled with the fact that at the moment they are the largest oil producers

 

[Balint098]

It could be that the government wants to come up with there own method or means or easy and fast payment without employing crypto currency or Bitcoin in particular

Nah, they want to protect their national currency, which is in this case the Ruble. They don't have any plan to develop any new kind of payment method.

 

[wilsnico]

They want to make laws to control it.
Look at Brazil there is a law that has been implemented this week that puts all miners of the country together in 1 mining pool and is controlled by the state.
Whoever controls the miners has control of the network's safety and speed and thus have control the network.
All this crypto costs them a lot of money and is not good for their own currency.
Bitcoin is beginning to be less decentralized, because there are almost no ordinary citizens like you and I that can do mining .
More and more mining is done by a small number of companies that then can repress the developers of the network without problems and demand things by threatening to shut everything down.
May I remind you that it is the miners who are responsible for security and controlling the transactions.
May I also point out that the bank of Europe is creating their own digital money like China and others and that even the Chinese bank has been blacklisting many bitcoin traders.
Do you really think that those that have thousands of euros/dollars of bitcoin aren't going to drop their pants when their money is in jeopardy?
When they legalize it and make sure that you are not allowed to make payments, there is only one reason for that !
Taking ontrol over it !

 

[Kunkun]

This is a good development not just for Russia but for the world of crypto trading, with time more countries would take similar approaches