Russia Likely to Ban Bitcoin Payments, Deputy Finance Minister Says

[squatter]

Literally two weeks after the Russian Finance Minister said there was "no point in prohibiting" cryptocurrencies, it seems that the Russian government has yet again reversed course.

The Deputy Finance Minister had this to say earlier in the week:

Alexey Moiseev, the deputy finance minister of Russia, said earlier this week that he expects pending legislation on cryptocurrencies will feature a ban on payments made in cryptocurrency.

According to the state-backed news source TASS, Moiseev – who previously said that bitcoin should be classified as a kind of asset in Russia and limited to qualified investors – told reporters on Monday that "no regulator doubts that payments will be banned."

For him, there is no doubt that Bitcoin (and other cryptocurrency) payments will be banned. Read the article here.

Thoughts? Russia is probably the most infamous government for flip-flopping on Bitcoin regulation. This seems like more of the same. The market doesn't seem to be reacting to the news.

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[dead_m92]

Wow i have not readed it anywhere, how do you know it is a legit new? anyway, if that happens then it would be a chaos for all the community, russia is one of the most powerfull countries and they can do anything to harm bitcoin if they want. So if that happen i can see the price probably going down to $3000 again. Hope that it is not going to happen.

[stompix]

Wow i have not readed it anywhere, how do you know it is a legit new? anyway, if that happens then it would be a chaos for all the community, russia is one of the most powerfull countries and they can do anything to harm bitcoin if they want. So if that happen i can see the price probably going down to $3000 again. Hope that it is not going to happen.

Here is the link from tass.
http://tass.com/economy/967499

It's the "official" state controlled news agency.
Unlike rt and sputnik who are pure propaganda this deals with serious things and it's a bit more direct and usually prints only verified official news.

But again, it's a total mess.

Deputy Finance Minister says bitcoin payments will not be legalized in Russia
Earlier, Finance Minister Anton Siluanov said that the bill regulating turnover of cryptocurrencies in Russia will be ready by the end of the year

So, Russia becomes the next China in banning not banning banning and so on bitcoin till the end of humankind.

[marky89]

Wow i have not readed it anywhere, how do you know it is a legit new? anyway, if that happens then it would be a chaos for all the community, russia is one of the most powerfull countries and they can do anything to harm bitcoin if they want. So if that happen i can see the price probably going down to $3000 again. Hope that it is not going to happen.

It appears to be a legit story; the article is linked in the OP. However, I would take this with a grain of salt. Indeed, the Russian government has topped even the Chinese government in regards to waffling on cryptocurrency regulation (and following through on rumors). A few years ago, they said it was illegal to use. Two weeks ago, they said there was no point in banning it. The governor of Leningrad also recently offered an open invitation to the mining industry to set up and operate in his region.

Maybe the Russian government just needs a dip to buy.

[yorklab]

There's just too much momentum now to stop bitcoin. It's legal in several countries, and the US might even have an ETF in the near future. Every time any negative news comes out that actually has an effect on bitcoin, it always seems to bounce back.

[HashFace]

So far it hasn't hit Bitcoin price ... pretty much flat for the day.  I guess the FUD is still built into the price from the Chinese recent actions.  Governments are getting very nervous about commerce they can not control and tax effectively.  It sounds like they will allow it to be held as an asset for "qualified investors", but not used as a currency by the common people.   Pretty much the path I've been expecting America to follow to some extent, "qualified investors" sounds a lot like "accredited investors".  I don't know if the US will outright ban bitcoin, but I expect in the future much of the new opportunity will be reserved for the very wealthy ... makes me sick.

[Ucy]

Well, It was thesame Minister who labeled the World's biggest currency a ponzi scheme.

Bitcoin is over 8yrs old, yet very sustainable & doing really well. Ponzi scheme does not last this long without being half dead or dead completely.

Bitcoin needs no monetary policy intervention to flourish unlike Fiat.  it's is very secure,irresistible and powerful

[MAbtc]

There's just too much momentum now to stop bitcoin. It's legal in several countries, and the US might even have an ETF in the near future. Every time any negative news comes out that actually has an effect on bitcoin, it always seems to bounce back.

In recent times, that's true. But markets experience inflection points. The last long term bearish reversal occurred in a similar fashion, with the PBOC rumors about banning Bitcoin panicked the market at the end of 2013. So, while the price always seems to bounce back, you might find yourself waiting two years for the bull market to return, if history repeats.

As for the ETF rumors, I'm skeptical. Grayscale just withdrew its application to list on the NYSE, so I suspect the climate is not right for an ETF this year. The SEC was particularly brutal, too, in their last rejection of an ETF application.

[elite3000]

Payment in cryptocurrency and ban cryptocurrency are different things.

I can't pay stuff using gold or tea, but gold and tea aren't forbidden.

[Bakemat]

Literally two weeks after the Russian Finance Minister said there was "no point in prohibiting" cryptocurrencies, it seems that the Russian government has yet again reversed course.

The Deputy Finance Minister had this to say earlier in the week:

Alexey Moiseev, the deputy finance minister of Russia, said earlier this week that he expects pending legislation on cryptocurrencies will feature a ban on payments made in cryptocurrency.

According to the state-backed news source TASS, Moiseev – who previously said that bitcoin should be classified as a kind of asset in Russia and limited to qualified investors – told reporters on Monday that "no regulator doubts that payments will be banned."

For him, there is no doubt that Bitcoin (and other cryptocurrency) payments will be banned. Read the article here.

Thoughts? Russia is probably the most infamous government for flip-flopping on Bitcoin regulation. This seems like more of the same. The market doesn't seem to be reacting to the news.

Maybe they dont trust Bitcoin or Crypto currency and they just protecting its people from it. That is what i think what russia is trying to do. You can not blame them they do not like digital currencies over actual money or investing in gold than investing in Bitcoin. If they can understand only the advantages and benefits of Bitcoin maybe possible they can legalize it to their country . Bitcoin is just starting to gain some good reputation on other country so maybe still trying to analyze its functions and benefits.