Russia regulating cryptocurrencies has drawn the attention of other countries.  It is very likely for Russia to recognize and regulate cryptocurrency as kind of currency in 2022.  The cryptocurrency ban proposed by Russia in January, prohibits cryptocurrency trading, mining and also usage.  However, it Russia decides to work in favor of cryptocurrencies, perhaps only owning cryptocurrencies will be allowed in Russia and no other related activities might be allowed.

Pomp recently shared: “The Russian government and central bank have just reached an agreement on cryptocurrencies, according to Russia’s Kommersant. Both organizations will treat bitcoin and crypto assets as currencies.”

COMMUNITY RESPONSE:  This is absolutely horrible. Partnerships with governments is the exact opposite of decentralization. The beginning of the end is here.

Fortunately for us, the Bitcoin CEO doesn’t do partnerships.

Why are they saying “Bitcoin & Crypto Assets”?  Do you think Bitcoin is not Crypto Asset? Or do you think it is different from crypto? Why maxis always prefer to show Bitcoin as some kind “Elitism”. Let us be inclusive and follow ideology of equality.  Let the level playing field be the ideology.

Is it because the US dollars are about to be cut off from them after they invade Ukraine?

Everybody seems deliberately ignoring this part. What’s the point of this adoption if you have no freedom after all?

If Russia keeps taxing it, many don’t see how it can be good news.  Russians say that it’s good for them if the governments acknowledge crypto.  May be good for governments and it is very important to think what governments think they are for.

There are arguments that Bitcoin can be a threat to National security as enemies are circumventing US economic sanctions by using Bitcoin or other digital assets. Conveniently, this argument to Nationalize crypto will follow the path of digital Yuan, which is what China did to inspire centralization.

If you actually translate what Russia says: “We plan to recognize it as some sort of currency (“analog”), which should be allowed to use only via KYC-ed Russian bank system or licensed entities. Other transactions will face criminal penalty.”

What’s the tax implications of this? Does this mean no tax for selling/buying?  Why wouldn’t there be? Would Bitcoin and cryptocurrencies be any different from being taxable?

This is not the bullish news you make it out to be. Instead, it will be a predicate for the US government to launch an offensive on BTC on the grounds that Putin is embracing it. I hope I’m wrong but that’s how I see it

The Russian Government and Central Bank doesn’t and will not treat Bitcoin and crypto assets as currencies. Bitcoin could be used as a financial tool to bypass the U.S. sanctions.

There is no mention of BTC From the Russian article about regulation: “In all other respects, the cryptocurrency in the Russian Federation, in essence, will be recognized as a close analogue of foreign currency (and not CFA).”

So, will American Ban Bitcoin and Crypto because they do not want their enemy to have an upper hand.