Russian Minister: It's 'Impossible' to Ignore Cryptocurrencies

[sanjeev.lamani@]

A minister within the Russian government is speaking out against the idea cryptocurrencies should be banned, calling the technology "impossible to ignore."

Mikhail Abyzov, who was appointed Minister for Open Government in 2012, made the remarks during an interview with Russian-language news source RIA this week. However, during the talk, he said that he believes "a decision will be made soon" matter – if only out of necessity due to the technology's growth.

In the interview, he went on promote a "thoughtful" approach to regulation, stating:

Abyzov, who previously led E4, one of Russia's largest engineering firms, went on to argue that development around the tech should be supported, whether it involves the development of cryptocurrency or other applications of blockchain.

"I think that the Russian technology sector has such a potential. It will be implemented in the format of creating a cryptor, or other new technologies of the financial or non-financial sector – it is difficult to predict. But it is necessary to support and develop such initiatives," he told the publication.

Overall, Abyzov is the latest senior official from the Russian government to openly support a more accommodative environment for cryptocurrency trading activity. Last week, Anton Siluanov, Russia's finance minister, said that there is "no point" in prohibiting cryptocurrencies in the country.


https://www.coindesk.com/russian-government-minister-impossible-ignore-cryptocurrencies/

[Spoetnik]

https://www.neowin.net/news/bitcoin-is-a-fraud-which-will-blow-up-according-to-jpmorgan-chase-ceo

He said he would fire anyone trading BTC.
Just imagine what he thinks of the ICO bullshit  

Ignore ?
My banks in Canada do a pretty good job doing that.
When one of them was interviewed for a Newspaper story on BTC in my town the guy said he didn't want to give his name and that it was regarded as something to keep secret.

When i have brought up Bitcoin in Banks they either look at me funny or give me dirty looks.
They act like it's criminal activity.

Do you all ever step outside or what ?

[vfrcbv91]

Russian Ministers are only able to deny seriously, these guys are not going to get into it, they just want to ban everything.

[rudolfaxl]

Russian Ministers are only able to deny seriously, these guys are not going to get into it, they just want to ban everything.

This is correct claim)) They want to earn money, but everybody around should not do this. If crowd can earn money with crypto the officials want to get fees. But they are not able to do this (and they won't be able I suppose). That is why they trying to forbid such kind of things. But they are stupid enough not to understand that this ban will sink their own boat. Russia is just like China at this matter.

[ask]

Russia is on a good way of regulating crypto currencies. They are planning and acting for future economics more then other countries.
Also Russian developers are working hard to make some good projects. China must talk with Russian goverment about crypto currencies.
I guess who supports crypto currencies will gain more for their countries.

[Custard81]

I don't mean to be harsh towards Russia but they don't have much going for them economically outside of oil/gas and mining so if anyone should embrace crypto-tech, it's them.  This is especially true when you consider their history with America and the financial system.

[chesegrinder]

Russia should going to regulate crypto and support crypto as I may say their many IT expert in Russia to develop another blockchain, and by supporting crypto currency it will increase their economic status, those who embrace New tech like this will gain more financial status for the country. Don't mimic what Jaime Dimon says that he will fire traders who will trade or support bitcoin as it was against their rule and called them stupid. Russia should consolidate with chines government to make a strong bond on crypto currency.

[mmfiore]

Russia is clearly at the forefront of IT. These people are really amazing. They officiate and excel in so many different sections ... Science, Computer science, military, economics.

Putin nevertheless succeeded perfectly in restoring the country of communism and in bringing it up to date.

It is obvious that they know and understand perfectly all the advantages of the blockchain. Putin has received so many representatives of the cryptoworld that it is clearly hallucinating when one looks at the delay of France on this plane.

[MV7]

Russia might soon be competing with China for the number 1 spot in the cryptocurrency world. There was also news a few weeks ago about Russia developing mining plants and eventually hope to take around 30% of the world Bitcoin mining industry.

[jyotianand01]

If Russia regulate crypto market and ICOS in their country, it is healthy sign for all world as many of developers comes from russia and china also have to follow russians and regulate their market. Banning is not a solution of anything, with ban, more illegal activities happen as people do that work by illegal means.

[100degrees]

It can take 2-3 decades for major technological advances to be fully accepted. Be glad you are at the start, we will gain or lose the most. In two years this landscape could look very different.

[Anita1873]

Russian regulation will help crypt-currency market and ICOS,it is a positive sign for whole world.China suddenly make a rude decision to ban ICOs.China should follow Russians and regulate their market.Whenever any thing banned, people do illegal activities for that banned product. Ban is not a solution of anything.

[spadormie]

He is right on his statement. When we hear something that is somewhat IMPOSSIBLE to ignore, it means that it would be fatal or it has a great impact on the society together with the environment so he's probably right. And cryptocurrencies are growing stronger everyday. So the term impossible to ignore is very applicable for the cryptocurrency.

[sweerty1]

That confirms Russia will never completely ban cryptocurrencies. I really like this new humane attitude of Russians after technocracy of Soviet. They know crypto is a social agreement they can't deny.

[Cryptokinesis]

That confirms Russia will never completely ban cryptocurrencies. I really like this new humane attitude of Russians after technocracy of Soviet. They know crypto is a social agreement they can't deny.

Russia will ban it for the exact same reasons China banned it, it subverts state power far too greatly. The bans will be completely ineffective mind you but Im positive they'll occur none the less. They'll be similar in efficiency to a child attempting to grasp water with its hand.

[SamboNZ]

That confirms Russia will never completely ban cryptocurrencies. I really like this new humane attitude of Russians after technocracy of Soviet. They know crypto is a social agreement they can't deny.

Russia will ban it for the exact same reasons China banned it, it subverts state power far too greatly. The bans will be completely ineffective mind you but Im positive they'll occur none the less. They'll be similar in efficiency to a child attempting to grasp water with its hand.

Not ban they would want to regulate it because they cant do anything to stop it.  Its impossible to stop it. Unless they want to cut-off the internet

[wordspavovv]

Blockchain is what Russia looks to interest, not BTC or ETH. Probably the country will create its own version of these.

[nikisev]

I think all the recent bans is attempt of governments to return to status quo. If you are running some business you need to come to palace , bend a knee, kiss the ring, pay some bribe to have permission to continue. With cryptocurrency it can backfire though. You dont need SWIFT to move your assets, so no bank regulators can stop you from moving your exchange to some Old Oil platform in the middle of nowhere, give access to it over Tor and kick back in Thailand with laptop checking stats. That's very optimistic scenario but you get the point.The only way goverment can actually stop cryptocurrency is to shutdown all internet services and require citizens to apply for open port on ISP firewall to get access to network service.
Back to the point , its not bad thing that happens now. Its opportunity to buy in

[BitcoinHodler]

from my perspective Russia has been one of the weirdest countries when cryptocurrencies specially bitcoin is involved!
they used to say things against bitcoin and even talk about making it illegal (they never actually did it though) all the while holding up huge seminars on blockchain technology and bitcoin's future in their capital, Moscow!

then finally this year, right after Japan announced bitcoin legal, their government officials started showing a completely different approach. their central bank even said "since bitcoin is traceable it will soon become legal"!

long story short i believe Russians have always been greatly involved with cryptocurrencies in reality but also always had a lot of difference of opinions among themselves.

[Sarcasm]

like this, there is russia that will protect bitcoin and ico, 
will likely increasingly add bitcoin holder