Russia's Finance Ministry Wants to Ban Bitcoin

[USB-S]

He wanted to ban exchange/conversion of bitcoin into and out of Ruble, but then bitcoin can be used directly in trading without even touch the current financial system, an even worse nightmare for authorities, they will totally lose the trace of it

Yea like the war on drugs isn't bad enough. Creating a specialized unit to arrest the people who exchange bitcoins to rubles. Maybe the black market will get smarter and stops using localbitcoins then and sends bitcoins trough the mail. What will the police do then? There isn't really a way to stop bitcoin exchanges from happening.

Wasn't cryptsy founded in russia?

[aso118]

He wanted to ban exchange/conversion of bitcoin into and out of Ruble, but then bitcoin can be used directly in trading without even touch the current financial system, an even worse nightmare for authorities, they will totally lose the trace of it

He is hoping to kill Bitcoin adoption in its infancy in Russia. Only when its adoption increases, Bitcoin can circulate without touching the current financial system.

[caliboy37]

Gouvernment don't really like "anonymous transaction". It also can kill their own money in couple of years. It's normal.

[mobnepal]

I think russia also got feared of being attacked by ISIS like in france.

"punish those converting cryptocurrencies into the ruble with up to four years in prison." aren't they know this is 21st century. What a unrealistic punishment they are talking about.

[ivanst776]

Russia has a big population and banning bitcoin there would affect directly the popularity of bitcoin.

[Hellacopter]

Russia has a big population and banning bitcoin there would affect directly the popularity of bitcoin.

I don't think so, because banning Bitcoin isn't possible in my opinion, even for the Governments. Nowadays everyone use the internet connection, and if you use the internet you can easily get, use and trade with Bitcoin, so they need to ban internet services in order to ban Bitcoin.

[nejibens]

Banning Bitcoin isn't so easy because it's used by internet they need to ban internet

[Amph]

if i were a russia citizen i would still use it for used thing, face to face transaction, they can ban my ass

they cannot completely stop it no matter what, unless they are willing to confiscate every desktop in russia

it will be fun to see the reaction of those countries that are against bitcoin now, when bitcoin will take off seriously and be globally adopted, perhaps also as a first currency

[QuestionAuthority]

if i were a russia citizen i would still use it for used thing, face to face transaction, they can ban my ass

they cannot completely stop it no matter what, unless they are willing to confiscate every desktop in russia

it will be fun to see the reaction of those countries that are against bitcoin now, when bitcoin will take off seriously and be globally adopted, perhaps also as a first currency

Most Russian people will never hear about it. The media is ever so slightly controlled in Russia.

[ivanst776]

Russia has a big population and banning bitcoin there would affect directly the popularity of bitcoin.

I don't think so, because banning Bitcoin isn't possible in my opinion, even for the Governments. Nowadays everyone use the internet connection, and if you use the internet you can easily get, use and trade with Bitcoin, so they need to ban internet services in order to ban Bitcoin.

I know but in this case it means that you are using as illegal so it's not good if anyone catch you using bitcoin in a country where it is banned.

[Republic of Coin]

They can not ban Bitcoin completly, but they can punish anyone using Bitcoin there if caught. Plus merchant will not use Bitcoin there obviously if the law will really prohibit Bitcoin usage.

They might ban bitcoin for now. When bitcoin is used widely in other parts of the world and benefit people, the Russia will lift the ban.

[Blue_Tiger73]

Russia was never really a big player in the Bitcoin game, so if they do ban Bitcoin in Russia, it won't really effect the price of Bitcoin. If a big Bitcoin country, like America or China, decided to ban Bitcoin, that would definitely make the price of Bitcoin fall.

[QuestionAuthority]

They can not ban Bitcoin completly, but they can punish anyone using Bitcoin there if caught. Plus merchant will not use Bitcoin there obviously if the law will really prohibit Bitcoin usage.

They might ban bitcoin for now. When bitcoin is used widely in other parts of the world and benefit people, the Russia will lift the ban.

Yeah, because that's what Russia is all about, taking care of their people. ROFL

Sergei Tretyakov a Russian Foreign Intelligence Service defector said it best when he said, "they will never change". He revealed many political and intelligence secrets from the New Russia and died a sudden death in Sarasota County, Florida on June 13, 2010 when he accidentally stabbed himself 27 times with a pocket knife. lol

[Blue_Tiger73]

They can not ban Bitcoin completly, but they can punish anyone using Bitcoin there if caught. Plus merchant will not use Bitcoin there obviously if the law will really prohibit Bitcoin usage.

They might ban bitcoin for now. When bitcoin is used widely in other parts of the world and benefit people, the Russia will lift the ban.

That is a valid arguement, but how do you suggest that Russia bans Bitcoin. The only way that I can think of doing this, is to take away everyone's internet connection. They can't ban Bitcoin, but they could make a consequence for anyone caught using it.

[junglist.massive]

Meh Boring. Already tried it before. Russians can handle it and btc-e is safe couse noone knows who own it

[Mickeyb]

Russians have been by far the most hostile towards us out of all the nations. They are talking non-stop about banning Bitcoin, etc.

Interestingly I don't think they will do a damn thing until someone else doesn't take an initiative and bans us first. They are not stupid, they will not leave themselves out of technological advancement and be the only country that did this!

[ajareselde]

Meh Boring. Already tried it before. Russians can handle it and btc-e is safe couse noone knows who own it

My first thought's were btc-e as well, even tho some claim they're based in Ukraine    Never the less, if you look on how much effort they placed in annihilating piratebay across
the world, but the site is still up because they simply move server from one country to another - same thing can be done with exchanges, but with somewhat bigger hustle.
 

[virtualx]

Banning Bitcoin isn't so easy because it's used by internet they need to ban internet

Not only it isn't easy, it's simply undoable. A bitcoin transaction only takes a few bytes which can be encoded in anything. Even in the theoretical situation that the whole internet is blocked, you can still transfer bitcoins to the network using a telephone line, mail card and other forms of communication. Technological ban is impossible.

[ACAB]

They can threat whatever way they want but they can't ban anything on the internet.

[Duomo]

It is very surprising how many countries and governmental/commercial institutions are so willing to implement features and attributes of the blockchain and the ledger but the idea of utilizing bitcoin is pretty unnerving.