Russia officially allows Bitcoin

[7788bitcoin]

This is indeed a good news. However, is bitcoin network ready for the wave of in-coming users? I guess we definitely need to do something or else the wave will go into other altcoins.

[Wendigo]

Dudes I would bet my left nut that 90% of the computer-savvy population of Russia has been mining Bitcoins & alt-coins since the dawn of crypto mining. Russians are specialists in apartment-based crypto farms anyways  Have they ever stopped mining? I highly doubt so 

[Blackmet]

Russia was always very conservative at my opinion and im so happy than now they trying to be modern now, russain bitcoin users will be also happy.

[skylighters]

thats very great to be honest because in my opinion it will attract new people to bitcoin

[LTU_btc]

Very strange move of Russian government, especially when we know how they restricted freedom of russian people on internet. But it's good move for bitcoin. It also can affect bitcoin price into positive side.

[marketone]

Just a little while ago they said they will ban bitcoin's use from their country.

Now they turn around on what their officials were saying all this time and are now allowing it?
There is something else going on behind those fine red lines I would imagine to guess. 

[0day]

That is really a great news, at last they convinced that bitcoin is a beneficial currency for their citizens, and if they would not approve it then it would be the destruction of the nation in the age of digital system of finance.

[shugareward]

its nice that they started accepting it because in my opinion in this way more russians will be using it

[Doamader]

Dudes I would bet my left nut that 90% of the computer-savvy population of Russia has been mining Bitcoins & alt-coins since the dawn of crypto mining. Russians are specialists in apartment-based crypto farms anyways  Have they ever stopped mining? I highly doubt so 

I dont know how deep the russians are into bitcoin, but one thing i know they are a big part of the people who do claim faucets all days, and i do believe they have as well some business of crypto related. Its good to bitcoin to some country accept it and without looks likes extra taxes.

[shinratensei_]

That is really a great news, at last they convinced that bitcoin is a beneficial currency for their citizens, and if they would not approve it then it would be the destruction of the nation in the age of digital system of finance.

Well, like the minister of finance in my country is say the financial technology will become a threat for the bank and I think that is will become a real thing in this time.  but this is a very good news is heard in this day.

[vasrasus]

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

That's good news it will be beneficial to many Russians it can be a source of income. Maybe they change their mind because they see lots of opportunities bitcoin can offer. Now Russian gave freedom to those who wants to learn and earn at the same time.

[Xester]

Wow this is a good news to the bitcoin community. But I do hope that it may also affect the price inflation so that we can enjoy the benefits of the price surge. Moreover we can earn more on signature campaigns and online jobs and our savings of bitcoin in our wallet could be actually used to be converted to cash. But aside from that hopefully Russia will be beginning to love bitcoin and not stop using this cryptocurrency.

[MingLee]

It seems like even some of the strongest resistances to Bitcoin eventually fall and Bitcoin is allowed lol. I'm glad to see that Russia has finally opened up to the concept of a population with access to cryptocurrencies, however I fully understand that they would have been wary of it at first. Regardless of that though, this is some great news (even though it's a month or so old).

[Indrawan77]

I think that is a fantastic, i thought that bitcoin already legal in russia because there area lot of website about bitcoin in russia language and there are a lot of user from russia, well with this news then the russian dont need to hide in shadow to play bitcoin, its a wonderful, hopefully a lot of country will legalize bitcoin

[coynedterm]

Seeing development and popularity I get pleasure because if cryptocurrency could rule the planet then we world be free from govt. dutys and other barrier like exchanging when we go to other countries, so I want cryptocurrencys development as fast as possible.

[Hazir]

Dudes I would bet my left nut that 90% of the computer-savvy population of Russia has been mining Bitcoins & alt-coins since the dawn of crypto mining. Russians are specialists in apartment-based crypto farms anyways  Have they ever stopped mining? I highly doubt so 

They don't care about any kind of 'stupid' government laws. They care about they own well being. Enforcing any kind of law against people in Russia is basically impossible.
There was situation that Bitcoin usage after some of their "previous bans" was even higher than than when bitcoin was 'legal'.

[Bitcoinpro]

they must have stolen enough Bitcoin now it seems they own enough to make it legal, they must have also

build up a few decent mining rigs,

[serjent05]

its nice that they started accepting it because in my opinion in this way more russians will be using it

Definitely this is aa plus  sign  for bitcoin world wide adoption.  For several years russia had been hostile to  bitcoin and bitcoin user.  It is a great news that they are  now removing their hostility to bitcoin.  I am hoping to see more and more new comer from russia will be seen and the related value will at least increse or stable at least.

[Leonard2016]

Russia has always been so back and forth with bitcoin, and they never have any middle ground or at least this is what the news that i have been reading in the past years show me. they either ban it and threten prison or they allow it like this!!

[Wind_FURY]

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

Can mining rewards really be considered as an "issuance of currency"? If it is issued then there should be an issuer. The problem with is they cannot point who exactly. So if someone in Russia still decides to mine bitcoin or any other POW coin for that matter then which "issuer" are they going to imprison?

The Russian government also does not have a clear narrative on why they considered BTC as a currency. It is all not very clear and different from country to country. There was a judge in Florida that junked a case versus a man who was accused of money laundering using bitcoins. He was freed because the judge said that it is not real money so therefore no money laundering took place.