Bitcoin Forum

Open government of the Russian Federation: cryptocurrencies should be recognized as a financial instrument


The Russian government is unlikely to follow the path of banning cryptocurrencies and will soon regulate their turnover in the country. This statement was made by the Minister of open government Mikhail Abyzov, RIA Novosti writes.

"The cryptocurrency factor cannot be ignored and banned in the near future. The discussion on this issue is already underway, both in the government and in the economic bloc and the Central Bank. I am sure that the decision will be made soon, " he said.
According to Abyzov, the authorities understand that cryptocurrencies should be officially recognized as a financial instrument and carefully regulated so that excessive pressure does not destroy the technology itself.

The Minister also recalled the high potential of the Russian technology sector and assured that the government understands the need to support and develop new financial technologies.

"We have good mathematics, we have good information technology. I would like to believe that on the basis of the intellectual reserve that we have, we could create products similar to cryptocurrency. This is a great talent and great ability to create and promote such products," the official said.
Recall, in July, the Central Bank of Russia said that regulation in the field of financial information technology will be a priority for the regulator for the next five years.

that's curious. i hope the idea won't die on its way. and i hope it won't be perverted. because with that potential, they still might come up with something absolutely useless for people yet profitable for the government

It's good that Russia does not prohibit crypto. But if they take up its regulation, then most likely the situation will be such as it is written above - they will come up with something useless for people and useful for officials. But I want to hope for the best.

In Russia, cryptocurrencies are not prohibited, but there are problems associated with the withdrawal of funds. So far, it is still possible to withdraw money normally, but soon there will be a number of laws that will make it difficult, on the other hand, to have money in the crypto currency it seems to me will become a more logical solution. As for the regulation of cryptocurrencies, I think that soon we will see this phenomenon everywhere, I think that in 2020 laws on the regulation of cryptocurrencies will be adopted.

It seems like this is good news for cryptocurrency fans in Russia and around the world. Are there any news sources that you get? Please share this news site, so we can read it more freely. Thank you in advance for this good news.

As far as I know cryptocurrency in Russia is not prohibited but not accepted. The government just does not know what to do with it and there are no guarantees that in a year everything will change for the better. These are only beautiful words.   

Very warehouse to happen Rusia coin, because they only recognize cryptocurrencies as a financial market. It is similar to whether they recognize stocks or forex. However, this is good news for ICO projects in the country, although most of the ICO here are scams

This is what the problem with most of the countries as they are not supporting cryptocurrency, But they are ready launch their own coins for their country with restrictions, In Russia using crypto is prohibited, Digital currency should be implemented in such a powerful country and I am sure they will legal it in upcoming days.

This will be good news for the crypto community, the blockchain technology will be used in everyday life, and this step will be the beginning of the digital currency recognized by each country

Which part of the news is good? Russia plans to ban crypto and make products similar to crypto, I am also not sure that the product can attract the attention of the global economy, crypto itself is not fully capable of doing so

It sounds honestly cool, but it seems to me that it would still be better to miss this information, because today it is very strange to realize this, because the situation in general is clearly not favorable for cryptocurrency. Today it’s best not to rush to conclusions. Let's see where such things and similar actions will lead.

All of us have said a lot of time that governments wil approve accaptance of Crypto market and BlockChain technolog. The Russia is a one of them. Also Russia is a very effective and important country to change idea of world so this development can effect to all the world.

Absolutely correct opinion today because today the best that can be done is probably only to believe in it, in that the market today is still stabilizing and if there is news that Russia will really have the opportunity to adopt a full-fledged law on the adoption of cryptocurrency, then this is definitely will be reflected in the entire cryptocurrency market.

I think that cryptocommunity in Russia is also very big. Huobi opened an office in Moscow. Also they have a partnership with 'VEB' ' it's a huge bank which is under government control.

I think this is bad and good news, but the fact is that the states are starting to accept cryptocurrencies

Looks like a good one if the Russian government can leverage on Blockchain technology and her technology prowess to unlock some potential in some untapped human resources. I hope it's not just about the talkings but implementation

While this is not news. In Russia, every official of any rank or politician expresses his different and contradictory thoughts about the future of cryptocurrency, and I have been reading about this for more than a year, and the situation has not changed. So far, no law on regulation of cryptocurrency has been adopted, which means there is nothing to discuss yet. For now, these are all intentions that mean nothing.

Interesting.

I think that the Russian Government is going to recognise it because it's going after taxes.  And this is Good! China may follow them and then we will easily see Bitcoin at $10000 again! Let's hope that they will not introduce very high taxes on crypto-currencies and completely kill the national market.

With the little that I know in this industry. Cryptocurrency is not really illegal in Russia and it is not also accepted. Let me say that it is in between the two. Russia government is still in state of puzzle about what to do with Cryptocurrency and how to regulate it. So Cryptocurrency enthusiasts for now in Russia don't know the direction of government about it.

The fact that Russia does not prohibit cryptocurrencies is really good, but I do not think that this decision is final, since the Russian government has previously stated that it wants to legalize cryptocurrencies, but there was no reaction. In addition, if Russia closes in the information space from all over the world, it is unlikely that there will be crypto-currencies and it is also not worth considering Russia as a technically developed country!

I agree with you, I also think that the Russian government simply do not know what to do with cryptocurrency. So far, they only make promises and there are no cases, in addition to the fight against Telegram ;D

That's for sure. It is unlikely that Russia, with its authoritarian regime, will allow citizens to freely use the decentralized cryptocurrency. They really do not know what to do with it, and the opinions of politicians and officials on this issue are very contradictory. And among the draft laws submitted to the State Duma, there are no good ones regarding cryptocurrency, however there is a proposal to establish criminal liability for its use as a means of payment.

The hotel is of course Russian citizens, but apparently officials and governments want to protect the entire state from the outside world. If you look at the situation from this side, then for users of cryptocurrency and for all progressive Russian people this is very bad.

ROSBANK introduced cryptocurrency tokens into its banking system. That is, large financial institutions are already using blockchain. There is a promising project PAPUSHA which creates energy products after recycling). Russia has long been trying to make cryptocurrencies for public use. So I'm not surprised.

Russia is trying to use the blockchain but not cryptocurrencies. and ROSBANK is a private bank, that is why they introduced cryptocurrency into their investment portfolios

I think that without the involvement of experts who know exactly what blockchain, cryptocurrency, mining, digital assets, nothing good will happen. The government itself does not understand what it is dealing with and how to start regulating the digital economy. If all laws are passed in a hurry and without understanding, it can cause the opposite effect and the situation will only get worse. The government is looking for ways to make a profit in the form of taxes with cryptocurrency sphere, but in the pursuit of additional fees, they do not notice the great opportunities for the development of the blockchain and optimization of the bureaucratic apparatus. In a corrupt environment, a good law will never be passed.

Russia projects are very scary
I don’t know but I do not really fancy nor like them

Lol
But it will be better as crypto ccurrencies  advances

The problem of many countries that reject cryptocurrency is fear and for the lack of control over it. Only this factor is decisive, but many do not understand that with the help of cryptocurrency many financial systems will be modernized.

that's right, a state problem that still refuses cryptocurrency because it still cannot utilize the technology available in cryptocurrency, which dares to accept already knows and has been able to use it for the progress of the country so the problem is just tackling every country that has not received cryptocurrency.

I've heard about one interesting project called SIBcoin https://cmc.io/coins/sibcoin

Russian officials have long been monitoring cryptocurrency, and they understand how much tax could be collected from this pie, at least for the last couple of years. Cryptography will be in Russia, which was to be expected.

Russian President Putin has some attempts. Crypto and Blockchain are the subject of the future, and many times point that Russia should never be backward.