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Putin signs law prohibiting crypto payments in Russia | Engadgetwww.engadget.com/putin-law-prohibiting-crypto-payments-russia-125015139.html
120 sats \ 5 comments \ @luffy 16 Jul 2022 bitcoin
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200 sats \ 0 replies \ @cryptocoin 16 Jul 2022
This will delay but not stop the "circular economy" from gaining traction in Russia. It will, however, push the existing activity "underground" and off the radar of the government. Quite a number of those in Russia accept bitcoin as a payment method currently (e.g., those accepting bitcoin for freelance work, merchants who accept bitcoin for goods and services, etc.) and all but the larger businesses will continue to do so, just without publicly advertising that they accept bitcoin.
I don't think that's the target here for this law. What they are likely trying to prevent is those in Russia from using bitcoin to make payments to buy goods and services -- especially for imports, where that displaces the use of the ruble in that role. They know they this isn't going to stop individuals from doing some online shopping where bitcoin is the payment method, but this new law will stop bitcoin from becoming the norm as a payment method for importers who bring in containers of goods and for other bulk shipments. And there certainly will be instances where even the government itself will use an intermediary to effectively make payments in bitcoin on the government's behalf where paying with bitcoin is either required by the seller or where the needed foreign currency required by the seller is simply not readily availale by the government.
But because bitcoin is designed to be censorship-resistant, and can be the payment method with the least friction, don't expect it to completely disappear as a payment method, by any stretch of the imagination.
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120 sats \ 1 reply \ @tomlaies 16 Jul 2022
The guy has to balance 2 things:
  1. Freedom of trade on the country-level are pro Bitcoin
  2. Control over the population inside of his country
He very well wants business owners to transact in Bitcoin when they drive a truck offroard through the forest to a free country. He just doesn't want the normal people in his country to have this power.
Pity. He will regret it.
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0 sats \ 0 replies \ @selfish_gene 16 Jul 2022
это не так.... просто нужно понимать русский язык что б понять что там написано.
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0 sats \ 0 replies \ @cryptocoin 16 Jul 2022
The new law states:
"It is prohibited to transfer or accept digital financial assets as a consideration for transferred goods, performed works, rendered services, as well as in any other way that allows one to assume payment for goods (works, services) by a digital financial asset, except as otherwise provided by federal laws."
Russian authorities aren't quite keen on digital assets: The Central Bank of Russia called for an outright ban on cryptocurrency. That most likely didn't happen, because Russia's Finance Ministry was opposed to the idea and believed it was necessary to allow crypto technology to develop. In 10 days' time, the law will take effect and will make paying with crypto illegal in the country.
Russians can still invest in cryptocurrencies like Bitcoin and presumably continue mining them as well.
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0 sats \ 0 replies \ @selfish_gene 16 Jul 2022
верно. но биткоин в РФ это имущество!)
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