Russia Approves Bitcoin Mining & Experimental Cross-Border Exchange Regime

- Oversight of mining activities will be divided among various institutions, with the Bank of Russia holding primary authority.

- The authorized body and the central bank will also have the right to impose a ban or restrictions on digital currency transactions to "preserve Russia's monetary stability."

- The law also imposes a ban on advertising cryptocurrencies and offering them to an unlimited audience.

- Under the new law, the central bank will also establish a experimental infrastructure for cryptocurrency payments, with details yet to be announced.

- The new law will not lift an existing ban on cryptocurrency payments inside Russia.

Pretty good privacy flow that covers *most* average Bitcoin use cases 👇

BUY 🤖 - For use when you want to obtain sats that are not tied to your personal identity #noKYConly

➡️ Robosats Trade > Use proxy invoice when withdrawing to own your node > Accumulate/spend from own node.

SPEND 🪙 - For use when you want to use Bitcoin as money

➡️ Not too much to say here, LN has good base level sender privacy when using your own node.

STORE 🧊 - For use when your node balance gets close to channel capacity, or to a value that you want to move to cold storage

In the end, if Bitcoin is the money everyone is using, the State will have to start accepting it for the payment of taxes.

This will have many advantages for the state, as they can "Micro Tax" activities; something that is beyond the ability of the Geriatrics to conceive.

There will be an interim stage however, where the State demands that you pay it in its money, meaning you have to convert Bitcoin to fraudulent fiat. They will see, as they need to change the exchange rate twice per day, that the situation is untenable, and this will spur them on to switching to Bitcoin.

Bear in mind that once they have collected their own money as taxes, no one in the real economy will accept their money for goods and services, requiring them to buy Bitcoin just to pay salaries and live.

There is another scenario however, that indicates that the life of coerced money forms can persist indefinetly if properly managed:

THE TALLY STICK.

The Tally Stick was literally a piece of wood sawed along its length with a random zig zag that the British Crown would accept as a payment method for settling tax bills.

The power to enforce payment methods backed by violence is how this worked so well: