It came out today that the Russian government is working on a bill to make Bitcoin and cryptocurrencies as a “currency analog”, which to my monkey mind sounds like "alternative currency", meaning that Bitcoin should be used, if the law passes of course, as an alternative currency for the ruble.
Hmm... I want to see that happening. More details in here.
After reading the report it seems to me that the Russian government is more focused upon regulating exchanges, mining activities and get their hands on some crypto tax money rather than make Bitcoin legal tender as El Salvador did...
It's not like they're gonna be selling gas for Bitcoin, right?
No, I don't see that happening any time soon due to lack of offers, but my monkey mind says to me that mister Vladimir would accept such an offer in a second if there would be one. Bitcoin might be the new sound money and Russians can't afford to loose that train.
My personal take is that Russians have become so crypto friendly all of a sudden due to the financial benefits they can have from crypto, such as taxing miners, taxing traders and investors and why not tax the ones that would use Bitcoin as a "currency analog".
There's money to be made from crypto and Russians are not going to let it slip through their fingers like the Chinese did. The Chinese have a history with being late to the party as they have come to embrace the gold standard quite late as well, mid '40s if I remember correctly.
China is an important economy, though, it produces a lot of "cheap shit" that gets exported all over the world and it doesn't need Bitcoin much, especially when knowing that Bitcoin can rot their control over the citizens.
Russia is an important military power, it's probably as relevant as the United States, but economically is not doing great... I mean, I know folks who have migrated to the US, saying that the country is indeed the land of all opportunities, but I don't know of anyone who has done that with Russia, like moving there for a better living.
It was Barak Obama I guess who advised Putin to slow down a bit with their weapons manufacturing and focus more on building a strong economy. Russia is profiting a lot from their natural resources and from the resources of lands they kinda stole, but they are not to be compared with the US from an economical point of view.
If they will "properly regulate" crypto in the country and start getting tax money from all sort of crypto related activities it is supposed that Russians could collect some $20 billion worth of crypto taxes a year, which will help the economy a bit.
I consider that the country is not driven by the same principles as El Salvador is in their approach towards Bitcoin, it's nothing more but a "money business" for Russia... I don't really see it accepting Bitcoin as legal tender either, it's too dangerous for them to do that, but they are sure good scavengers profiting off the China ban.
What do you think, why is Russia so crypto friendly all of a sudden?
Thanks for attention,
Adrian
Initially Posted Using LeoFinance Beta
