Is Russia Trying to Ban Bitcoin?

The Breakdown

Blockworks

Investing, Business

4.8 • 806 Ratings

🗓️ 21 January 2022

⏱️ 14 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by Nexo, Abra and FTX US. NLW covers stories that show the full breadth of the crypto industry in 2022. In the first, he looks at a new report from the Russian central bank advocating a near-total ban on bitcoin and crypto in the country, along with new punishments for those who offend. In the second, he looks at news that Facebook and Instagram are testing new non-fungible token features, and that Twitter has gone live with verified NFT profile avatars. Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW - Nexo is a powerful, all-in-one crypto platform where you can securely store your crypto. Invest, borrow, exchange and earn up to 17% APR on Bitcoin and 20+ other top coins. Insured for $375M. Audited in real-time by Armanino. Rated excellent on Trustpilot. Get started today at nexo.io. - Abra is proud to sponsor The Breakdown. Join 1M+ users and Conquer Crypto with Abra, a simple and secure app where you can trade 110+ cryptocurrencies, get 0% interest loans using crypto as collateral, and earn interest with up to 14% APY on stablecoins and 8.15% APY on Bitcoin. Visit Abra.com to get started. - FTX US is the safe, regulated way to buy Bitcoin, ETH, SOL and other digital assets. Trade crypto with up to 85% lower fees than top competitors and trade ETH and SOL NFTs with no gas fees and subsidized gas on withdrawals. Sign up at FTX.US today. - “The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Time” by OBOY. Image credit: Will & Deni McIntyre/Corbis Documentary/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.0	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:14.9	The breakdown is sponsored by nexo.io, Abra, and FTX, and produced and distributed by CoinDesk.
0:22.7	What's going on, guys? It is Thursday, January 20th, and today we're talking about the
0:28.2	possibility of a Russian ban on basically everything related to crypto. First up, however,
0:34.9	if you are enjoying the breakdown, go subscribe to the show, leave a rating, leave a review, or if you want to dig deeper into the conversation, join the breakers Discord.
0:46.3	You can find the link in the show notes, or you can go to bit.l.ly slash breakdown pod.
0:52.7	Finally, the standard disclosure, in addition to them being a sponsor, I also work
0:57.7	with FTX. So right now, as we're recording this, the house hearing on crypto and energy usage is
1:04.9	happening. And originally I was going to do a show all sorts of fud busting around that, but I decided
1:10.1	to combine it into one. I want to give a little time sorts of fud busting around that, but I decided to combine it into
1:11.0	one. I want to give a little time to see people's reflections on the discussions going on in Congress
1:15.8	today and bring it together to you all tomorrow. So look out for that. What I want to focus on today,
1:21.7	then, is a couple other big pieces of news that really hit two very different but important dimensions of the crypto industry
1:29.3	in 2022. On the one hand, a nation state, trying to make a determination about how it's going to
1:35.2	engage with this whole industry, and on the other hand, NFTs and what they might mean for the
1:40.4	future of business, culture, entertainment, etc.
1:51.1	So yesterday on the show, I discussed how 2022 was going to be a year where governments really have their come-to-grip's moment with the crypto space, figuring out where they're going
1:56.6	to fit, how they're going to fit it into public policy frameworks, and in many ways, there are now
2:01.7	two extremes that governments can look at as tent polls. On the positive extreme, there is
2:07.3	El Salvador who has actually made Bitcoin legal tender, the first nation state to do so. There are
2:14.2	a lot of reasons for countries to be compelled by that example.
	...

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