Russia officially allows Bitcoin

[deisik]

Russia has always been one of the most hostile regimes towards Bitcoin. There were drafts proposing to criminalize the use of Bitcoin with a penalty of up to 3-5M Russian rubles (over $50,000) or even with a term in prison. But just a few days ago the last such proposal was scrapped, and it seems that the authorities are no longer trying to turn Bitcoin users into criminals.

In July the Russian Ministry of Finance had stated that it intended to allow citizens to buy cryptocurrency for the purpose of reselling, exchanging, and using beyond Russia. At the same time, the same proposal suggested banning Bitcoin mining since it was considered as issuance of currency. And just a month later Alexei Moiseyev, Russia’s deputy minister of finance says that the ministry (which has long tried to pass a bill to ban digital currencies altogether) denounces any direct ban of Bitcoin.

So it looks like the last unassailable fortress standing between Bitcoin and its universal recognition across the world is about to collapse

[unamis76]

Interesting. Is there any source for this? I wonder why they suddenly changed their opinion regarding Bitcoin. Maybe they just don't want to waste time trying to regulate it?

[deisik]

Interesting. Is there any source for this? I wonder why they suddenly changed their opinion regarding Bitcoin. Maybe they just don't want to waste time trying to regulate it?

There are a lot of sources both in Russian and English (for example here, here, and here). This sudden change of attitude seems to be connected with the legislative elections to the State Duma (the lower house of the Russian parliament) which are to be held in Russia on September 18, 2016...

On the other hand, this had to be expected

[yayayo]

Besides that I don't think that for the average Russian, a Bitcoin ban matters that much in practice (because it can be easily circumvented with little or no risk), I hope that Russia finally realizes that allowing Bitcoin use is not a threat, but in fact a great chance for the country's economy. Especially for countries like Russia, Iran, and China a full embrace of Bitcoin could be highly advantageous, because it would put an end to the USD reign and make transactions and trade between these countries much easier without risking the freeze of funds by US-controlled international institutions.

So Bitcoin would perfectly align with the political goals of these countries. By fully adopting Bitcoin on a state and a individual level they would gain both in power and economic prosperity. I think what might be holding back these countries from Bitcoin adoption is the fear of devaluation and capital flight from of/from their national currencies. However this problem could easily be solved, if the central banks used their fiat assets to buy significant amounts of Bitcoin now. That would be the smartest mover ever, because after their announce full endorsement of Bitcoin on a state, its valuation will skyrocket...

ya.ya.yo!

[Mastsetad]

Just because of some evil people or hackers many countries think that bitcoin users are criminals, without thinking that criminal activities are done under every currency but not only with bitcoin, but we cannot just say that the currency is a criminals currency but we should blame the people.
Hopefully all misunderstandings will be cleared and ever country like Russia will allow their citizens to use bitcoin without any restrictions.

[goinmerry]

Interesting. Is there any source for this? I wonder why they suddenly changed their opinion regarding Bitcoin. Maybe they just don't want to waste time trying to regulate it?

There are a lot of sources both in Russian and English (for example here, here, and here). This sudden change of attitude seems to be connected with the legislative elections to the State Duma (the lower house of the Russian parliament) which are to be held in Russia on September 18, 2016...

On the other hand, this had to be expected

I am also going to ask the same thing and it is answered. Thank you for the links. This is really a great news for bitcoin users there.

[satmas]

It's great that Russia will allow the use of Bitcoin. Hopefully more people will use bitcoins because of this news.

[Jeremycoin]

Did I just misunderstand or they are allowing Bitcoin as a currency but they ban the way to make it (mining)?
If I'm right then IMO this is a weird decision that ever made by a government, they allow something but also ban some part of it.

[deisik]

Did I just misunderstand or they are allowing Bitcoin as a currency but they ban the way to make it (mining)?
If I'm right then IMO this is a weird decision that ever made by a government, they allow something but also ban some part of it.

You don't get it. They just can't simply denounce everything what they have been saying all these years. But as I have also been saying through the same years, the threats of banning Bitcoin and sending people to prison were nothing but a bluff

[Jeremycoin]

Did I just misunderstand or they are allowing Bitcoin as a currency but they ban the way to make it (mining)?
If I'm right then IMO this is a weird decision that ever made by a government, they allow something but also ban some part of it.

You don't get it. They just can't simply denounce everything what they have been saying all these years

Oh yeah, my bad. I didn't read the "July" word in the second paragraph.

In July the Russian Ministry of Finance had stated that it intended to allow citizens to buy cryptocurrency for the purpose of reselling, exchanging, and using beyond Russia. At the same time, the same proposal suggested banning Bitcoin mining since it was considered as issuance of currency. And just a month later Alexei Moiseyev, Russia’s deputy minister of finance says that the ministry (which has long tried to pass a bill to ban digital currencies altogether) denounces any direct ban of Bitcoin.

[mobnepal]

----- cropped ----
At the same time, the same proposal suggested banning Bitcoin mining since it was considered as issuance of currency.

If they are thinking to accept bitcoin as foreign currency than why they still trying to ban bitcoin mining. They should be happy because this will just create more bitcoin to their country and also the cost of mining that will be spent by miner will be gone to electricity providers, so russian currency will never go to foreign land actually bitcoin will be generated in this process. Shouldn't this be considered as good for economy of any country?

[Ayers]

lol how so, last time they said that they would put you in jail if you were caught to use bitcoin, now again they changed their, mind, i think they need to decide with a law, and not spreading false rumors each time

[deisik]

----- cropped ----
At the same time, the same proposal suggested banning Bitcoin mining since it was considered as issuance of currency.

If they are thinking to accept bitcoin as foreign currency than why they still trying to ban bitcoin mining. They should be happy because this will just create more bitcoin to their country and also the cost of mining that will be spent by miner will be gone to electricity providers, so russian currency will never go to foreign land actually bitcoin will be generated in this process. Shouldn't this be considered as good for economy of any country?

Most likely, because the emission of foreign currency is outright prohibited by some other law. Thereby they can't accept bitcoin as a foreign currency and at the same time allow Bitcoin mining since that would mean issuance of the currency. But rest assured, this is no more than a legal conformity with the provisions of other laws laying down the rules for foreign currency circulation...

So you can safely continue mining your bitcoins

[gentlemand]

I give it another few day before someone else there starts dropping heavy threats. These tossers need to get together and actually form a unified front. It's deadly dull now.

[unamis76]

Interesting. Is there any source for this? I wonder why they suddenly changed their opinion regarding Bitcoin. Maybe they just don't want to waste time trying to regulate it?

There are a lot of sources both in Russian and English (for example here, here, and here). This sudden change of attitude seems to be connected with the legislative elections to the State Duma (the lower house of the Russian parliament) which are to be held in Russia on September 18, 2016...

On the other hand, this had to be expected

Thank you. We'll see how much this alsts. Hope they just forget about this once and for all...

[calkob]

This sounds like great news, maybe they new that there was just no satopping it either.  like seriously what could they actually do unless they caught someone using it.

[Kprawn]

If I was living in Russia, I would certainly be so confused by now, with them jumping from the one extreme to the next. Merchants cannot survive and

operate in such a volatile environment. They need clear and decisive laws and regulations to build on. It is positive news, but we have to hope they

not going to change their minds in a month or two.. 

[Denker]

The best decision they can make.
Banning Bitcoin wouldn't stop it. And I'm sure the government is pretty aware of that.
So jump on the bandwagon and try to take advantage of that wonderful invention.
Localbitcoins' weekly chart for Russia is rising and rising by the way!
3.423.364,99 USD last week!

[adibe]

If It's really happened, it will be a good news for bitcoin. I'm sure it's a good move by russian government if they allows bitcoin and it will affect the price of bitcoin for sure.

[deisik]

If I was living in Russia, I would certainly be so confused by now, with them jumping from the one extreme to the next. Merchants cannot survive and operate in such a volatile environment. They need clear and decisive laws and regulations to build on. It is positive news, but we have to hope they not going to change their minds in a month or two.. 

If you really lived in Russia, you wouldn't give a fuck about 90% of what the authorities intend to do or say what they are going to do. I have already explained it a few times why precisely the Russian Ministry of Finance had been such a fierce opponent to legalizing Bitcoin while at the same time the chief of the largest Russian bank, Sberbank, had been openly admitting that he had some bitcoins...

And even complaining that he suffered losses (when the price was around $200)