Bitcoin Forum

According to www.bloomberg.com Putin come down hard against bitcoin by calling   for more regulations.

“The use of cryptocurrencies bears serious risks,” which include money laundering, tax evasion and terrorism funding, Putin said at a conference in Sochi.

Source: https:///news/articles/2017-10-10/putin-is-said-to-hold-first-meeting-on-cryptocurrency-rules

Russia keeps releasing controversial news about cryptocurrencies on a weekly basis, so it's kinda hard to take them seriously... Not too long ago they were having talks about facilitating mining farm setups and stuff like that to improve the countries position on the market.. Crazy stuff

This is true, however this time it seems that they speak loader.

http://www.reuters.com/article/us-russia-cenbank-bitcoin/russia-turns-cold-on-crypto-currencies-idUSKBN1CF0RF?il=0&utm_source=twitter&utm_medium=Social

Bitcoin can not be banned. Banning Bitcoin will affect the economy  :)

It is really suspicious and expected that this banks will strike the bitcoin with a negative views and comments, a lot of articles and personalities throughout the world already gave a review like that having a motive that it will decrease its price so that they can buy and earn from it, but the main point and concern is the toughness and increase to its price. Bitcoin already withstood them.

this will have an impact on the bitcoin, and again the outstanding issues will make the bitcoin fall again. Is it possible that the government will make a policy that is bad for bitcoin.

Russia is worried about things like that, but it will not extinguish the development of the growing bitcoin and cryptocurrencies

I think the president of Russia is right. bitcoin is prone to money laundering and tax evasion. but that does not make bitcoin seekers decline. more and more people are looking for bitcoin

Why would anyone be surprised by it? Russia is under a authoritarian government. Wherein people don't have personal freedom. And having bitcoin or cryptocurrencies is a threat to them. They are just hiding for reasons like they mentioned, but in reality they want to control everything and bitcoin is de-centralized for all we know. And since China (communism) has started to waged war against bitcoin, so don't be shock that Russia will follow the lead of China. Though the persons that are being harm here in the bitcoin community in Russia wherein it is very active as you can see in the forum.

Well, he's not wrong. It's a fact that money laundering is easier with Bitcoin than with fiat. Bitcoin transactions are not regulated, and are thus not subject to tax, so it could be argued that it contributes to tax evasion. As for terrorism funding, I don't think there have been confirmed cases just yet, but since the flow of money can be near un-traceable under adept hands, it's plausible. I don't think a heavy handed approach is the solution though. Regulations are welcome for as long as they don't stifle growth and innovation. I believe the problems being raised about Bitcoin is being overblown. They're looking at its potential to disrupt, rather than its actual impact. He's not wrong, but I don't like it.

Contradictory information from Russia about the recognition or not recognition in this country of bitcoin and other crypto currency is constantly coming from Russia. Apparently, it is necessary to simply expect when there will be some unequivocal decision, and will not stagger from side to side. Of course, Russia now, like other countries, faces a difficult choice to recognize or not recognize the crypto currency as a means of payment, because it changes the traditional idea of ​​money and the way it is used in society, and is indeed accompanied by certain risks.

sorry to disappoint you but the [blank] country banning bitcoin FUD belongs to exactly 1 month ago. now it won't work and it won't matter. it is like old news now.
what Russia says and you think is new, is not really new. their stance against bitcoin and cryptocurrencies in general has always been like this and things like the quote you shared here is a common thing that they have been saying for many years.

last year there was even talk of serious prison time for anyone who uses bitcoin. but to this date it has not yet happened and all that remained as "talk" not actions.

Wasn't Putin discussing with Vitalik Buterin about Ethereum and it's opportunities a few months ago?
Why would he still have such stance against cryptocurrency even after that?

EDIT: It was in june: https://www.coindesk.com/vladimir-putin-vitalik-buterin-discuss-ethereum-opportunities-recent-forum/

because bitcoin = freedom, or at least the illusion of it. However Russia is not the land of freedom, or the illusion of it.

Putin has not made any decision regarding the bitcoin. I am not even sure that he knows about Bitcoin. The recent actions were taken by the Russian Central Bank head, with permission from the finance minister. There is no point in blaming Putin for these small things. And regarding money laundering and tax evasion, what do you think? Are you saying that these things will not happen without Bitcoin?

Truely bitcoin can be used for money laundering and funding of terrorism  this is some of the disadvantages of virtual currencies, except strict regulations is being carried out, terrorist will capitalize the fact that bitcoin is decentralized and does not requires third party for it's transaction to send and receive funds for their nefarious activities.

well that is another thing about Russia. for years the news have been releasing negative stuff like the imprisonment that i mentioned above and yet they hold things like the "International Economic Forum", the Moscow "Blockchain and Bitcoin conference"!

and that meeting was greatly exaggerated in my opinion. it was an Economic conference thingy which the president attended, and obviously Vitalik was one of hundreds there who met him!

Putin just wants a piece of this pie. He is not a threat what so ever

Ethereum has founders that can be corrupted and Putin knows this. Bitcoin has no central figure head, because Satoshi left and nobody can be influenced or bribed to do what they want. Ethereum can quickly be adapted to serve as a reserve currency, if Putin can come to some sort of an agreement with Vitalik Buterin and his co-founders.

They will bend over to Putin for their currency to go mainstream and for their pre-mined coins price to skyrocket and to make them filthy rich. ^grrrrrrr^

What more can you expect from a communist nation like Russia?
Anyway I don't know exactly what they are trying to do by banning cryptocurrencies or they may try to regulate it in the future, who knows. Anyway there is nothing to worry about as the China ban last month didn't had much effect. Russia is no leader in crypto so it won't affect the market much.

That a broken link to the article by the way. Correct one is https://www.bloomberg.com/news/articles/2017-10-10/putin-is-said-to-hold-first-meeting-on-cryptocurrency-rules

This is the most interesting part to me:

It really looks like they're just starting to catch up with the anti money laundering and KYC type systems that have been introduced elsewhere. It's nothing more than that and really will have very little impact in the long run

It’s Russia’s turn for some cheap BTC. Governments can’t take down BTC without taking down the whole internet. They will probably ease up just like China did and regulate it and TAX it!

They can not ban the use of bitcoin.

You can't blame them what they actually told is right through btc people are invading taxes and using it for all illegal purpose if no action is taken it will be too late. Regarding the price of btc after this announcement no one has to worry because btc pump is on till hard fork.
Sadly something like this will happen in every single country because many are misusing it and not paying the required amount of tax.

He also said in the same meeting talking about concurrency.

              "I would like to draw your attention to the need to use the advantages that are offered by new technological solutions in the banking sphere..."

             "It is important not to create unnecessary barriers, of course, but rather to provide essential conditions for advancing and upgrading the national financial system."

I think is friendship with Trump have negative effect on him...


Source: https://news.bitcoin.com/putin-central-bank-unnecessary-barriers-cryptocurrencies/?utm_source=OneSignal%20Push&utm_medium=notification&utm_campaign=Push%20Notifications

it could be happen because bitcoin are  really powerfull about what putin said, because the character are really anonymous.

If you really think about it, putin's points are valid as it can be used for all these, most concerningly, funding terrorism. I think russia will figure out some ways on regulating crypto since they also have a big market for it.

All the point about Putin says it's right. We cannot deny it bitcoin must have reason for that and how can resolve all that. This could have an impact on the continuity of Bitcoin in the next day.

Another article saying that putin said to central russian bank to not cause any unnecessary boundaries for cryptocurrencies. But both stance are irrelevant though, Russian according to coindata only count for very small number of transaction, so it definitely won't affect much.

I'm almost sure that the real purpose is taxation (through regulation and licensing) of exchanges and miners.


That always make me laugh. Russian government and mass media are openly and blatantly anti-communist and were so for almost 30 years.

Totally agree. There's a big money flow running in front of government. It would be strange if they didn't want to take a piece of it in one or other way.

Yeah govs will want a piece of the pie, taxation incoming for sure in these countries, which is not a bad thing really

Fear mongering, that's all it is!
I'm pretty sure Bitcoin and crypto in general won't be banned. As it will be banned in China as well!!
It's all about regulation and taxation.
Even if they would ban Bitcoin in Russia, people will find ways to buy and sell it.
This can not be stopped!!

yes in the absence of bitcoin money laundering and tax evasion do exist. but it's easier to do with bitcoin

We cannot deny that what Putin is saying is not true at all, proponents of bitcoins themselves have said that bitcoins and other cryptocurrencies is the best way to launder money through exchanges, Regulating the exchanges will minimize the use of bitcoins in these activities, in my opinion regulation is good for the cryptocurrency system.

The policy to be undertaken for sure is due to the greater interest and clear for the sake of the state.
so it can be understood that there are restrictions to it.