Russian Central Bank changed stance on bitcoin and might make it legal

[saturn643]

Looks like the Russians have found the hammer they are going to use to bludgeon the dollar.

[mihalis341]

I hope it will cause the new rise in BTC price.

[yayayo]

The best thing Russia could do would be buying tons of Bitcoin. It would make their plan to oust the dollar as world reserve currency work in no time.
In that scenario there would be absolutely nothing that the US could do against it, because the whole world is already adopting Bitcoin and it can't be repelled with sanctions.

However that's not what's probable to happen...

ya.ya.yo!

[dollarneed]

i hope it could make price bitcoin is better, by the way i just wondering how progress bitcoin in russia that bitcoin still ilegall ?

[AlgoSwan]

What happens to BTC-e if this news become real? Will Russian gov. invade them if not already? or they (btc-e) are the government from the beginning? Many questions. But one thing is clear: Russians are smart and wise.

[S4VV4S]

You know what they say.....
If you can't beat them, join them

Besides, there are many Russian miners which have quite a bit of a share in the overall hashing power.
And let us not forget those who "hide" their dollars and rubles in BTC

[bryant.coleman]

What happens to BTC-e if this news become real? Will Russian gov. invade them if not already? or they (btc-e) are the government from the beginning? Many questions. But one thing is clear: Russians are smart and wise.

The BTC-e is banned in Russia and you can't open the site without using a VPN there. I think that the ban will remain in place, even if the Russians legalzie Bitcoin. As evident from the article, the Russian government want to monopolize the ruble/bitcoin conversion. Therefore, private players such as BTC-e will not be allowed to resume their operations in Russia.

[Amph]

I hope it will cause the new rise in BTC price.

i doubt, 80% of people there did not even know about bitcoin, that's what the article say, and this even before the possible ban

[tvbcof]

It would be really interesting to see if they go with Core or Hearn's XT fork.  Or perhaps both which would be quite useful for some operations.

[ROT13]

Looks like the Russians have found the hammer they are going to use to bludgeon the dollar.

This.  The first thing I thought of when I saw this on cointelegraph was this article https://bitcoinunion.wordpress.com/2014/08/24/bitcoin-swift-and-the-brics/

[Kprawn]

It's basically a step to increase government control on Bitcoin.

When they have a exchange they can directly monitor the flow of Ruble to Bitcoin and also how much money people have.

They can also identify the Bitcoin users, like the USA have done with the exchanges and the KYC/AML regulations. In essence they are invading the privacy of their own citizens, by doing this.

Governments do not like the anonymity aspect of Bitcoin... They have to be in full control, or they will ban it.

Yes, Bitcoin would be legal in Russia, if you give them full control and expose your identity. We have just given them another tool to spy on their own citizens.   

[Fabrizio89]

Well since banning it didn't do anything to the market, nor will making it legal. Nobody cares about Russia

[Elwar]

If the media can spin a tweet about Bitcoin to ISIS as saying that ISIS is funding their recruitment and operations with Bitcoin then Russia making Bitcoin legal should be spun to imply that Russia is now running their full military and government on Bitcoin.

Bitcoin is the new official currency of Russia!

[bryant.coleman]

Bitcoin is the new official currency of Russia!

Just because they are going to legalize it (we still don't know for sure whether the news article is correct or not), you can't go overboard and say that the Russian government has suddenly turned pro-Bitcoin. Like every other government around the world, the Russian government is also afraid of the digital currency, as it can harm the Ruble.

[Lauda]

Bitcoin is the new official currency of Russia!

Just because they are going to legalize it (we still don't know for sure whether the news article is correct or not), you can't go overboard and say that the Russian government has suddenly turned pro-Bitcoin. Like every other government around the world, the Russian government is also afraid of the digital currency, as it can harm the Ruble.

You obviously have no idea what you're doing here. Just read his post once again:

If the media can spin a tweet about Bitcoin to ISIS as saying that ISIS is funding their recruitment and operations with Bitcoin then Russia making Bitcoin legal should be spun to imply that Russia is now running their full military and government on Bitcoin.

Bitcoin is the new official currency of Russia!

What he suggested is actually very good. Since the media can abuse negative news, we should counterattack doing the same with good news.
Russia embraces Bitcoin as their new official currency! To the top with this.

It's basically a step to increase government control on Bitcoin.

When they have a exchange they can directly monitor the flow of Ruble to Bitcoin and also how much money people have.

They can also identify the Bitcoin users, like the USA have done with the exchanges and the KYC/AML regulations. In essence they are invading the privacy of their own citizens, by doing this.
Governments do not like the anonymity aspect of Bitcoin... They have to be in full control, or they will ban it.
Yes, Bitcoin would be legal in Russia, if you give them full control and expose your identity. We have just given them another tool to spy on their own citizens.   

Wrong. Nobody is forcing you to convert to fiat. Start using your Bitcoins for things aside from exchanging to fiat and you should be fine.
Like I previously stated this is better than making Bitcoin illegal. Essentially they could legalize Bitcoin in addition to building their exchange. Nobody is forcing anybody to use that exchange though.