Vladimir Putin Says He Accepts Crypto as a Legitimate Currency For Making Payments (bloomberg.com) 45
Russian President Vladimir Putin signaled tolerance of cryptocurrencies, which are drawing increasing scrutiny from regulators around the world amid fears they can be used for money laundering and criminal activity. From a report: Cryptocurrency "has the right to exist and can be used as a means of payment," Putin said in an interview with CNBC that was posted on the Kremlin's website Thursday. Still, he cautioned it was too soon to talk about using digital currencies for trading oil and other commodities that form the bulk of Russia's exports.
Russia has sought alternatives to trading in dollars since being slapped with sanctions in 2014 following the annexation of Crimea, and Putin accuses the U.S. of using its currency as a weapon. Crypto backers argue decentralized money will eventually replace fiat currencies issued by central banks. The Bank of Russia has repeatedly warned investors that the crypto market is extremely volatile, and digital currencies are not allowed to be used as a method of payment domestically. However, there are no plans for a blanket ban similar to China's, Deputy Finance Minister Alexei Moiseev said this week, according to Interfax.
Russia has sought alternatives to trading in dollars since being slapped with sanctions in 2014 following the annexation of Crimea, and Putin accuses the U.S. of using its currency as a weapon. Crypto backers argue decentralized money will eventually replace fiat currencies issued by central banks. The Bank of Russia has repeatedly warned investors that the crypto market is extremely volatile, and digital currencies are not allowed to be used as a method of payment domestically. However, there are no plans for a blanket ban similar to China's, Deputy Finance Minister Alexei Moiseev said this week, according to Interfax.
This is for ransom for RU hackers, not for opposit (Score:5, Insightful)
He meant that Russian hackers he is protecting can accept ransom in bitcoins.
His political opposition in Russia cannot.
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Yes, exactly.
Is it bad for order in a democracy? Can my criminal cronies benefit? It is good. Da! Da!
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When you publish your newsletter you're not supposed to sniff the mimeograph fluid.
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Tons of oligarchs also apparently use bitcoin to move funds around due to the banking restrictions from sanctions, etc.
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All the hackers you mention have bank accounts in the following ALLIED to US and UK countries which we proclaim t
Two-face isn't just a cartoon villain. (Score:2)
Cryptocurrency "has the right to exist and can be used as a means of payment," Putin said in an interview with CNBC that was posted on the Kremlin's website Thursday. Still, he cautioned it was too soon to talk about using digital currencies for trading oil and other commodities that form the bulk of Russia's exports.
Right. So much for that "right" and "means of payment".
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He means that bitcoin has the right to enable the transfer of funds between his oligarch cronies and can be used as a means of payment for Russian-base ransomware and scams. Later he was overheard saying "it's good to be the czar!"
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It is very good for him on multiple accounts. It still has that potential of collapse and shaking economies, not that much his own. It works to challenge the businesses for ransoms, which are not under .ru or have Cyrillic keyboard layouts. It is excellent to move funds around without effect of sanctions imposed.
Of course, he does not need it, where he is serious about his own businesses. Crypto is a myth. These also linger for a while.
Accepts it? (Score:3)
Obviously (Score:1)
This is why Bitcoin exists (Score:1, Interesting)
Dave Troy @davetroy [twitter.com]:
Of course Russia likes cryptocurrency (Score:2)
"...Putin accuses the U.S. of using its currency as a weapon."
EVERY country with the capability uses its currency as a weapon, especially Putin's buddy Xi Jinping. Russia's problem is that on the world stage, the ruble is about as valuable as an equivalent amount of toilet paper.
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Russian toilet paper, the kind with the splinters in it, or US toilet paper with the quilting and scented chemicals?
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That's an excellent question, sir. I'm not sure which of those alternatives would ultimately prove worse for one's health.
Putin is sitting on a pile of cryptos so big that (Score:2)
Money laundering? Really? (Score:2)
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You can also go through the City of London [nytimes.com] to hide your money. Though it might cost you a bit more than Deutsche Bank.
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And the number one favorite currency for money laundering, fraud, and all sorts of illegal transactions is... drum roll... the US Dollar!
This persistent FUD that cryptos are uniquely suited for or tolerant of illegitimate uses is pretty worn-out at this point.
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Of course they would opt for bitcoin (Score:2)
It's a lot more stable than the ruble.
Means of payment; Quick translation: (Score:2)
Crypto for all his friends.
Happy
Real cash for russian waning economy.
Happy
Thank you.
Please give. NOW
So in other words: (Score:2)
The world's best know crime lord (Score:1)
Of course he does (Score:2)
All the oligarchs and tax evaders can easily move their ill gotten gains outside of their country without being noticed.
Context (Score:5, Informative)
This is the interview in Russian:
http://kremlin.ru/events/presi... [kremlin.ru]
Context for crypto: they're talking about USD as reserve currency and primary currency in which hydrocarbon sales are denominated. Reporter notes that Novak (Russia's deputy PM) suggested that because of US sanctions on Russia and exposure of hydrocarbons market to US pressure via USD, "we may soon see new contracts for hydrocarbons denominated in other currencies, or even cryptocurrencies".
Putin replies that it's too soon to talk about that, and while cryptocurrencies "have a right to exist", they're not backed by anything, which means "it's too early to tell".
That's the only mention of cryptocurrencies in the discussion, as they go on to talk about the role of USD in trade.
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This is indeed enlightening for me on purposes of China bots. I suspected that one of the tasks you are given is to reduce desire of people reading a wide array of sources and narrow us Westerners to small echo chambers where we get too busy fighting one another.
Thanks for confirming that.
Large numbers have rights (Score:2)
> cryptocurrency "has the right to exist and can be used as a means of payment,"
Numbers have rights, he says. :)
Not that I would expect Putin to really grasp the concept of rights.
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Now is the time to cash out then lol (Score:2)
I'll crack down on the hackers... (Score:2)
But I'll make it so they can spend/convert their loot.
Ya gotta love Putin-speak
Nice infrastructure, President Biden (Score:2)
"That's some nice infrastructure you have there, President Biden. It would be a shame if anything untoward were to happen to it. How about my friends keep an eye on it for you. We expect payment by end of day. BTC is fine."