Bitcoin Forum

Russia, one of the global bodies who practice and engage the use of crypto currency has proposed a ban on it, stating fears as it(crypto) being a threat to digital currencies and also poses a threat to financial stability.
  Vladimir Putin, president of Russia has decided that the  proposed ban will be necessary as it will be able to curb financial insecurities. Mean while, Anton Siluanov, Finance Minister, is hoping there can be ways to iron out disagreements and that a bill be passed into law regulating cryptocurrency.
  He is also of the opinion that should arguments ensue over the proposed bill, arrangements for it will be prolonged but is still hopeful that the President will agree to a consensus.

You need to provide a proof to that ban story because the news going round the internet is that Russia planning to regulate bitcoin and they don't plan this while plan ban https://currency.com/russia-likely-to-regulate-crypto-like-foreign-currencies?

https://i.imgur.com/rjSCWWK.png

That is a link above to get the information on the regulation, Putin is making plans to regulate.

There will never be such a ban. It is clear to a fool that all rich people have cryptocurrencies in their assets. At the same time, Russia voices itself well in all aspects of life. Now we will find out what we will do instantly in Ukraine. The whole world will apologize later.
I am sure that the level of intelligence of people is higher than the Fed of America thinks...

Yes this is actually wrong I guess. Russia is already on the verge of legalisation of crypto assets. You might be having wrong sources or old news articles with bluffs.

The Finance minister Mr. Siluanov already stated that they are going with public opinion and would be passing the bill to regulate the crypto currencies by the end of year. So they might be planning on how to do it and what would be the tax slots before going in 100%.

This was published in here:  Russian Crypto (https://www.google.com/amp/s/m.economictimes.com/markets/cryptocurrency/russian-authorities-clash-on-plans-for-crypto-regulation/amp_articleshow/89687455.cms)

It is important to turn on your own brain and understand that the presidents of the countries voice only the generalized thought of their environment.
Do you really think that our Putin is so smart. ? He smiles and rejoices at his grandchildren! He is a gorgeous grandfather to his grandchildren. There are a lot of smart people around.
The Americans and the British do not even hesitate to expose the complete dead and morons outside. At the same time, the public believes them. Such an educated society was developed as a result of globalization and tolerance...
I hope. they heard my sarcasm. (you can't talk about politics here)

The news you are referring to is one month old.


Recent news is they are planning to regulate cryptocurrencies and they told that they will not treat cryptocurrency as a digital asset. They want to treat it as a currency but are not sure they are going to make it legal tender or not. source link (https://www.euronews.com/next/2022/02/09/russia-s-government-and-central-bank-agree-to-treat-cryptos-as-currency). Russia has millions of crypto users in their country and they know they can not prevent people from using it. Also banning cryptocurrency could cause panic among crypto investors from there so they make the wise decision.

That's quite old news, now there is some news that leads to the legality of cryptocurrencies in Russia. Although all of this has not been legally confirmed on paper, we hope that we will find changes later when the Russian parliament, especially the finance minister, wins in its session against the Russian central bank. I'm not too surprised why until now have not found accurate information regarding exact alignments. Hopefully it will have a positive impact on crypto growth in Russia especially in Bitcoin adoption.

It looks like OP spreading FUD or worried about regulation. Don't post this kind of sensitive information without a reference link. I didn't hear something like that recently, rather than Russia wondering to regulate crypto which would be a positive move. While the USA allows citizens to use cryptocurrency hence I don't believe Russia will ban it. Otherwise, Russia would be backdated on the digital crypto world.

I am slightly confused with this Russia thing now, Last month I heard that Putin was positive on cryptocurrencies but the central bank of Russia was a bit skeptical about it so they were thinking of banning it, but last week I heard that Russia now has decided to legalize cryptocurrencies and regulate it as normal currencies. After this now I am hearing from you that Russia is thinking of banning cryptocurrencies. I am a bit confused about what actually is going on, why don't we just wait for any official announcement instead of spreading any rumor based on news articles. Because the news I read too was based on so-called "Reports"

This information is contrary to want is on the news, the Russian President is highly bullish on cryptocurrency contrary to what you posted there was advice from the finance minister but it was negative on crypto but the country is looking into how to regulate cryptocurrency within their domain rather than an outright ban. You will have to share a link to this news to show its realism.

What is really happening there?

The most recent is that they're already good with cryptocurrencies and there's no ban that will happen. @OP what's the source of this and if it's possible please include.

Sometimes, there a need to verify the information that we want to share with the others because it is confusing and shouldn't mixed with what's the actual news that has been positive.

I also wonder and immediately open the thread and read it but OP not given any link for proof of news. It is already announced that they skipped the plan of ban and they decided to regulate it in the state and to approve it as a legal tender in the country.

Yeah right. Thats what makes me confused.Because as what i have heard recently, Russia has already legalized bitcoin as a currency.

For OP, you should verify the information first

https://www.google.com/amp/s/m.timesofindia.com/business/cryptocurrency/blockchain/russian-government-to-legalize-its-crypto-economy/amp_articleshow/89500364.cms
The Finance Ministry and Bank of Russia have been tasked with drafting the crypto law, who have to present the draft law by February 18.

The difference between a great ban and a big regulation is vast. Sure the bad regulations could limit the growth as well, but it would make it legal and difficult instead of fully banned. You could still build stuff there and own crypto there and so forth but it would be not ideal and it would hurt the economy and the crypto growth in Russia will slow down a lot, nearly to halt.

However, banning it completely will be even worse because it means completely stop and that is why I would guess that this current situation is better. Basically, it is somewhere between New York hard regulations and Chinese ban, not great but not horrible at the same time.

This event took place on February 18th. Link to the profile resource https://www.rbc.ru/finances/18/02/2022/620f75b69a7947762be3a633 (Google translate translates perfectly)

The Bank of Russia has prepared a bill to ban the issuance and organization of circulation of private digital currency in the country.
The draft law provides for a ban on the organization of the issuance of cryptocurrency, the issuance and organization of its circulation, as well as the dissemination of information about this. The project also prohibits banks and other financial market participants from owning private digital currencies. This ban applies to private cryptocurrencies issued both using Russian infrastructure and issued abroad.

I guess OP you have been late from the news as Russia has already proposed a bill on legalizing cryptocurrencies and this is even supported by President Putin. You may have been dwelling in the old news, but they have lifted the ban already and now starting to create limitless areas for crypto trading and mining. You may read it here: https://finance.yahoo.com/news/russia-license-crypto-exchanges-tax-101022637.html

There’s a lot of confusions here actually, because like China they also keep on changing their decisions towards cryptocurrency so we don’t really know what’s real here not unless they make a law legalizing cryptocurrency. Well, there’s an on going big issues on Russia so I don’t think they still have time to focus on cryptocurrency but hopefully, they can have a good decision with regards on supporting crypto.

This is clarifies with what's the proposed ban. It's for those projects that will build private cryptocurrencies that will step in their country. There's the division and difference from understanding it generally that they'll ban crypto as proposed and with the recent one that they'll make it legal.
It's a step that everyone has to understand that we shouldn't make any conclusion while we're still in question of what are the actual information that we should extract.

Wasn't there a recent thread here talking about Russia regulating it instead of banning it? And anyhow, in actual fact from what I found, Putin was actually AGAINST the ban.
Source (https://www.usnews.com/news/technology/articles/2022-02-18/russian-authorities-propose-conflicting-plans-for-crypto-regulation#:~:text=The%20Bank%20of%20Russia%20has,authorities%20to%20find%20a%20consensus.)
It was the Bank of Russia that wanted to ban crypto due to "financial stabilities" but the government of Russia decided against that, and wanted to regulate it instead, which is honestly a good move. Looks like there isn't any exact news about it yet? Mostly about what each side is picking though, to ban or to regulate. Guess we'd see more updates in the upcoming days, since from what others have said, they've drafter their own crypto laws and are talking about it still.

after implementing bitcoin as a legal within the country now they want to ban it?  Seems a joke mate!.

And to be honest i don't see any information regarding to that ban issue from Russia.. So i think it will be better if you can  provide source here in your thread  where did you get that information so that everyone can see if its a legit or not.

But wait probably no need, because it's obviously a fake news.. Just imagine they just legalize bitcoin these week and ban it immediately?. Maybe you posted a wrong information about Russia. Lol

I think OP are referring to this article that was released a couple of days ago ==> https://economictimes.indiatimes.com/markets/cryptocurrency/russian-authorities-clash-on-plans-for-crypto-regulation/articleshow/89687455.cms

I quote : " MOSCOW -A simmering dispute over cryptocurrency regulation in Russia heated up on Friday as the finance ministry submitted legislative proposals that clashed with the central bank's demand for a blanket ban. " <== Take note, they clash against the Banks!

They are obviously not sharing the same ideas when it comes to Crypto currencies, but it will all change when strict sanctions are implemented, if they invade the Ukraine. (Then Bitcoin will be used to bypass payment restrictions that will be in place)  ::)

Well in terms of bitcoin or cryptocurrency adoption it will take long discussions before we can see proper regulation since there are so many things to consider and other people who are afraid on new things will be skeptical about new adoptions. So I guess this will matter unto them if they impose proper regulation or banning it since for sure if they decide to take this out temporarily in their country then for sure they lose the opportunity which can help more their economy.

I thought this country have just legalized crypto recently and then they will ban it few moments later? lol Did Russia have their digital currencies already? And why they are more concerned of it than the local currency? But they should avoid this kind of mentality, they are not kids anymore. How many times it explained to us that cryptos are not the enemy of the other currencies and cryptos are not going to rule the whole world because that's just crazy lol.

Okay cryptos may not be stable but what can we do? That's how make them unique and attractive but most of all that can be beneficial if they will only learn it. Better if they observe things first if cryptos are really bad for them or not and not by doing immediate actions.

Russia's stance on bitcoin has shifted over time.

Initially russia was pro bitcoin and proposed mining crypto with electricity generated by nuclear power plants. Years in the future, russia seemed to support a crackdown down on bitcoin when the russian exchange BTC-E was shutdown by the united states.

Fast forward more years, we've seen many proposals from banks to ban russia from the SWIFT banking financial network. Proposals of economic sanctions on russia, with additional proposals for harsher sanctions.

Russia's central bank may initially have proposed anti bitcoin and anti crypto regulation for russia's economy. It appears that russia has decided to retaliate against economic sanctions and proposals to sever russia from banking networks by implementing the opposite of what their central bank recommends. I don't its a secret that banks push anti crypto regulation, and perhaps russia has decided to do the opposite to spite them.

It is not a new thing in the world. Most countries in the world have banned Crypto-Currency and later accept it again.

Russian government can only propose but the implementation of it is an another issue. Most of the youths in the country are using the currency

Yeah, they're like China that changes their decision anytime that they want.

About the news of this shift, I'm sure that there's a different branch of their government that's dealing with this crypto related discussion and there's also the other branch that's focusing on their attack and tension with Ukraine.

If it's their central bank that's doing the job, we have to wait to the clearer picture of what really it's all about.

Temporary or permanent it would really be mattering on their own jurisdiction and decisions about such manner because not all countries would really be ending up on the same view towards crypto.

Most of them would be definitely be focusing on its cons rather than into its benefits which it isn't something new or we can say that government does have that kind of common reaction.
Neither they would banned it or not then expect that they would really be having lots of factors to consider first if ever they would decide to adopt it.

They won't ban it. There are two opposing opinions one of the bankers who are afraid of bitcoin and one of officials who want to regulate and tax it. It comes down to the fact that central bankers don't make the laws, they can only try to persuade politicians and have the money to do it, but they don't decide anything. Bankers are stupid because regulating bitcoin will not stop people from using the national currency. People will hold bitcoin as a reserve and still continue to spend fiat money like they did last year and the year before. Regulating brings only benefits while banning it will not stop people from holding it only make it impossible to run a legal business and pay taxes.

The situation in Russia is constantly changing, as is the opinion of its politicians and senior officials. Yesterday Russia recognized the existence of two independent republics on the territory of Ukraine and has already openly sent its troops there. It's practically an open war. And Europe and the United States in this case pledged to introduce hellish sanctions against Russia, which have never been introduced before. In particular, Russia will be cut off from being able to use the dollar and the euro. Therefore, now is the time for Russia to use bitcoin and other cryptocurrencies.

Now their threat to financial stability is long gone isn't it ? Since they are already planning to invade Ukraine therefore they need something to back them up and to have policies in place that would support them in such state. I do think that even if Russia does not plan to ban cryptocurrencies it would not be a good idea for them to use something like bitcoins for starting a world war 3. They want to regulate mining by setting up areas which would be controlled by the government, certain permissable areas. Which I do think is quite a lot happening. Bitcoins is powerful therefore it scares me that a country can actually use it to back up war.

That's the current status quo I guess, big countries banning crypto and then not implementing the ban and thus end up with another wasteful laws and they only wasted their time and the taxes of the people. Hopefully we would see these countries having a push and pull end up deciding where they stand because the people are the one that's suffering the most.

After another violation of international law by Russia, potentially imposed sanctions against the Russian Federation, namely the work with the US dollar and the euro, with a certain probability may also affect the crypto market. These restrictions may also affect, for example, the withdrawal of funds from exchanges in the specified currencies. Well, plus absolutely contradictory views on the cryptocurrency of different branches of power (from allowing it in a controlled manner to a complete ban) give reason to assume that the future of the Russian crypto market is rather vague.

I guess that what you saw was the old news. Indeed there was a time that they proposed to ban bitcoin, but that was around earlier this year, and they have later changed their mind. With the recent news about the position of cryptocurrency in the country, they have decided that it is best for them to regulate it, which is definitely the best thing that they would do now.

There are already lots of miners in this country, so I think that if they really went ahead to ban cryptocurrency in their country, it really would have affected the market a bit, although it wouldn’t be anything serious as the market would still catch up very soon. Currently Russia holds a top position in bitcoin mining.