Bitcoin Forum

Today (11.10.2017) it was announced that all mining activities and emission of cryptocurrencies will be regulated in Russia. What will be practical implications? We are planning to do an ICO via a company in Estonia, however, most of the team is based in Russia.

You will loose all your money.

Recently V. Putin announced crypts currents should be under control of the government of Russia. I think it is impossible because of blockchains. Right? 

I heard that russia is planning to ba cryptocurrency in russia so i think its impossible to regulate altcoin in russia like the above said if you are planning to invest you will just wasting and lose your money..
And i heard i think yesterday that russia are planning to block almost all resource of bitcoin i just heard or read from bitcoin news in google. .

I have heard that Russia is going to legalize bitcoin in the next year. If this news is right then it is also a positive sign for bitcoin success, because when big countries accept and regularize bitcoin as their legal currency then all the other counties will also accept, legalize and regularize bitcoin in their respective countries, and one day all the people around the world will accept and use bitcoin.

They have plans to regulate bitcoin in 2018 but you have to open your eyes right now.

https://cointelegraph.com/news/putin-condemns-bitcoin-calls-for-russian-ban-of-digital-currencies

They suddenly turns cold and now against bitcoin and crypto. So I'm sure that the mining activities and other bitcoin related activities will be shutdown in the next coming months. So if I were you guys, you might have a problem putting a ICO via a company in Estonia. Because most of your team is based on Russia so I'm assuming that they might face issues their. Just a word of precaution.

It's going to be a lot harder to operate, and it's likely going to be a little harder to earn profits. I expect a lot of permits to come into play along with some taxation. It doesn't look like Russia welcomes Bitcoin too much, so we should be glad they are not declaring it illegal.

After a meeting last Tuesday among Russian President Vladimir Putin with the Central Bank of Russia, he said that the Central Bank should avoid making hasty 'ban' decisions about digital currencies.

He also said that the government will work together with Vitalik Buterin and the Ethereum platform to improve the government's system.

Now, authorities say that bitcoin and other digital currencies will be legally regulated from exchange to mining.

"We have agreed on the following: the state should regulate the process of issuing cryptocurrencies, the process of mining, the process of circulation…The state should head this situation and regulate it legally." -Anton Siluanov, Finance Minister of Russia.

What's the difference what country you will be? If you don't withdraw the bitcoins to Bank account in Russia you will not have problems with the law. But this applies only to democratic countries. We all know that Russia is not so. The safest way of working in Russia is to hide equipment in the forest where there is electricity. Russia has a lot of deserted places and abandoned villages.

BTC Regulation means that It should not be used for illegal activity like Money laundering, Buying illegal items like drugs, weapons etc. Moreover, Tax should be paid honestly on BTC income/profits. Lets see what steps govt. take to ensure these regulations.

It is necessary in advance now to buy a dedicated vpn and learn to use the onion browser, then not to think, and what to do now

Well that is just expected for me because I think Vitalyk of ethereum is from russia right? So maybe they are trying to innovate his blockchain? In their own economy? Because it said cryptocurrency and not especifically bitcoin. From what i know it is one of the most blockchain platform. Although it is a bit low in the exchange in dollars, it is starting to be recognize by the altcoin that we're made in its platform.

You will not loose all of your money, just the part of your team which is based in Russia will have to pay the necessary taxes from their crypto earnings and that's it.
Russia announced that everything is going to be regulated, but the president should sign the law about the regulation of crypto currencies on the territory of Russia. If he signs it the law will start to work, till it wasn't happen you are free to do whatever you wish.

I have completely lost interest in anything Russia has to say about crypto. Not one threat has been carried out. The few positive noises haven't been acted on either.

When they actually put something into law then perhaps we'll begin to get a coherent picture. Until then it's one tedious little dog barking to no effect.

How are you going to get electricity in forest or other deserted place? And even if there is electrical network, as soon as you will start mining and your power consumption will be strangely high, the officials will visit you and give you fine or maybe even take your equipment because you were mining secretly.

Articles vs articles, bad news vs good news. It was always been like this and i feel its a childish play from whales and investors who wanted to used this news as a basis for future earning. Uncertainty on investments is the game they’ve always playing, same as China and South Korea fud’s.

Who to trust when everything is contradicting everyone, so I’ll just stake to what normal bitcoin investors would do ignore and don’t panic. Russia is and always be a supporter of cryptocurrency and that’s the truth I should believe.

Yes they cannot regulate cryptocurrency because they can't access the blockchain. But it doesn't mean they can't regulate it. Actually they don't have to control the blockchain directly. Exchange alone can solve the problem on regulating cryptocurrency. This is where transactions are being made. They just need to regulate all exchanges there to control all transactions and it's users. They have to implement AML/KYC. That way, they are able to identify users who do laundering money and other shady things users do. Some countries are doing this. Japan for example. They are giving licence to their local cryptocurrency exchange. So exchange there are operating freely. But they are complied with the standards of the government. Russia can also evaluates all miners there and give them license.

I suppose that official Russian coins will be used only by government department cos citizens won't be able to have extra profit instead of "high society". They will "control" coins for their own profit, they won't worry about people at all. I sure about that cos Russian miners have got skills on it and they are smart enough to be fvckd up by "Russian Federation Coin". IMHO.

I think that regulations are already big part of the present realities that cryptocurrency people have to dealt with. Now, what are the basis for regulating...is it to kill the industry or to make the industry follow the right laws and procedures? Now, if the purpose is just to gradually make the environment not feasible anymore then the government might as well declare a big ban rather than make the pain slowly come down.

There have been mixed signals coming from the government authorities in Russia and even from Putin himself. Maybe they could not yet finally decide on what to do with cryptocurrency and for now they think that the best thing to do is to come with their own state-backed and controlled cryptocurrency. I am still hoping that Putin and his cohorts will realize that Bitcoin can be of big help to them and that many Russians are now involved in cryptocurrency...banning it in Russia can mean that those who are really in cryptocurrency would be transferring their base somewhere.

Regulating crypto currency will always have two implications

Is it made to destabilize crypto currency because they think that it will effect their economy or being it is somehow
a shady trade which on the first place should just be a complete ban on it. Or
It is made because they see it's potential and just wand to take a hold of most of the supply available and release it on the perfect time.

Will be regulated does not mean it will be banned. I believe what government and its agencies are focused on since they are no going the route of banning is to ensure that the right things are done which is what I think is going on here. So, what your team needs to do is to first study the new rules and see if its something you can comply with or if not, you start looking at alternatives which centred around of either to shelve the idea or migrate to another jurisdiction to pull it off.

Jack squat will happen. By the time they realize that crypto and bitcoin are uncensorable, the game will be on a whole different level due to countries like Japan or Korea. And by then, just like what happened to a similar technology - torrents, it will be unstoppable. People will be buying crypto EASILY even in police states like Russia and China.

I agree

The Russian will try to launch their own cryptocurrency. It will be crypto ruble. They will never even come close to the performance of bitcoin so they will try to kill the competitor. I feel sorry for the Russians but they have chosen Putin and will now pay for it.

All the discussions on this topic on the regulation of the crypto currency in Russia are based either on rumors or on the statements of certain officials of this state. Moreover, they are quite contradictory even to President Putin, and sometimes they are simply twisted by the mass media. I think that it will take some time to wait and see what laws and other by-laws are adopted with respect to the crypto currency, and then draw conclusions.

After you put before the fact will be too late to do anything. In democratic countries, before making the law which affects the interests of many people going on long discussions with the experts and society. In Russia it is not and never will be. I don't live in Russia but I am sure that nothing good Putin did not come up.

“In Russia, the need for the regulation of ICOs and cryptocurrencies, as well as the use of blockchain technology as a whole have been stated repeatedly,” RBC reported. The head of a working group on assessing the risks of the turnover of cryptocurrencies at the State Duma, Elina Sidorenko, said that the group will prepare a draft law on ICOs immediately after the draft law on cryptocurrencies has been submitted to the State Duma.
The Russian Association of Blockchain and Cryptocurrency (RABIK) is also drafting a law to legalize ICOs, its president Yuri Pripachkin told RBC early this month. He described the bill as:
        Most likely, it will be its own model, since other countries, when regulating ICOs, rely on previous experience of instruments for attracting financing such as IPO, crowdfunding, etc.

Full: https://news.bitcoin.com/russia-regulation-icos/

It’s media manipulation has become a norms now, it is painted with political motive as well. They want President Putin to be hated by bitcoin users and investors, when in reality he is supportive about cryptocurrency. This is way unethical for this so called “ journalism” in this era.

Russia even aiming to make a mining farm itself with a nuclear power country that’s excess electricity can be used and not be wasted. That’s a better idea and it will make the competition more advantageous to our bitcoin community.

in Russia it may rumors or true. Russian government passed rule that is they have to creating they own new crypto currency and they declare no need to use bit coin. but up to now practically it is not possible. so mostly it is not possible. because we are completely depends on paper currency and crypto currency. so launching new crypto is some difficult. but Russian government not declare up to now about this currency so no worry about this issue..

Regulated then why worried? It was not banned. Were so afraid of regulation for what reason because I don’t really understand. Mining industry are worth millions of dollars are we seriously gonna leave them without sharing it to your own country. That selfishness and greediness in one own country so regulation is needed/necessary and timely.

Lol! What do you mean why worry? In Russia it is impossible to conduct a legitimate business. If you honestly pay all the taxes that any business or activity becomes unprofitable. Putin and his friends intentionally create conditions under which it is possible to destroy any competitor. The entire Russian economy is built on monopoly. Therefore, it is poorly developed and all the high prices.

They've not chosen Putin. He has chosen himself to be the tsar. As I know there are no real elections in Russia. Votes are fake.

You can fake voices as much as necessary but if people do not want you to see the power he opposes and revolutions occur. This in Russia. So they like everything. They are used they are treated like a flock of sheep and gradually become so. So Putin can come up with any laws. I would not be surprised if he will publish the law by which all will be prohibited from using cryptocurrency in addition to 10 persons close to him and the people will support. Russia is a country of slaves.

The finance ministry of Russia is drafting a law to regulate cryptocurrencies, which is expected to be ready by the end of the year. However, the central bank has repeatedly spoken against classifying cryptocurrencies as money substitutes, because this is actually a loss of control over the money flows from abroad.

Let Putin enjoys in Russia are investments from the use of the cryptocurrency. Why ban? It looks like a suicide. It seems to me that he was not interested in the fate of citizens. He only cares about himself. In order to earn cryptocurrency need to have an education. Smart and self-sufficient people find it difficult to manage. So I am sure that the ban in Russia will be.