Hello fellow Hivians!
So really cool news today coming out of Russia.
Basically, Russian authorities are planning to recognize digital assets such as Bitcoin, Ethereum, SPS, etc, as a form of currency according to the local newspaper Kommersant.
According to Kommersant, the Bank of Russia have decided on how they are planning to regulate cryptocurrencies with an expected draft law to be released February 18. This law effectively redefines crypto and sets out regulation for reporting transactions over certain limits (600k rubles). Further it makes transacting in crypto illegal unless via certified entities. This is effectively to ensure that all transactions are "KYCd" according to Russian standards.
This is definitely interesting as Russia has been previously pretty anti crypto encouraging freezes on accounts transaction with known crypto entities and regulating mining ops.
I know a lot of you guys in this space are super anti-regulation but to be honest, regulation in essence isn't a bad thing as its intent is to protect consumers. Further, markets that have some form of regulation are generally more stable and less volatile which ultimately means more trust in the blockchain and use of any given token.
All right so enough about the daily news, on to the giveaway.
Giveaway Prize
Winner's Choice from the below cards.
BONUS
If we can meet a designated number of upvotes I'll instead replace the winner's choice with one of the Chaos Legion Rare reward cards.
Last week we missed the goal of 80 votes so I will only draw 1 winner and drop this week's goal to 75 votes.
How to participate
- Leave a comment including the Splinterlands name the reward should be sent to and your response to the below prompt.
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*Prompt: Do you think Russia will actually make crypto legal tender and if so which country do you think will be next to do so?
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Note that I drew 6 names prior to this one that didn't respond to the prompt.
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Count me in for the giveaway! Pelacor Bandit.
Russia is probably doing this in order to bring tax income...all countries will do the same, sooner or later.
IGN @luizeba
!Gif money
Via Tenor
random card.
Russia did a good job this time, but there are still some countries that don't want to lose the right to mint coins
Thanks for hosting!
Ign:@stekene
Pelacor bandit plz
About Russia, I really have no idea. My knowledge is too limited.
Actually about countries and their opinion about cryptocurrencies in general, my knowledge is limited. But if I may guess, I think there will be someday countries legalizing crypto's. (They won't have a choise at some moment I think)
Agreed. I think at this point all we can do is speculate. I do think that at the end of the day however countries are going to be either forced to accept reality and that there are users of crypto or fall behind as the rest of the world passes them up in the space.
count me in, thanks
username - imfarhad
Mchero
Pelacor bandit
Russia will make it legal to discover cripto holders' identity and tax them. Tge next country will be Brazil
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ha good take for sure. End of the day countries definitely want to know whos holding and get their share.
I would like to participate again. A random card would do. Thank you!
Really enjoyed this mate! Well done!
I think this Is a political move to weaken the dollar strenght in the country, to have less damage from the upcoming sanctions for the ukraine tensione...next country could be India or an asian One (excluding china)
@davideownzall
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i don't know nothing about that so i can't say much x_x... ehm maybe is a plan to apply a tax politic or something
Count me in for Pelacor Deceiver pls :)
@sp3ktraline
I hadn't heard anything about this an honestly idk, but Russia is a world superpower and that would go far in helping with adoption.
Neither had I. I think it was first leaked yesterday
My absolute total guess is Russia will "legalize" crypto, but in doing so will try to centralize what they can. Who really knows though.
Next country... I have no idea. Spinning my globe randomly says Sierra Leone. Don't put money in it.
@theacks
Yeah, its totally a posturing move. Crypto hurts the $ more than it does the rubble and generally, Russia wants to track what is going on in their systems.
@flummi97 venari heatsmith, good luck all (:
I would love to get one of those rares!!!
I do believe Russia will push forward with making Crypto legal tender. It is the future and Russia is trying to stay ahead of other countries right now.
South American countries have showed a lot of interest in Crypto. Perhaps Argentina?
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No need to alert me, I follow you so your posts always show up in my feed.
On Russia... Yes, I believe they will. The "certified entities" seems key to me. Maybe as much, or more, keeping control than preparing for the future. And I don't have a clue who might go next. It would be nothing but a wild guess. But I do think whoever it is, it will be as much, or moreso about control (which is to say clinging to the past) than protecting people or embracing the future.
I agree that all regulation is not bad, but I also think if you take all the law makers in the world and put thier names in a hat and draw one at random, you are much more likely to pick someone who cares much more about their own self aggrandizement and power than protecting people or preparing for the future. I chalk that up to human nature, nothing more.
No I do agree, generally 'people' are out for themselves and each country doing something related to crypto is doing it for themselves.
Mercenary please @misterabaddon
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I think Russia will go through with it, with all the tension in the world right now I can see them putting these actions into play to gather more funds for themselves in the long term, incase something ever was to happen with the USA etc... 😶
I don't think Russia will make crypto legal tender but they will treat the assets like actual assets so they can tax it.
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yea I suppose the wording is a bit ambiguous when they talk about the bank of Russia accepting transactions.
conjuror pls
@daethical
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I think Russia will do it but not really soon
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Thanks for the card! Will skip this giveaway!
Thanks for engaging!
would love to try again
@smokrthou
Count me in for the giveaway! Basilik please Mamshie!
Russia is doing this one to bring more tax into their country, it's better tho however crypto is still as absurd as the universe, so it's really a huge subject to tackle without thorough knowledge of it. Forgot the other country that did it first, but all else will follow suit sooner or later.
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Recognizing is not yet legal tender, I think that is way to go, but if it ever gets this far, that would surely be some BIG news
True, the specific steps lined out in this proposed law are definitely more akin to classifying and figuring out how to track crypto rather than accept it for government payments. That said, at face value, that is supposedly the intention of of the series of new laws this first law is a part of.
Either way, literally last month Putin was ban all crypto etc so its an interesting swing.
Agreed! On the other hand: Last month about to ban, this month about to recognize, it is not really stability ;) But a further step along the path of universal recognition!
Count me in for the giveaway! Basilik please Mamshie!
Russia is doing this one to bring more tax into their country, it's better tho however crypto is still as absurd as the universe, so it's really a huge subject to tackle without thorough knowledge of it. Forgot the other country that did it first, but all else will follow suit sooner or later.
IGN: @kramlyn12
Mercenary or wavesmith please. Thanks.
Conjurer please :)
@marleyroots
well if Russia succeeds another country will eventually follow
Pelacor Bandit
@tjnanda
count me in @hatke
pelacor bandit :)
It will be interesting with Russia, I think they will move toward that path because it goes against many of the other countries, but once a large country legalizes it, things will move in the positive direction. China shut down a lot of the mining operations, they moved to Kazakhstan, but if Russia moves to legalize it then miners might be moving there. The next country, Kazakhstan I think would be next.
Ign: kqaos
Bandit or Wavesmith
Thank you for doing this, !PIZZA
Yeah, it is interesting to see Kazakhstan's place in the crypto world. They are certainly capitalizing on the world powers' concerns with crypto. At this point I don't see crypto going anywhere and the countries jumping on board earliest will ultimately gain a bigger piece of the pie over those that don't.
Countries such as Russia, US, China, UK, etc are going to have to make those calls and gamble the relative power increase/decline that will ultimately come along with it.
count me in! thanks!
ign: onefapman
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Crypto adoption is inevitable #bullish
I believe the US may be next, if not close by. Pelacor bandit or if possible venari crystalsmith, thanks! @packagedmilk
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I do not think Russia will actually make crypto legal tender, since I believe they've banned it several times now and as soon as Putin realizes that it is used to finance the opposition anonymously (even if they try to integrate and make kyc mandatory) they will do so again. @summoner-cha