Russia central bank bans Bitcoin

[masterluc]

http://top.rbc.ru/economics/27/01/2014/901833.shtml (Russian)

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[podyx]

more fud??

people are really starting getting scared

$10k soon

[Holliday]

Bitcoin was designed with such things in mind.

[Dalmar]

BTC-e is not really Russian right? But Bulgarian.

[maximum]

http://www.reddit.com/r/Bitcoin/comments/1wa9gq/central_bank_of_russia_post_comments_on_bitcoin/

i don't think its a ban

[BitcoinAshley]

Translation please?

(Sorry, but after proudhon's "confirmed chinese/russian language sources," one really must take these things with a grain of salt.)

Anywho - this is great for Bitcoin, if confirmed. First, it's interesting that a central bank would have the power to outright ban a private money/protocol, and that is bullish for bitcoin because it was designed by the tinfoilhat crypto-anarchists precisely as a way to circumvent that kind of bullshit. Second, central banks being scared of bitcoin is more proof that it's actually a big threat and not just a series of tulips. 

[knightcoin]

[masterluc]

In short: Central Bank of Russia prohibits any (really any) usage of Bitcoin and will treat it as criminal activity and terrorism support.

[magicmexican]

Not a ban, just a usuall "warning" bla-bla-bla volatility bla-bla-bla stay away from it.

[davidorentol]

http://www.cbr.ru/press/PR.aspx?file=27012014_1825052.htm     

google translate

Information

On the use in transactions "virtual currency ", in particular , Bitcoin


The Bank of Russia said that recently in the world have a certain distribution of the so -called "virtual currency " , in particular, Bitcoin . By "virtual currencies " and there is no provision for them legally obliged entities . These operations are speculative in nature, carried out on the so -called "virtual exchanges " and carry a high risk of loss of value.

The Bank of Russia warns citizens and legal entities , primarily credit institutions and non-credit financial institutions , the use of "virtual currency " for them in exchange for goods ( works, services) or cash in rubles and foreign currency.

According to article 27 of the Federal Law "On the Central Bank of the Russian Federation (Bank of Russia ) " issue in the Russian Federation monetary surrogates prohibited.

Due to the anonymous nature of the activity for the production of "virtual currency " unlimited range of actors and to use them for transactions citizens and legal persons may be , including unintentionally involved in illegal activities , including the legalization (laundering ) of proceeds from crime and terrorist financing .

The Bank of Russia has warned that Russian legal entities providing services for the exchange of "virtual currency " in rubles and foreign currency , as well as for goods (works , services ) will be considered as a potential involvement in the implementation of suspicious transactions in accordance with the legislation on counteraction to legalization (laundering ) proceeds of crime and financing of terrorism.

January 27, 2014

Using materials reference to the press service of the Bank of Russia is required .

[masterluc]

Not a ban, just a usuall "warning" bla-bla-bla volatility bla-bla-bla stay away from it.

From RBC source:

Coглacнo cт.27 фeдepaльнoгo зaкoнa "O Цeнтpaльнoм бaнкe Poccийcкoй Фeдepaции (Бaнкe Poccии)" выпycк нa тeppитopии PФ дeнeжныx cyppoгaтoв зaпpeщaeтcя.

According to paragraph 27 of Federal law "About Central bank of Russian Federation", emission of money surrogates is prohibited on territory of RF.

[Rannasha]

Not a ban, just a usuall "warning" bla-bla-bla volatility bla-bla-bla stay away from it.

From RBC source:

Coглacнo cт.27 фeдepaльнoгo зaкoнa "O Цeнтpaльнoм бaнкe Poccийcкoй Фeдepaции (Бaнкe Poccии)" выпycк нa тeppитopии PФ дeнeжныx cyppoгaтoв зaпpeщaeтcя.

According to paragraph 27 of Federal law "About Central bank of Russian Federation", emission of money surrogates is prohibited on territory of RF.

Emission... But who is emitting Bitcoins?

[masterluc]

http://www.cbr.ru/press/PR.aspx?file=27012014_1825052.htm    

google translate

Information

On the use in transactions "virtual currency ", in particular , Bitcoin


The Bank of Russia said that recently in the world have a certain distribution of the so -called "virtual currency " , in particular, Bitcoin . By "virtual currencies " and there is no provision for them legally obliged entities . These operations are speculative in nature, carried out on the so -called "virtual exchanges " and carry a high risk of loss of value.

The Bank of Russia warns citizens and legal entities , primarily credit institutions and non-credit financial institutions , the use of "virtual currency " for them in exchange for goods ( works, services) or cash in rubles and foreign currency.

According to article 27 of the Federal Law "On the Central Bank of the Russian Federation (Bank of Russia ) " issue in the Russian Federation monetary surrogates prohibited.

Due to the anonymous nature of the activity for the production of "virtual currency " unlimited range of actors and to use them for transactions citizens and legal persons may be , including unintentionally involved in illegal activities , including the legalization (laundering ) of proceeds from crime and terrorist financing .

The Bank of Russia has warned that Russian legal entities providing services for the exchange of "virtual currency " in rubles and foreign currency , as well as for goods (works , services ) will be considered as a potential involvement in the implementation of suspicious transactions in accordance with the legislation on counteraction to legalization (laundering ) proceeds of crime and financing of terrorism.

January 27, 2014

Using materials reference to the press service of the Bank of Russia is required .

This is official source of Central bank website. Nuff said.

[Deth]

In short: Central Bank of Russia prohibits any (really any) usage of Bitcoin and will treat it as criminal activity and terrorism support.

That`s just not truth. There is no word "prohibition" or alike. Stop spreading FUD.

[Nemo1024]

It does start a bit rough:

"The Central bank will deem any services concerning exchange of virtual currencies into Rubbles as a potential involvement in handling of suspicious activities in accordance to the law against money laundering of funds acquired by criminal means and finance of terrorist organisations. The following warning was issued by CB towards the Russian legal entities."

Further, a citation from CB:
"Virtual currencies lack in supporting and responsible for them legal bodies. Operations bear a speculative character, are processed on the so-called virtual exchanges and carry with them a high risk of loosing in value."

And a little bit further:
"CB warns citizens and legal entities, first and foremost the credit institutions and non-credit financial institutions from using virtual currencies for exchanging them into goods (work, services) and for monetary mediums as Russian, so foreign."

Too lazy to translate it in whole, but it does resemble the Chinese warning.

[Dalmar]

All these banana republics like Russia and China are ruining all the fun.

Bitcoin should have staid mainly a Western thing.

[seleme]

Not ban at all, it's even less than China did.

The biggest problem is that mining in Russia might be not legal now, as that's the only thing we could call currency emission here.

[MonadTran]

"The Central bank will deem any services concerning exchange of virtual currencies into Rubbles as a potential involvement in handling of suspicious activities in accordance to the law against whitewashing of funds acquired by criminal means and finance of terrorist organisations. The following warning was issued by CB towards the Russian legal entities."
"Virtual currencies lack in supporting and responsible for them legal bodies. Operations bear a speculative character, are processed on the so-called virtual exchanges and carry with them a high risk of loosing in value."
"CB warns citizens and legal entities, first and foremost the credit institutions and non-credit financial institutions from using virtual currencies for exchanging them into goods (work, services) and for monetary mediums as Russian, so foreign."

Yep. I can confirm this translation is more or less accurate. Except it's not "whitewashing of funds", it's "money laundering"

[magicmexican]

Not ban at all, it's even less than China did.

The biggest problem is that mining in Russia might be not legal now, as that's the only thing we could call currency emission here.

That would never be a problem, if they would somehow even attemp to pursue this angle - it would never be enforced and nobody would ever give a fuck. Trust me.

[Deth]

Nothing really changed for now. It`s more like informational letter with main point as "Don`t be such relaxed, we know about Bitcoin and watching you.". This may cause more restrictions though, as a specific opinion and sign to government and other mighty men in Russia.