Russian, adopt a "wait-and -see approach" on bitcoin and other cryptocurrencies.

[deisik]

The way I see it, except is very profitable for Russian ministry of finance bitcoin users to pay tax they saw and understood what happened with Chinese after the devaluation of yuan and capital controls and may be they try to find ways how to face something like that. A wait and see strategy means neutrality and gives hope to Russian bitcoiners. Furthermore, like Xester post above central banks of Russia, China and UK are exploring blockchain and experiment with their digital currenccies https://www.ft.com/content/f15d3ab6-750d-11e6-bf48-b372cdb1043a. So imho, will see and will decide what will do after the experimentation and percentage of people's adoption.

You obviously see it wrong. The Russian tax service has great problems collecting taxes even of earnings coming from activities involving fiat, which is relatively easy to trace, and you say that it will be very profitable for the Russian ministry of finance to levy taxes on Bitcoin users (as far as I understood what you meant to say). It simply makes no sense since the Tax Service will be obliged through the law to go after all Russian bitcoiners which will still defiantly not pay this tax..

And that will wreak total chaos

[bravehearth0319]

Russian, "Deputy finance minister, adopted a wait -and -see approach with bitcoin and other cryptocurrencies". He said " mining or use of the bitcoin and other cryptocurrencies will no longer be seen as a criminal offence." The news is from Russian largest news agency,TASS.

Is good to know that Before Russian banned bitcoin, then as time goes by they revoke what they accused to bitcoin as criminal offense. And now this country is one of the bitcoin enthusiast who became open for it good scheme and edge of it to any people.

[jacaf01]

Bitcoin is a new phenomenon and nobody wants to tread into the unknow without taking extra steps to defend itself first, most of these countries especially the powerful countries want control, financial control in particular and with Bitcoin,it is easy to loss it. I think is a good thing that USA, Russia and China let their citizens use Bitcoin for now.

[Immakillya]

Then thats a great news. Bitcoin cannot be stop. What is the reason why they change their mind? Russia is one of the richest country in the world. If massive adoption happen. I think theres a chance they will be at the level of China in terms of trading. China is having some issues right now. Its weakens the progress of bitcoin there. Japan and Russia is the possible next bitcoin capital.of the world.

[pooya87]

news from Russia have always been so weird in my opinion, and it is mostly because the resources for news that we have access to in English are 99% shit. they post anything that is a click-bait. they manipulate the news, and even misunderstand it themselves.
when you hear about a Russian news about bitcoin ask a Russian guy and you'll always see the news was never what you read in English!

[deisik]

Then thats a great news. Bitcoin cannot be stop. What is the reason why they change their mind? Russia is one of the richest country in the world. If massive adoption happen. I think theres a chance they will be at the level of China in terms of trading. China is having some issues right now. Its weakens the progress of bitcoin there. Japan and Russia is the possible next bitcoin capital.of the world.

What makes you think so?

I guess they didn't change anything. As I said it a few times in the past, officially banning Bitcoin would make Russia a black sheep of sorts (which Putin doesn't love), so they took to threats without supporting them by any legal action. Now they seem to be allegedly accepting Bitcoin but in fact nothing has changed as of yet, and there are still no laws regulating Bitcoin. Just yesterday another "Russian" Bitcoin exchange was added to the list of banned resources, Putin style (say one thing and do a completely different one). This is directed more toward ordinary people since die-hard Bitcoiners don't give a fuck. It seems that Russian government actually considers Bitcoin as another MMM (literary millions of people lost their money in this Ponzi scheme in 1990s), and the authorities don't want this to happen again



They are afraid that simple folks will start heavily "investing" their last savings in Bitcoin

[kidoseagle0312]

Russian, "Deputy finance minister, adopted a wait -and -see approach with bitcoin and other cryptocurrencies". He said " mining or use of the bitcoin and other cryptocurrencies will no longer be seen as a criminal offence." The news is from Russian largest news agency,TASS.

I just don't understand of how does Bitcoin accused by that criminal offense, without any proof of evidence, then they banned bitcoin before and they revoke it because they saw how people will patronize the bitcoin, so the demand is rapidly instantly goes to high value.

[cpfreeplz]

They are afraid that simple folks will start heavily "investing" their last savings in Bitcoin

But if you have your best tech analysts look over the code they would be able to tell you it's not a ponzi so that should just be a given at this point. Well, it's a step in the right direction. The strange ban couldn't last forever unless Putin was really trying to make Russia a black sheep like you said.

[deisik]

They are afraid that simple folks will start heavily "investing" their last savings in Bitcoin

But if you have your best tech analysts look over the code they would be able to tell you it's not a ponzi so that should just be a given at this point. Well, it's a step in the right direction. The strange ban couldn't last forever unless Putin was really trying to make Russia a black sheep like you said.

In fact, they are right, at least to a degree

Bitcoin is in fact a pyramid scheme of sorts, which I explained many times already. It mostly remains a purely financial asset with nearly 0 real world usage and no intrinsic value. In this manner, most benefits that Bitcoin provides come through the speculation channel as of yet (as profits due to capital gains). The code being there doesn't change anything in this respect. If people pour their life-time savings and Bitcoin collapses soon thereafter, that would be exactly that, i.e. another MMM, now all around the world. Previously, I didn't give it much attention but it also pretty well explains such mixed attitude of the Russian authorities toward Bitcoin