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nezarkadhem (OP)
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February 11, 2014, 04:03:17 PM |
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If you own BTC in Russia, you are a criminal.
Here is the kick though: How would any government know who owns BTC? Sure, they can look at the block chain, but that only shows a series of encrypted keys, and no names.
You think the exchanges will ban any users registered in Russia? What will happen when other countries follow?
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Awaiting the Neptune & Viper
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shango
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February 11, 2014, 04:28:53 PM |
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They can not.
And this is the best part.
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bitbouillion
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February 11, 2014, 04:40:21 PM |
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If you own BTC in Russia, you are a criminal.
Can you refer to some law, that prohibits that? Thanks. |
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nezarkadhem (OP)
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February 11, 2014, 04:45:27 PM |
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They can not.
And this is the best part.
I am wondering what the exchanges would do. Like btc-e -> registered in Russia. |
Awaiting the Neptune & Viper
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Chronikka
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February 11, 2014, 04:46:44 PM |
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If you own BTC in Russia, you are a criminal.
Can you refer to some law, that prohibits that? Thanks. Exact quotes from the press release: “Bitcoin is a money substitute and cannot be used by citizens and legal entities,” "The official currency of the Russian Federation is the ruble. Introduction of other monetary units and money substitutes is prohibited," Russia's official stance is, any currency other than the ruble is considered illegal for use in Russia. So banning Bitcoin is not really news. If anything its positive. It means they recognize it as a currency  |
"The true sign of intelligence is not knowledge but imagination" -Albert Einstein
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nezarkadhem (OP)
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February 11, 2014, 04:46:51 PM |
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Right, but a substantial value in bitcoin is merchant adoption. This will cause a huge bottleneck, and it would suck to see other countries follow China and Russia. |
Awaiting the Neptune & Viper
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nezarkadhem (OP)
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February 11, 2014, 04:48:51 PM |
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If you own BTC in Russia, you are a criminal.
Can you refer to some law, that prohibits that? Thanks. Here is an official statement by the Central Bank of the Russian Federation: http://cbr.ru/press/PR.aspx?file=27012014_1825052.htmUse chrome to auto translate. |
Awaiting the Neptune & Viper
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nezarkadhem (OP)
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February 11, 2014, 04:50:28 PM |
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If you own BTC in Russia, you are a criminal.
Can you refer to some law, that prohibits that? Thanks. Exact quotes from the press release: “Bitcoin is a money substitute and cannot be used by citizens and legal entities,” "The official currency of the Russian Federation is the ruble. Introduction of other monetary units and money substitutes is prohibited," Russia's official stance is, any currency other than the ruble is considered illegal for use in Russia. So banning Bitcoin is not really news. If anything its positive. It means they recognize it as a currency don't know about "positive" |
Awaiting the Neptune & Viper
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Chronikka
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February 11, 2014, 04:52:18 PM |
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If you own BTC in Russia, you are a criminal.
Can you refer to some law, that prohibits that? Thanks. Exact quotes from the press release: “Bitcoin is a money substitute and cannot be used by citizens and legal entities,” "The official currency of the Russian Federation is the ruble. Introduction of other monetary units and money substitutes is prohibited," Russia's official stance is, any currency other than the ruble is considered illegal for use in Russia. So banning Bitcoin is not really news. If anything its positive. It means they recognize it as a currency don't know about "positive" Bitcoin was always going to be banned in places like Russia. It challenges their currency and their entire monetary system. If bitcoin is big enough to warrant this attention it means they fear it. It means bitcoin is working. |
"The true sign of intelligence is not knowledge but imagination" -Albert Einstein
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nezarkadhem (OP)
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February 11, 2014, 04:56:17 PM |
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If you own BTC in Russia, you are a criminal.
Can you refer to some law, that prohibits that? Thanks. Exact quotes from the press release: “Bitcoin is a money substitute and cannot be used by citizens and legal entities,” "The official currency of the Russian Federation is the ruble. Introduction of other monetary units and money substitutes is prohibited," Russia's official stance is, any currency other than the ruble is considered illegal for use in Russia. So banning Bitcoin is not really news. If anything its positive. It means they recognize it as a currency don't know about "positive" Bitcoin was always going to be banned in places like Russia. It challenges their currency and their entire monetary system. If bitcoin is big enough to warrant this attention it means they fear it. It means bitcoin is working. I don't know. I agree that bitcoin has heavy media attention at the moment, which is great. And I would agree to an extent if countries at the scale of russia, acknowledge bitcoin and take a stance on it. Like what the US did. But banning it? That's bad news. That eliminates the potential of critical mass adopting the coin - "oh, the illegal coin" |
Awaiting the Neptune & Viper
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howardb
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February 14, 2014, 10:43:22 PM |
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The more governments try to drive it underground, the more it starts to have boot leg value in those countries. Given the mechanisms are there for those citizens to hold BTC with impunity, they WILL hedge against their own inflation riddled currencies and find a way to buy. Meanwhile, here in the civilized world, we only need one or two countries to formally accept it (Germany already has, US seems likely to) for it's future to as certain as anything can be in this life.
The comparison with old soviet countries and black market dollars is apt.
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