Bitcoin Forum

Do you think other countries can put in the same way?


The draft law "On Digital Financial Assets" passed the first stage of consideration in the Russian parliament and was approved by the government.

This law forms a system of strict control over financial transactions with the crypt.

The most important points:

1. Only wallets on government approved exchanges (legal wallets) will be legal.

Create legal wallet will be possible only after identification by ID (passport) of the citizen.

Transactions on all other wallets will be illegal and will be prosecuted police.

2. All transactions will be taxed.

3. Each transaction worth more than 600,000 rubles (about $ 10,000) will be under special control Central Bank.

4. Mining will require a license. Private mining will be considered illegal and persecuted.

All governments are getting operated by Taxed money , so it is obvious they will do all sort of things to control money.

We can't expect free hands from them. And it is fine somehow to me .. Otherwise how roads , and infrastructure will get developed if people will not pay tax ?

Control over operations to convert crypts into fiat money is logical. But in this case we are talking about any operations. Including, with a high probability of operations on exchanges and all transfers.

So?
Is it will be bad for somebody?
I know, that many people for buying or selling BTC can go somewhere in Europe, for meeting...
It is not prefer doing some cryptooperations, for banking vision

So, based on what you wrote, the government will become the third part regarding wallets, and exchanges will be the new banking system.
Crypto coins are based on something called decentralization, so there's no government capable of doing any regulation about the cryptocoins. They can regulate how you access them, but not the crypto itself.
So, many people will still be able to use the crypto coins behind this law system, even when it is illegal, for they can use foreign exchangers as well as private wallets.
Giving an ID will only help in the collection of personal data, and the exchanges and wallet proprietaries will become the new kind of information providers to the Russian government.
It can be ok if you have a business and want to receive payments in crypto, but regarding trading or other activities, I see it difficult to implement.
Besides, even when I think taxes are a necessary evil for any country to works out correctly, how many taxes are going to be implemented in the wallets and exchanges?
What exchanges and wallets are going to receive the government approval and based on what? It can be a centralization attempt, for the principal banks on Russia can take the lead and create not only new exchanges under they control but also wallets.

To be honest, I need more information. Can you provide the font? For, based on what you wrote, this new seems concerning, and I can't see anything good on it.

If the draft law is adopted in the third reading (judging by the approval of the government, it will be), then Russia will probably have its own stock exchanges and its own wallets. Perhaps one of the current players on the market will conclude an agreement with the Russian government and will require ID from its users at registration.

Main point - all the transactions of crypto-currencies passing through purses that are not controlled by the government will be illegal. And access to regular exchanges, with a probability of 99% will be blocked.

If taxes are taken from any transaction between purses (input and output of money from the exchange, currency exchange, investments), this will seriously complicate the development of crypto currency in Russia.

Sources (in Russian):

https://www.bbc.com/russian/news-43470553
https://meduza.io/cards/minfin-pridumal-pravila-torgovli-kriptovalyutoy-v-rossii-ee-teper-razreshat
https://rg.ru/2018/04/21/pravitelstvo-podderzhalo-zakonoproekt-o-cifrovyh-finansovyh-aktivah.html

I think anyway, sooner or later, the Crypto-currency will not be able to stay in the shadow for a long time.someone must regulate the movement of electronic money.The state seems to me to cope with this task.identification is common practice. You in the usual bank leave your documents.
Taxes-guys it is right ,tax is the guarantee of prosperity of one's own country.do you agree ?all law-abiding citizens pay taxes that in this surprising.Of course, it's not good for mining.I do not agree with this at all.This decision puts the state in an uncomfortable position of the miners.I think all the bills will be revised and somehow mitigated this direction.We will follow the news and write here.Russia is a huge market for which it is necessary to follow naturally.

Not neccessary. There is a ton of bills approved or introduced by the government, which were rewritten from scratch or rejected entirely. There is also a lot of bills which vere signed into law but not working simply because these laws are too far from reality and the government's ability to enforce them is near to impossibility.

Yes, I'm afraid I understood it well (I don't read Russian, but tried my best with the online translator)... it seems to be a strong attempt of centralizing the USE of the crypto, so the Russian government has whole access to the information of their users. Even so, recently they asked Telegram to share all the information, as well as whats app, and so, even telegram was banned.

Seems that Russia surveillance is far worst that I was imaging.
Are you Russian? How is the common feeling about all this new laws?

you will get much worse things than just "countries" interfering into crypto

you wil get decentral forces that out of nothing will appear everywhere that will terrorise cryptoeconomics to shape it in their interest, there wont be much formalities, they will just try to take what they want if cryptoholders cant defend it. they weakened the state structures trying to focus consumption capacities on themselves do you really think armed forces, and complex social organisations will just stay and look?

talking, reasoning, discussing, convincing will likely become completely useless things, as it will be all about who holds power(valuable money) and who not(selling his time).

all those "financial experts" and "analysts" will gradually embarras themselves, while they are loosing all their trust and money.

All countries will not do this. These are the features of the Russian political regime. Rob people wherever possible. For example, Belarus younger brother of Russia on the contrary allowed almost any crypto-currency activity

The control over the operation to convert the crypt into a banknote is logical. But in this case we are talking about any operation. Including, with high probability of operation on the exchange and all transfers. Only approved government-approved wallet (legal wallet).

Well yes it is true that infrastructure and roads often are state-financed but I would like to remind everyone that the state did not invent the rows or infrastructure and the whole British industrial revolution is based on privately financed roads, trains, and canals.

such rules are very common for the Government, because more of their money in circulation then the value of money will fall, so Government set such rules.

I do not think that this law will be implemented. It is possible that this is only for intimidating citizens, for people to stop investing in crypto currency and perform operations. This is not beneficial to the government.

Russian governments sees cryptos like a tool to destroy the banking cartels in the west that fund anti russian propaganda

Nevertheless these regulation and licenses will be very corrupt

It is expectable, isn't it?

Our contry tries to control every step. Look only at the attempt to block Telegram

yes, it is right.... but, what do you think, is it good for Russian Economy, or not?

so rigorous in russia, and this rule is very helpful for the development of the crypto there, I am sure that in the issuing of this difficult regulation, will protect its citizens in the case of fraud and abuse, the supportive government's involvement on this matter is deserving in the example by other countries , here's my opinion on this

They do not understand how it works but have an intention to regulate and control it for taxing and other purposes.

Although there is no name of the people of Malta who entered the list of owners of the richest crypto money, but the smallest country in the EU will serve as the center of crypto currency in the world.

Reported by  Bloomberg , unlike other countries that do not have clarity about the regulation of crypto currency, Malta will make their law friendly to the owner of crypto currency.

Joseph Muscat, Prime Minister of Malta, is optimistic about the plan. He also called crypto money as the money of the future, as well as believe in the creation of significant economic activity in Malta.

Bloomberg  noted that so far, Asian countries still dominate the business of crypto currency, call it Japan, South Korea, and Hong Kong.

However, although the crypto money business in Asia is somewhat exciting, but the government has not fully synergized with the business.

The Chinese government has banned Bitcoin and crypto currencies, South Korea also has no clarity about the crypto currency that makes investors wary.

Japan who was asked as a friendly country on crypto money instead stumble problems due to unscrupulous individuals who commit fraud with crypto money.

Uncertainty of regulation in Asian countries will attract investors to Malta, and shift the dominance of crypto money centers from Asian countries to western countries.

This is fine with me, getting regulated also protects us. But does it make blockchain no longer decentralized?

its not russia that puts crypto under controll its a bankster cartel that thinks it is a country

Any business in Russia has strong resistance from government and police if you have no "kind friends" there. It seems like Soviet Union, where people were not able to do something without permission from KGB. It's really scared making life in Russia more and more complicated.

The time for crypto world and the Internet as a whole, so sad..

I think Russia's stance on crypto has two main factors that are totally opposed to each other.

1. Cryptocurrencies and blockchain as the instrument of strengthen Russia's international role by becoming one of the leading forces in blockchain revolution. Many like to see Russia as a great power in the international political and economic processes, but it's not unconditionally true. Russia has an undiversified economy, revenues based mainly on oil and natural gas; the country has to face international sanctions; and although it has a relative strong and modern military force and intelligence service, its power in the global politics and economy is much lower than the US or China.

Given the fact that blockchain and blockchain-based solutions are the most powerful factor of future economy that will disrupt/change nearly every industry, it can be reasonable for Russia to lead this 'revolution'. But here comes the other factor that Russia's government doesn't like...


2. More unregulated cryptos are and more cryptocurrency are circulating, the more money and power won't be visible and controllable for Russian government. No need to explain why it is so problematic for Russia..

What do you think about this duality?

How do you control money in Myether wallet which doesnt requires an identity as of now ? How ill government come to know who holds how much in My Ether wallet ?

this is just horrible!! stop it! the whole idea of cryptocurrency is gonna be violated.

I think no government will willingly let go of any possibility of taxation.
Given the choice between regulated and taxed or completely disallowed what would you prefer?