Russia Could Be the First Country to Pass a Cryptocurrency Law

[Chronobank]

Russia may become the world’s first country to pass a cryptocurrency regulation law, according to the State Duma’s anticorruption and security committee deputy chairman Andrei Lugovoi.
Speaking to RBK Tatarstan, Lugovoi stated that his prime objective at Finnopolis 2016 financial forum in Kazan is to explain to the banking community that assessment of perspectives and risks of digital currencies, “understanding of their right usage” and elaboration of anonymity removal mechanisms are the top priorities in this regard.

http://bitcoinschannel.com/russia-could-be-the-first-country-to-pass-a-cryptocurrency-law/?utm_source=[Suspicious link removed]&utm_medium=twitter

[amacar2]

“understanding of their right usage”

Understanding and discussing about right usage of bitcoin sound nice but

and elaboration of anonymity removal mechanisms are the top priorities in this regard.

Anonymity removal mechanism? Doesn't this mean tightening KYC policy for bitcoin exchange and withdraws? I think if anonymity is destroyed in bitcoin transaction no deference will remain between dealing with centralized banks and bitcoin.

[sasha456]

I'm interested if people want to be protected this way. Why people can not make their own decision?

[Sithara007]

The Russian government must clarify its stance on Bitcoin. BTC is still in the grey zone there. No one knows whether it is legal or illegal to use Bitcoins. This has forced some of the BTC-based businesses to move out of Russia (the exchange BTC-e is a perfect example).

[clickerz]

The Russian government must clarify its stance on Bitcoin. BTC is still in the grey zone there. No one knows whether it is legal or illegal to use Bitcoins. This has forced some of the BTC-based businesses to move out of Russia (the exchange BTC-e is a perfect example).

There must be some clarifications and anonymous feature will be over. Once it is under government, then it is controlled by government subject to its laws. Though the advantage maybe that frauds will be persecuted and consumer will be protected. But, on my opinion, I am very at ease of bitcoin setup right now.

[franky1]

“understanding of their right usage”

Understanding and discussing about right usage of bitcoin sound nice but

and elaboration of anonymity removal mechanisms are the top priorities in this regard.

Anonymity removal mechanism? Doesn't this mean tightening KYC policy for bitcoin exchange and withdraws? I think if anonymity is destroyed in bitcoin transaction no deference will remain between dealing with centralized banks and bitcoin.

if russia want to strengthen the rules of businesses that touch the Ruble. they have all the rights to do so.
this does not affect bitcoin. just the businesses at the edges of bitcoin that are located within russia or exchange using rubles.

but i hope russia and any country discussing bitcoin,
do not prohibit holding bitcoin from even being held, or
do not try regulating that just holding bitcoin, requires all holders to register their holdings. which i would say is next to impossible to enforce anyway.

from what i have been reading over many months of the actual drafts, they have been centered around the middlemen exchanges,
(though media and outside speculation has mis-interpreted the drafts to scare people to think it includes holders too).

[Wind_FURY]

The Russian government might be trying to go ahead to limit the potential of Bitcoin. As franky1 said this might not affect Bitcoin but it will affect the things you can build on top or the business ideas that make use of Bitcoin. You see one of Bitcoin's biggest potential is to find inefficient global markets and make them efficient. An example of this are the dark markets. Trading for illegal items online had no reliable mode of payment until Bitcoin arrived.

[gentlemand]

I don't believe a bleedin' word the Russian government says about crypto any more. Shit or get off the pot.

[yayayo]

“understanding of their right usage”

Understanding and discussing about right usage of bitcoin sound nice but

and elaboration of anonymity removal mechanisms are the top priorities in this regard.

Anonymity removal mechanism? Doesn't this mean tightening KYC policy for bitcoin exchange and withdraws? I think if anonymity is destroyed in bitcoin transaction no deference will remain between dealing with centralized banks and bitcoin.

Russian government does what all governments do: Try to take away freedom and control people to maintain the existing power structure. In the case of Bitcoin, Russian government seems to be engaging in very stupid and fruitless initiatives out of fear the national currency might be weakened by capital flight and taxation might become harder when Bitcoin is used by the population.

Sadly, the Russian government fails to see the epic opportunity by being progressive and fully embracing and promoting Bitcoin use: To end the USD dollar reign and render all US trade embargoes useless by employing Bitcoin for international trade with their allies. Using Bitcoin instead of issuing and maintaining an own national currency comes with great cost savings as well. Not mentioning the historic investment chance by being an early investor of Bitcoin - the revelation of a Central Bank investment in Bitcoin alone would start a massive price appreciation...

ya.ya.yo!

[gentlemand]

https://www.theguardian.com/world/2016/oct/17/russia-todays-uk-bank-accounts-frozen-says-editor

Russia's fave propaganda channel loses its UK bank accounts. Ah well. Looks like there's always Bitcoin after all. That would be a bit of fun.

[electronicash]

Their government probably  had monitored sasha of waves this time 

anonymity is something a bitcoin user can't afford to lose.
Filling up the KYC makes it easy for the goverment track someone and probably can collect huge taxes from them. Putin shall be richer than anyone else.

[erikalui]

It would be a good move if Russia does pass a cryptocurrency law and I don't see any harm as the article states "exclude all the risks of cryptocurrency’s usage for money laundering and financing of terrorism" This was needed at this time when bitcoins are being highly abused and there is no law to protect this. I hope it doesn't restrict the use of bitcoins or make it almost impossible for users of other countries to use this currency. Proving the identity of users is something that I wouldn't mind.

[Tanic]

I live in Russia and this law will have it's effect on me as on bitcoin user and holder. I ddin't get good enough what we will have in the result, but I hope they will not touch us peaseful bitcoin makers.

[franky1]

https://www.theguardian.com/world/2016/oct/17/russia-todays-uk-bank-accounts-frozen-says-editor

Russia's fave propaganda channel loses its UK bank accounts. Ah well. Looks like there's always Bitcoin after all. That would be a bit of fun.

Max Keiser works for RT. im sure he will arrange something so RT reporters can still get paid (via bitcoin)

[bitbunnny]

Honestly, this has surprised me. I haven't expect from all countries Russia to be the first. I think it's good for Bitcoin to be "institutionalised" in some good way. If this law will be passed let's wait and see how the things will be working in reality, would this bew good or bad law.

[Kprawn]

" anonymity removal mechanisms " <--- This is a danger for the users in Russia. I think most of these governments are not getting

the correct picture, when it comes to anonymity of Bitcoin. Bitcoin has to have some sort of anonymity other wise everyone will be in your

your business. It gives you the same degree of privacy as cash. There are also other Alt coins with much stronger anonymity features.  

[audaciousbeing]

Russia may become the world’s first country to pass a cryptocurrency regulation law, according to the State Duma’s anticorruption and security committee deputy chairman Andrei Lugovoi.
Speaking to RBK Tatarstan, Lugovoi stated that his prime objective at Finnopolis 2016 financial forum in Kazan is to explain to the banking community that assessment of perspectives and risks of digital currencies, “understanding of their right usage” and elaboration of anonymity removal mechanisms are the top priorities in this regard.

http://bitcoinschannel.com/russia-could-be-the-first-country-to-pass-a-cryptocurrency-law/?utm_source=[Suspicious link removed]&utm_medium=twitter

The bolded part is something that should be of great concern to users of Bitcoin, because in as much its our wish to want to be able to transact with Bitcoin without unnecessary bottlenecks and get to pay for basic things with bitcoin or the shop next door should be able to accept bitcoin, then I tell you, it wont come cheap and since Russia is taking the lead I am sure other countries are following suit.

[kryptqnick]

I am not sure if it really is going to be this way but if it's true then Russia might become even stronger then it is right now. However, I don't think people are really going to believe that this way Bitcoin will still stay anonymous, because the regime in Russia now doesn't seem to be very liberal, you know.

[prabowo96]

The world will be in a mess with this thounsand of altcoins... What will they do? check one by one?
It's not to simple this subject, they can discuss for decades...

[abugseuf]

may be so but there is no official conformation from the government of Russia, as some people think that Russia has banned bitcoin in their country but i think it is also not perfect news to believe on.