Russia Set to Legalize Bitcoin by 2018, Track Every Transaction

[ubercool]

good news. i predict 2000$ in value till then  

Another country joining the  legal used of bitcoin in financial transaction. Though there is some kind of disagreement on the phrase "track every transaction" but I think this is another milestone in bitcoin economy. I hope this issue will be ironed out soon.

Although its a great news for all the Bitcoin holders and users, any country who wants to do this in order to stop money from flowing out of their country illicitly is not actually a possible measure. Those people will find a loophole again and will continue to do what they want to do. 

[pooya87]

i think Japan is starting show its global effect now. all the other countries will start seeing them and start learning how bitcoin can be a good thing for the futuristic economy. and the more people show interest the faster the process will become.

[Amph]

they finally admitted that they can have a revenue from the taxing of bitcoin, or they simply following what japan is doing, which is good either way

i remember when they were going to ban bitcoin because of presumably linked CP activity and terrorism, when RUB, their currency was used more for this

if all countries will follow we can expect a huge jump on the value, $10k would not be only a dream anymore

[sosobtc-Regina]

The measure in Rusia is likely following Japan.Now Japan is the biggest bitcoin market in the world.It's very positive to Japan's economic.I think Russia is a potential market.Hope it can go well.

[paul gatt]

Good news for bitcoin in general and bitcoin users in particular. It seems bitcoin has shown the world the potential and power of it, so more and more countries are adopting bitcoin and legalizing it. They want to make use of bitcoin to make a profit for their country, a meaningful job for every country. We can see that many countries have banned bitcoins, but now that these countries have accepted bitcoin. Bitcoin really proved its power.

[DoublerHunter]

I think even Russia wants to track every transaction it is still alright for bitcoin because it is another type of adoption and it is also safe for bitcoin users because they will prevent illegal transactions that may damage the reputation of Russia. This is what other countries must do if they are afraid of the anonymous feature of bitcoin but still want to embrace it.

[ImHash]

It's all BitMixer's fault blame them they have managed to mix hundreds of thousands (millions) coins so well and now Russia wants to take action.

Services such as BitMixer can show their worth and skills when facing much sophisticated adversaries backed by trillion dollars government.

[Betwrong]

Only a year ago Russia’s Finance Ministry was threatening jail time to anyone using digital currencies.

In a major U-turn, it’s now edging closer to their acceptance as a legitimate financial instrument to open a new line of attack on money laundering.

The authorities hope to recognize bitcoin and other cryptocurrencies in 2018 as they seek to enforce rules against illegal transfers, Deputy Finance Minister Alexey Moiseev said in an interview. The central bank is developing a joint position together with the government on digital currencies, according to its press service.

https://www.bloomberg.com/news/articles/2017-04-10/russia-caves-in-on-bitcoin-to-open-new-front-on-money-laundering
I'm not sure If I should be happy or sad since they are planning to Legalize bitcoin but in the same time, tracking transactions. I'm not entirely sure on how they plan to do it though and how It could be possible unless they are planning to run their own exchanges. I believe that Russians will need TumbleBit whenever this will happen.

It's a good thing Russian government is planning to recognize Bitcoin full scale (btw it never was illegal to use Bitcoin in Russia). And I don't think they will manage to track all transactions. Yes, they can run their own exchanges and forbid using others, but who's gonna listen to them? Fortunately Russia isn't a North Korea and hopefully will not turn into one. So using the Internet is not forbidden there and having this you have access to other exchanges.

[Pursuer]

tracking transaction has always been possible to some extent since bitcoin has always been the same open ledger, legalizing it doesn't change anything about this part. you are still going to have your transactions written out there and viewable and follow-able by everyone.

regulation and legalization however makes bitcoin legit and will help its adoption greatly. more people will find out about bitcoin and more businesses will feel safer to add bitcoin option or even start a new business only based on bitcoin alone. and that's what matters most.

[bitcoinisbest]

I think its fair for every government to regularize it because if they do not then their is higher chance of getting it misuse. So if the technology is viable and can be used even by government then for citizens also its helpful and tracking also help them to know about movement of funds.

[iCan]

All what's makes in Russia is for legalised some government crime. So if they will do it, the reason is, they found out how to steal our taxes using BTC system     

[DoublerHunter]

I guess Russian bitcoiner will avoid using legal Russia exchanger, centralized wallet, service that require personal identity and they will use mixer to prevent government from tracking them
Even so, it's good to see another big country legalize bitcoin rather than ban bitcoin even with regulation/no anonymity.

They will not avoid using legal Russian exchangers or even those centralized wallet because if they do then they are using bitcoin illegal because you can see that the main thing that the government of russia want is to track every transaction and also monitor the users so they can prevent being abused of the criminals and because of that, bitcoin will be more organized in their country.

[Herbert2020]

the funny thing about news from Russia and bitcoin is that it has always been weird and wrong for the most part! i remember this news which was flying around for a long time saying bitcoin is banned/illegal/or whatever in Russia and all sorts of negative thing about it.

and while this news was out, they were holding the biggest bitcoin gathering (symposium or whatever it is called in English) in their capital (Moscow). and it was a huge thing.

this is why i never put any faith i read from foreign news unless someone from that country comes an translates a proper news to English so we can understand.

[Dorky]

Remember this...

When the time comes, all major countries will be like donald trump...

When the time comes, all major countries will take a U-turn and adopt bitcoin.

[ekoice]

Only a year ago Russia’s Finance Ministry was threatening jail time to anyone using digital currencies.

In a major U-turn, it’s now edging closer to their acceptance as a legitimate financial instrument to open a new line of attack on money laundering.

The authorities hope to recognize bitcoin and other cryptocurrencies in 2018 as they seek to enforce rules against illegal transfers, Deputy Finance Minister Alexey Moiseev said in an interview. The central bank is developing a joint position together with the government on digital currencies, according to its press service.

https://www.bloomberg.com/news/articles/2017-04-10/russia-caves-in-on-bitcoin-to-open-new-front-on-money-laundering
I'm not sure If I should be happy or sad since they are planning to Legalize bitcoin but in the same time, tracking transactions. I'm not entirely sure on how they plan to do it though and how It could be possible unless they are planning to run their own exchanges. I believe that Russians will need TumbleBit whenever this will happen.

They have realized that bitcoin is unstoppable.so they just now want to regulate bitcoin rather than banning it.They are now following the foot path of china.They dont want to lose the income which could be got from bitcoin earnings by levying taxes.

[OmegaStarScream]

I guess Russian bitcoiner will avoid using legal Russia exchanger, centralized wallet, service that require personal identity and they will use mixer to prevent government from tracking them
Even so, it's good to see another big country legalize bitcoin rather than ban bitcoin even with regulation/no anonymity.

Russians are the best hackers and that's due to the high mathematics level they teach in their schools. In other words, they are intelligent and I doubt they will fall for whatever the government is planning to do when It comes to using bitcoin in the upcoming months.

[digaran2]

this is a big forward for btc after japanise approve btc legall.BTC is become more and moer populare!

[SvenBomvolen]

I see this point from positive and negative sides all together. It's clear to me that Russia is trying to be first in everything and to show to all the world how they are modern and how good they are in technologies. I imagine that it's going to be something like Apple Pay if they will take they system of bitcoin payments. But I am afraid to which consequences this may lead to. The indentity is one of factors of bitcoin's nature and this may provoke the rise of corruption and criminal in Russia, where the level of criminal and corruption is high without the point of hidden indentity. So, I think Russia needs to think twice or more before to accept something like that.

[BrewMaster]

this is a big forward for btc after japanise approve btc legall.BTC is become more and moer populare!

technically bitcoin has been legal before and it is legal in many of the other countries.
what Japanese did was more of accepting bitcoin as a real currency for payments and stuff like that.

[zend7]

If such a huge country like Russia legalizes Bitcoin it will be only beneficial to Bitcoin ecosystem. The value will surely rise, but I don't think it will rise a lot. I wonder how will they track all the transactions since many people in Russia use TOR browser together with Tails and VPN-s (well VPN-s aren't a good source to hide your transactions) ? It will be very difficult to track all transactions to whom they belong if not impossible.