Russia doesn't wants its citizens earning with cryptos

[maju69]

There is a somewhat misleading discussion here. Russia is well aware of all the advantages of cryptocurrency. But to fully legalize cryptocurrency in the country, all incomes of citizens must be taxed. Taxation itself is beneficial to states, and Russia is no exception.
But until the law on taxation of digital assets is fully enacted, it is useless to wait for the country's adoption of cryptocurrencies.

Not sure if it's true or not because one source alone is not enough to conclude that Russia really forbids it. Maybe only a few parties do not like Bitcoin being used by the Russia people for fear of shifting the existence of Fiat. Even though the adoption of cryptocurrencies in Russia is very significant when viewed from the number of crypto projects launched there. Once again there is a need for regulations that provide leeway for crypto users in Russia.

[Bollexz1]

I guess they're a bit shaky and frightened about the bitcoin system. But inventions like Bitcoin has proven its potentials many times... I see no reason why they are still doubting it at this stage.

[Hamphser]

I guess they're a bit shaky and frightened about the bitcoin system. But inventions like Bitcoin has proven its potentials many times... I see no reason why they are still doubting it at this stage.

They arent doubting but rather than on being threatened because everything that do opposes governments centralization would always be a threat to them or they are focusing more on its con's rather than on seeing into its benefits which i cant really blame them off.

Each country does have their own jurisdiction or perception towards things and lets just accept and respect on what Russia government do really likes to do so.

As if theres something we can do? There's none actually.

[lelahenderson]

The main reason for doing this is because Russia is worried about the volatility of the cryptocurrency and doesn’t want the people of Russia to experience any sort of losses. But on the contrary, it is like underestimating the power of their own people. Maybe they will understand the world of cryptocurrency and be able to make more profits than any other traders in the world. There is no harm in trying at least. Maybe with time, Russia will understand the growth and development of Crypto and will allow it soon.

[Russlenat]

If the reason is that they don't want the citizen to earn bitcoin, then that is a stupid reason.

There should be a bigger reason than that, it could be the risk that they can't and don't want to manage.
I'm afraid that Russia would treat bitcoin and crypto as a whole like China, I hope they won't impose a total ban.

[Cryptolover84525]

Yes Russian citizen banned because a ban like this will only increase the number of people who do illegal things because who doesn't want to benefit in a way that can be said to be very easy and without the need for great energy for this.

[QuickAccount]

I don't think this 'new' ban will effect russian citizens all that much. I have talked to a few russian programmers over the years who sell their stuff for crypto, and most of them don't care about bans at all. Most of the game hacks sold by russians are bought with BTC or monero.

[dezoel]

There should be a bigger reason than that, it could be the risk that they can't and don't want to manage.
I'm afraid that Russia would treat bitcoin and crypto as a whole like China, I hope they won't impose a total ban.

Most probable reason must be taxation. Losing taxes against the revenue of individuals must be a big concern for most governments. After this tax reason, another big concern would be money laundering problems like non-traceable funds to terrorism. Hence, I am not ready to accept that benefiting out of crypto investment could be a concern for any government. Even they will not encourage, at least they will take a neutral stand against crypto investments and returns.

Most government may hate bitcoin mining as it may consume lots of power and also may impact on economy if more people started getting into mining business. When green energy alone being used then I guess this reason will become no more a concern.

[Ziskinberg]

There should be a bigger reason than that, it could be the risk that they can't and don't want to manage.
I'm afraid that Russia would treat bitcoin and crypto as a whole like China, I hope they won't impose a total ban.

Most probable reason must be taxation. Losing taxes against the revenue of individuals must be a big concern for most governments. After this tax reason, another big concern would be money laundering problems like non-traceable funds to terrorism. Hence, I am not ready to accept that benefiting out of crypto investment could be a concern for any government. Even they will not encourage, at least they will take a neutral stand against crypto investments and returns.

If that will be the reason, then they should have found a way. It is supposed not their people will suffer from that as they are also looking for some sides hustle and crypto it gladly help them but with that prohibitive restrictions, it becomes unfortunate.

Most government may hate bitcoin mining as it may consume lots of power and also may impact on economy if more people started getting into mining business. When green energy alone being used then I guess this reason will become no more a concern.

Once it was legal, it means that they are also paying taxes to the government. It wasn't be treated like that, although it was their right to impose strict regulations, they have also think the welfare of their citizens, not just their own interest.
They should have to be fair and let their people risk their money for crypto investment.

[Finestream]

There should be a bigger reason than that, it could be the risk that they can't and don't want to manage.
I'm afraid that Russia would treat bitcoin and crypto as a whole like China, I hope they won't impose a total ban.

Most probable reason must be taxation. Losing taxes against the revenue of individuals must be a big concern for most governments. After this tax reason, another big concern would be money laundering problems like non-traceable funds to terrorism. Hence, I am not ready to accept that benefiting out of crypto investment could be a concern for any government. Even they will not encourage, at least they will take a neutral stand against crypto investments and returns.

If that will be the reason, then they should have found a way. It is supposed not their people will suffer from that as they are also looking for some sides hustle and crypto it gladly help them but with that prohibitive restrictions, it becomes unfortunate.

Most government may hate bitcoin mining as it may consume lots of power and also may impact on economy if more people started getting into mining business. When green energy alone being used then I guess this reason will become no more a concern.

Once it was legal, it means that they are also paying taxes to the government. It wasn't be treated like that, although it was their right to impose strict regulations, they have also think the welfare of their citizens, not just their own interest.
They should have to be fair and let their people risk their money for crypto investment.

The government should always consider first the welfare of their citizens rather than their own interests. And knowing that crypto is now very popular in Russia and they can really make advantage on it if they wish, then if the government will support crypto, it will be beneficial not just for its citizens but for the whole country as well. And i think President Putin is never against with crypto as he sees it with high value. I know crypto has more chances to be adopted in Russia, maybe it just takes time.

[Fatunad]

I don't think this 'new' ban will effect russian citizens all that much. I have talked to a few russian programmers over the years who sell their stuff for crypto, and most of them don't care about bans at all. Most of the game hacks sold by russians are bought with BTC or monero.

For those who are techy or does have knowledge on how to deal up with online things they they wont really be finding this to be problematic but for those who do only know the basic stuffs
then for sure having these kind of restrictions would really be pain in the ass but honestly if they could really just able to find out the very basic of blockchain tech
then they could really utilize it and wont really be that easy for them to be traced if they do just follow the basics.

[Natalim]

If the reason is that they don't want the citizen to earn bitcoin, then that is a stupid reason.

There should be a bigger reason than that, it could be the risk that they can't and don't want to manage.
I'm afraid that Russia would treat bitcoin and crypto as a whole like China, I hope they won't impose a total ban.

I think what we have here is certainly a FUD. Russia is very different from China so i don't think Russia will come up banning crypto just because they don't want their citizens to get involved in cryptos. How would that happen if the president alone is not taking crypto as against the government? President Putin has been more vocal that he certainly knows bitcoin that has a value so i don't think crypto will be banned. Instead, its adoption is more possible because crypto is now widespread in Russia and with the tax that the government can get from it, it will be a huge help to maintain the progress of Russia.

[germsite]

If the reason is that they don't want the citizen to earn bitcoin, then that is a stupid reason.

There should be a bigger reason than that, it could be the risk that they can't and don't want to manage.
I'm afraid that Russia would treat bitcoin and crypto as a whole like China, I hope they won't impose a total ban.

They won't impose a total ban. In mid of October Putin said that cryptocurrencies will play an important role, but that that doesn't mean he is the biggest fan of Bitcoin. Still, although Putin is dependent on mass surveillance and presidential power, he most likely won't decide the way the Chinese government did. I think he does have quite a different opinion about cryptocurrencies than the Chinese president has.

But the topic here obviously refers to earnings and that is the point: it would make taxation much harder (if not impossible to a certain degree) as has been stated before here. But how is he going to prevent people from accepting Bitcoin as a payment method while he does not intend to ban Bitcoin entirely? That is going to be an interesting law.

[TravelMug]

If the reason is that they don't want the citizen to earn bitcoin, then that is a stupid reason.

There should be a bigger reason than that, it could be the risk that they can't and don't want to manage.
I'm afraid that Russia would treat bitcoin and crypto as a whole like China, I hope they won't impose a total ban.

Capital flight, the same reason why China want's to ban everything related to crypto.

Their citizens are getting rich and where do they hide it? in crypto, and then they can travel around the globe exchange it to somewhere else other than their local. So the money except within their boundaries and the government can't do anything about it.

And maybe this the reason why Russia doesn't want their citizens to earn through crypto currencies because it will give them so much financial freedom.

[DewiKirana]

Regulations that severely restrict citizens from developing and earning extra money. Russia has the same approach as China in banning cryptocurrencies. Should Russia legalize cryptocurrency and tax every Crypto transaction every month from every citizen, this is a better solution.

[witcher_sense]

And maybe this the reason why Russia doesn't want their citizens to earn through crypto currencies because it will give them so much financial freedom.

Once the citizens learn about how to acquire, manage, store securely, transact with bitcoin, it will be a difficult task for the government to prevent them from continuing doing so. However, the thing is that the vast majority of Russian people don't seem interested in cryptocurrencies, they show a clear unwillingness to learn more about it. Moreover, in order to access valuable resources where they can learn, such as this forum, they have to have at least basic technical knowledge regarding how to get through the wall of censorship. Yes, bitcointalk was blocked by Roskomnadzor a couple of years ago, which has resulted in almost zero activity from Russian newcomers. Unfortunately, censorship appears to be an effective way to hinder uneducated people from finding out how to deal with cryptocurrency and earning off of it.

[germsite]

And maybe this the reason why Russia doesn't want their citizens to earn through crypto currencies because it will give them so much financial freedom.

Once the citizens learn about how to acquire, manage, store securely, transact with bitcoin, it will be a difficult task for the government to prevent them from continuing doing so. However, the thing is that the vast majority of Russian people don't seem interested in cryptocurrencies, they show a clear unwillingness to learn more about it. Moreover, in order to access valuable resources where they can learn, such as this forum, they have to have at least basic technical knowledge regarding how to get through the wall of censorship. Yes, bitcointalk was blocked by Roskomnadzor a couple of years ago, which has resulted in almost zero activity from Russian newcomers. Unfortunately, censorship appears to be an effective way to hinder uneducated people from finding out how to deal with cryptocurrency and earning off of it.

But prosecution could also be an issue. Not many news seem to reach us from China about people being prosecuted for breaking the rules right now, but I think that the Chinese government is going to be extremely brutal if people violate the law in this case. But can they really control them all? I have no idea. I would say that Russia is not as strict as China? That would be my uneducated guess, but even if Russia bans it, I don't think it is going to be enforced as hard as it probably will be in China.

[Hypnosis00]

And maybe this the reason why Russia doesn't want their citizens to earn through crypto currencies because it will give them so much financial freedom.

Once the citizens learn about how to acquire, manage, store securely, transact with bitcoin, it will be a difficult task for the government to prevent them from continuing doing so. However, the thing is that the vast majority of Russian people don't seem interested in cryptocurrencies, they show a clear unwillingness to learn more about it. Moreover, in order to access valuable resources where they can learn, such as this forum, they have to have at least basic technical knowledge regarding how to get through the wall of censorship. Yes, bitcointalk was blocked by Roskomnadzor a couple of years ago, which has resulted in almost zero activity from Russian newcomers. Unfortunately, censorship appears to be an effective way to hinder uneducated people from finding out how to deal with cryptocurrency and earning off of it.

But prosecution could also be an issue. Not many news seem to reach us from China about people being prosecuted for breaking the rules right now, but I think that the Chinese government is going to be extremely brutal if people violate the law in this case. But can they really control them all? I have no idea. I would say that Russia is not as strict as China? That would be my uneducated guess, but even if Russia bans it, I don't think it is going to be enforced as hard as it probably will be in China.

I hope it won't but much hoping that the president will appreciate the benefits of crypto to the life of his people and let it open to them. It somehow can be their source of living and many of us here are Russians, he can just be more considerate with that and spare those individuals who use and invest crypto as long as it is not used for any illegal activities.
Well, I don't have to imagine things that happen in China will also happen to Russia, I guess you were right.

[Oilacris]

And maybe this the reason why Russia doesn't want their citizens to earn through crypto currencies because it will give them so much financial freedom.

Once the citizens learn about how to acquire, manage, store securely, transact with bitcoin, it will be a difficult task for the government to prevent them from continuing doing so. However, the thing is that the vast majority of Russian people don't seem interested in cryptocurrencies, they show a clear unwillingness to learn more about it. Moreover, in order to access valuable resources where they can learn, such as this forum, they have to have at least basic technical knowledge regarding how to get through the wall of censorship. Yes, bitcointalk was blocked by Roskomnadzor a couple of years ago, which has resulted in almost zero activity from Russian newcomers. Unfortunately, censorship appears to be an effective way to hinder uneducated people from finding out how to deal with cryptocurrency and earning off of it.

But prosecution could also be an issue. Not many news seem to reach us from China about people being prosecuted for breaking the rules right now, but I think that the Chinese government is going to be extremely brutal if people violate the law in this case. But can they really control them all? I have no idea. I would say that Russia is not as strict as China? That would be my uneducated guess, but even if Russia bans it, I don't think it is going to be enforced as hard as it probably will be in China.

I hope it won't but much hoping that the president will appreciate the benefits of crypto to the life of his people and let it open to them. It somehow can be their source of living and many of us here are Russians, he can just be more considerate with that and spare those individuals who use and invest crypto as long as it is not used for any illegal activities.
Well, I don't have to imagine things that happen in China will also happen to Russia, I guess you were right.

Decisions and views could really changed up overtime because having lack of knowledge and realizations on whats crypto and how it works and made out immediate action without any consideration and later on there were change of minds because they have thought on something which did really changed up that mentality.

It could really happen but its not an assurance because if those presidents would have that kind of initial impression then it is most
likely to be final.

There's nothing we can do if they do have that kind of impression towards bitcoin or crypto as a whole.

[dbc23]

Most countries are fighting hard to ensure their citizens stay as centralized as possible so the can monitor how funds move in and out of the country and how much each citizen has. With the high level of Artificial intelligence in Russia I was expecting them to be the frontiers of crypto currency adoption but it seems the reverse is the case. I just hope the don't join the business too late when it would be more complicated knowing how to start.