[2017-09-27] Russian Regulators Disagree on Crypto Regulation, Postpone to 2018

[ivanpoldark]

Russian Regulators Disagree on Crypto Regulation, Postpone to Next Year

The Russian Deputy Finance Minister told reporters on Tuesday that the authorities decided not to introduce cryptocurrency regulation for now, due to lack of consensus. This followed a day after the head of the State Duma Committee on Financial Markets stated that a draft bill on the regulatory framework for cryptocurrencies such as bitcoin would be ready in October.

Suspending Crypto Regulatory Plans

Following the National Council for Financial Stability meeting, headed by First Deputy Prime Minister Igor Shuvalov, Deputy Finance Minister Alexei Moiseyev reportedly said on Tuesday that bitcoin and other cryptocurrencies will not be recognized in Russia. “Bitcoin settlements in Russia will not be legalized,” Tass wrote. Ria Novosti elaborated:

        

"The authorities decided not to introduce regulation of cryptocurrency, but to concentrate on legalizing the technology “blockchain”.

The deputy minister noted how cryptocurrency regulations vary from country to country with no single trend, from a complete ban to “allowing bitcoin to move along with the national currency,” the publication quoted him explaining. He added that this topic will be discussed at the next meeting of the International Council on Financial Stability on October 6.

“Maybe after that, we’ll grow wiser and think of something, but unless we want to make mistakes at first, we decided to look around and think about how best to do it,” he said.

At the National Council for Financial Stability meeting, officials could not come to a unanimous decision regarding the regulation of cryptocurrencies. Therefore, the Ministry of Finance, the Federal Financial Monitoring Service (Rosfinmonitoring) and the Central Bank promise to further develop their policy on cryptocurrencies next year.

Read more: https://news.bitcoin.com/russian-regulators-cryptocurrency-regulations-postpone/

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[Lieldoryn]

If Russian will ban bitcoin then where will they get investment? The world is gradually moving away from the use of hydrocarbons and very soon this resource will not be in demand. Instead of lower prices for oil and gas to make the development of alternative energy sources unprofitable, and to extend the demand for oil they raise prices. In the future, cryptocurrency may be the only source of inflows in Russia.

[voronint11]

They Disagree, but bitcoin ATM’s are popping out here and there in the largest cities and mining equipment is impossible to purchase because of the lucrative demand...

[Kemarit]

See. This is what I'm telling you all about. I'm always pessimistic that they will be really bitcoin or crypto friendly. That's why I said that I take everything with a bag of salt. They always contradicts themselves to a point that it seems they are just talking nonsense and riding the popularity of bitcoin. And regarding the mining business, I still haven't seen a picture of it to really proved that they are indeed doing bitcoin mining. I will stand with my believed that they are and will not be a crypto haven as what they are been portraying to be. But I can be proven wrong. So let's see what going to happen in 2018.

[1Referee]

That's why I said that I take everything with a bag of salt. They always contradicts themselves to a point that it seems they are just talking nonsense and riding the popularity of bitcoin.

All Russian related crypto news should be discarded by default - they have done nothing to prove the public that their words hold value, so how are people supposed to take their words serious? It has been going on for a few years now, and there doesn't seem to be an end to this nonsense. I am glad that there are other countries doing that what is right, and properly implement the required regulations that this market so badly needs. Some people see regulations as a bad thing, but it really isn't - it's something this market needs to grow further.

[Yaunfitda]

That's why I said that I take everything with a bag of salt. They always contradicts themselves to a point that it seems they are just talking nonsense and riding the popularity of bitcoin.

All Russian related crypto news should be discarded by default - they have done nothing to prove the public that their words hold value, so how are people supposed to take their words serious? It has been going on for a few years now, and there doesn't seem to be an end to this nonsense. I am glad that there are other countries doing that what is right, and properly implement the required regulations that this market so badly needs. Some people see regulations as a bad thing, but it really isn't - it's something this market needs to grow further.

I also noticed that as well. Russians love to talked about bitcoin and etherium but I haven't seen anything concrete about it. They said they are going to approved and embraced it, then next day other government official will say otherwise. Next, you will see Putin praising etherium and going anti-bitcoin. But later they will deny all of it and will issue a opposing statement. This doesn't really make sense and no sign that it will end.

[iamTom123]

They Disagree, but bitcoin ATM’s are popping out here and there in the largest cities and mining equipment is impossible to purchase because of the lucrative demand...

The way I see is that they are disagreeing on details of the regulatory framework and not anymore if they will really allow Bitcoin and cryptocurrency to have some legal status within the country. There is no question that there is a tremendous interest coming from the people on Bitcoin and these leaders are aware of the many possible business opportunities that they can exploit for the country's benefits if they will eventually allow Bitcoin.

Russia has the potential to replace what we lost in China though the population may not be the same. Right now, there is a spike of interest to go into Bitcoin mining and I even heard that a governor invited people to go into mining. By next year, I am sure that Russia can be the next captured market for Bitcoin and I hope that China can feel envious so that one day they would also return into the Bitcoin table even if under a strict regulatory framework.

[greeklogos]

Russia is too complicated. One day I read about new steps in bitcoin legalization in this country and another something like this news. I'm totally confused. Seems like Blockchain technology and mining is much more interesting to them. I'm afraid they will go by China path in the nearly future.