High volatility of the crypto market does not allow oil trading for Bitcoin
Since Western states began to impose economic and financial sanctions on Russia, the Eurasian country began to study the possibility of accepting cryptocurrencies as a means of payment, and since then oil and Bitcoin are assets that have become very close in Russia.
However, recently the Ministry of Finance of the Russian Federation bluntly ruled out the possibility of oil being traded with cryptocurrencies such as Bitcoin, mainly due to the high volatility of the crypto market and the daily trading volumes of this commodity.
According to Ivan Chebeskov's statement as a senior official of the Ministry of Finance of the Russian Federation, the possibility of trading cryptocurrencies on a large scale is ruled out, as the proposal to receive Bitcoin as a form of payment for oil shipments is unfeasible.
Chebeskov noted that the high volume of funds required for oil trading makes it difficult to establish Bitcoin or any other cryptocurrency as a means of payment.
Among the arguments justifying the refusal to accept Bitcoin as a medium of exchange is the high volatility exhibited by the crypto market, an element that would make it detrimental or risky to close deals involving large transactions.
However, despite these not encouraging statements for the crypto market, Chebeskov stressed that in Russia they envision establishing Bitcoin and other currencies as an asset and not as a monetary medium of exchange.
SOURCES CONSULTED
Tim Alper Russian Ministry of Finance Says There’s No Place for Crypto in Oil Trading. Link
OBSERVATION:
The cover image was designed by the author: @lupafilotaxia, incorporating image: Educlevr
Hello @lupafilotaxia, I believe that it is unlikely that any country will accept the payment of its transactions in Bitcoin or any other cryptocurrency, not only the high volatility of the cryptographic market but also the lack of any certainty of recovery of said market in the short term, although for other investors this means the best time to buy Bitcoin at a good price.
Hi @tocho2
It makes a lot of sense what you say, there is still a long way to go before cryptocurrencies can be used as exchange currencies.
Best regards, be well.
hello @lupafilotaxia
I think it will not be possible to start receiving as payment the bitcoin because of its volatility , but if it can be in another cryptocurrency as a stable currency , this will certainly give a strong boost and more credibility to cryptocurrencies.
Thank you very much for sharing
Hi @dgalan
Using stablecoin is not a viable option, stablecoin are part of centralized structures and at any time they can go to zero, look what happened with USD of LUNA. Bitcoin in return offers zero interference in its unit issuance structure.
Best regards, be well.
Hey @lupafilotaxia!
Using crypto or BTC as payment would be really risky for any country, I mean it is very volatile very very! It would bring a hard time to control gains and losses especially for now, maybe if it's stable for a while and start being less volatile then they might reconsider that again.
Thanks for sharing!
Hi @lennyblogs
That's right, at this time it is very risky.
Best regards, be well.
Hello @lupafilotaxia, reading your publication was really an interesting thing.
But let's look a bit into this
Although the price of tokens are not to be relied on, I still think that this would rather be a great avenue for the Russian to build a sustainable income for the nation again considering the economic sanction on them by the Western States.
Hi @eldecor
It may indeed be a great opportunity for Russians, pitifully the crypto market lacks massive adposition to largely support trading volumes.
Best regards, be well.
Volatility is the variable to be improved by crypto environment in the future, however the fact that BTC and cryptocurrencies in general are considered as a valuable asset is already a considerable advance.
Greetings friend @lupafilotaxia and thanks for sharing this valuable input.
Hi @sandracarrascal
Correct the volatility element is what most affects being able to trade Bitcoin.
Best regards, be well.
Well, the crypto market is really volatile indeed, but it's still a pretty good source of income for people who took some time to learn the basics and get into this field. Personally, I started trading ltc on https://changelly.com/buy/ltc , and it turned out to be pretty profitable for me, so even though it's quite risky because of the volatility, it can be money-making anyway.
Financial problems are something many people struggle with, and I can tell you that it's possible to find a good source of additional income on the internet to improve your financial situation. You can consider getting into trading, and this page http://usforexbrokers.com/ will help you find a reliable broker and start profiting.