Bitcoin Banned in Russia

[infoman]

not sure if it has been posted before:

http://noarmycanstopanidea.com/bitcoin-banned-in-russia/

if yes please mod delete the thread.

wondering how this is behind the current price drop or mtGox?

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[maqifrnswa]

An even more powerful entity banned it this week too: Apple
http://money.cnn.com/2014/02/06/technology/apple-bitcoin/


they don't want competition, apparently...

[franky1]

not sure if it has been posted before:

http://noarmycanstopanidea.com/bitcoin-banned-in-russia/

if yes please mod delete the thread.

wondering how this is behind the current price drop or mtGox?

stop spreading fud that has lost its true meaning due to unintelliagent people reading the original source wrongly and then spreading the information in chinese whispers to make the facts less and less true with each passing.

the truth is that russia warn that bitcoin COULD be used for money laundering, and as such. people trading anonymously with each other COULD be trading with illegal counterparties, as such it COULD lead some people into being linked to a crime.

its a warning, not a ban.

please try looking for the information source and research before posting these FUD articles.

[cryptog1]

not sure if it has been posted before:

http://noarmycanstopanidea.com/bitcoin-banned-in-russia/

if yes please mod delete the thread.

wondering how this is behind the current price drop or mtGox?

stop spreading fud that has lost its true meaning due to unintelliagent people reading the original source wrongly and then spreading the information in chinese whispers to make the facts less and less true with each passing.

the truth is that russia warn that bitcoin COULD be used for money laundering, and as such. people trading anonymously with each other COULD be trading with illegal counterparties, as such it COULD lead some people into being linked to a crime.

its a warning, not a ban.

please try looking for the information source and research before posting these FUD articles.

So this statement -“ meaning that cryptocurrencies – the most popular of which is bitcoin – cannot be used by Russian citizens or corporations.- is not accurate information or disinformation?

[franky1]

cryptog1, seems you have atleast glanced beyond the media and found the meeting notes, which is good to see.

article 27 means ruble is the official currency of central banks (FIAT/legal tender), bitcoin wont replace it.

bitcoin does not want to be a replacement of FIAT/legal tender, it wants to work along side legal tender. just like russia allows euro's to be exchanged, airmiles, travelers cheques, even facebook credits..

the statement

In accordance with Art. 27 of the Federal Law "On the Central Bank of the Russian Federation", "the official currency (currency) of the Russian Federation is the ruble. Introduction on the territory of Russia and other monetary units issue money substitutes is prohibited. " Certain distribution received anonymous payment systems and kriptovalyuty, including the most famous of them - Bitcoin are money substitutes and can not be used by individuals and legal entities.

the statement in red is the official and legal stance of russia.. EG ruble wont be substituted by bitcoin.

the statement in green is someone elses hypothesis to the meaning of the law. but infact is not law itself. it is just a statement.

the meeting was not a law making activity, it was a discussion between bankers, Russian FSB and the Russian Interior Ministry to discuss the status of bitcoin. no law has changed regarding bitcoin as of yet. but these meetings are discussion meetings which may lead to law changes in the future.

again bitcoin is not replacing the ruble, much like air miles, facebook credits, zynga coins are not replacing the ruble. as such bitcoin is not illegal.

all this meeting proves is that bitcoin seems negatively received by the russian authorities and law changes may happen. but this meeting has not changed a thing! infact the chapter 6 article 27 has not changed since 2002..

enjoy your research

[cryptog1]

cryptog1, seems you have atleast glanced beyond the media and found the meeting notes, which is good to see.

article 27 means ruble is the official currency of central banks (FIAT/legal tender), bitcoin wont replace it.

bitcoin does not want to be a replacement of FIAT/legal tender, it wants to work along side legal tender. just like russia allows euro's to be exchanged, airmiles, travelers cheques, even facebook credits..

the statement

In accordance with Art. 27 of the Federal Law "On the Central Bank of the Russian Federation", "the official currency (currency) of the Russian Federation is the ruble. Introduction on the territory of Russia and other monetary units issue money substitutes is prohibited. " Certain distribution received anonymous payment systems and kriptovalyuty, including the most famous of them - Bitcoin are money substitutes and can not be used by individuals and legal entities.

the statement in red is the official and legal stance of russia.. EG ruble wont be substituted by bitcoin.

the statement in green is someone elses hypothesis to the meaning of the law. but infact is not law itself. it is just a statement.

the meeting was not a law making activity, it was a discussion between bankers, Russian FSB and the Russian Interior Ministry to discuss the status of bitcoin. no law has changed regarding bitcoin as of yet. but these meetings are discussion meetings which may lead to law changes in the future.

again bitcoin is not replacing the ruble, much like air miles, facebook credits, zynga coins are not replacing the ruble. as such bitcoin is not illegal.

all this meeting proves is that bitcoin seems negatively received by the russian authorities and law changes may happen. but this meeting has not changed a thing! infact the chapter 6 article 27 has not changed since 2002..

enjoy your research

I think you are totally right.
This is a proof of the manipulative power of media, even RT.
Here (http://rt.com/business/bitcoin-russia-use-ban-942/) (today's article), RT  (this is in fact a Reuters news) states that Russia has banned Bitcoin.
But there is no reference to any official statement from the Central Bank of Russia
The last official statement is: http://cbr.ru/press/PR.aspx?file=27012014_1825052.htm
When you get the translation, it just says that the Bank of Russia is warning the citizens of Russia about the risk involved in cryptos.
Nothing new.
Indeed, as long as Bitcoin (or any crypto) is not replacing the Rubble, there should not be any problem and such a replacement won't happen within the next years.
My guess is that Russia will enact new laws about cryptos but i don t see Russian ban cryptos, especially when Russia is fed up with a growing US debt they must support by buying US bonds.
They want gold, bitcoin, reliable cryptos....much better than a petrodollar fueled by fake terrorism.

[meinhard]

Here (http://rt.com/business/bitcoin-russia-use-ban-942/) (today's article), RT  (this is in fact a Reuters news)

How is this Reuters news? The (silly) physical bitcoin photo is attributed to "Reuters / Jim Urquhart" (http://straylighteffect.com/category/about-jim-urquhart/), but the article is RT. There is no mentioning of a bitcoin "ban" in Russia on reuters.com. Just this piece of fine journalism that claims bitcoin is "banned" in Indonesia: http://uk.reuters.com/article/2014/02/06/uk-indonesia-bitcoin-idUKBREA150HV20140206

I'd say some people at RT (and everywhere else) made a few bitcoin through other people's panic sales today. :-P

[waxwing]

In accordance with Art. 27 of the Federal Law "On the Central Bank of the Russian Federation", "the official currency (currency) of the Russian Federation is the ruble. Introduction on the territory of Russia and other monetary units issue money substitutes is prohibited. " Certain distribution received anonymous payment systems and kriptovalyuty, including the most famous of them - Bitcoin are money substitutes and can not be used by individuals and legal entities.

the statement in red is the official and legal stance of russia.. EG ruble wont be substituted by bitcoin.

Something I've been curious about since I read this earlier. Wrt the statement in red - how is it possible then to have oбмeн вaлютa or whatever it's called (excuse my Russian) on every street corner swapping rubles for dollars or euros?

[crazy_rabbit]

I think a bigger question is if any laws in russia can be enforced at all. :-/

[infoman]

sorry guys if it was a fud info, but as it come up shortly after the russian bank warning, obviously made sense to believe its truthfulness

mind you, I have no in debt knowledge of the russian politics and cant speak russian either so it is really difficult to do a research, just stumbled upon this article doing some bitcoin news research.

all in all, its probably the apple news what drives the prices down

[Sonny]

all in all, its probably the apple news what drives the prices down

Maybe apple news + mtgox pause bitcoin withdrawals + Russia "banned" bitcoin

[infoman]

or the other thread re Paypal is 'banning" bitcoin.

too much bad news for one day, time to go to bed

[FiR3]

I think a bigger question is if any laws in russia can be enforced at all. :-/

In mother Russia, any law can be enforced!


... with sufficient ammo.

[cryptog1]

Here (http://rt.com/business/bitcoin-russia-use-ban-942/) (today's article), RT  (this is in fact a Reuters news)

How is this Reuters news? The (silly) physical bitcoin photo is attributed to "Reuters / Jim Urquhart" (http://straylighteffect.com/category/about-jim-urquhart/), but the article is RT. There is no mentioning of a bitcoin "ban" in Russia on reuters.com. Just this piece of fine journalism that claims bitcoin is "banned" in Indonesia: http://uk.reuters.com/article/2014/02/06/uk-indonesia-bitcoin-idUKBREA150HV20140206

I'd say some people at RT (and everywhere else) made a few bitcoin through other people's panic sales today. :-P

indeed. whether rt or reuters, it seems that they are playing with disinfo all over the place.
Indonesia has not banned bitcoin or cryptos.
they have neutralized their position by saying that they regard them as commodities which does not change anything because of cryptos' polymorphism.
Cryptos cannot be banned because of their polymorphism.

[SnakeEater]

These countries are enjoying the growth from creating wealth through increasing FIAT numbers by creating more debt based future credits.

The next events I will see the crisis of FOREX rate and more currency swap deals.  But currency swap deals is too expensive as compared to BTC network.

http://www.coindesk.com/russias-largest-bank-backs-bitcoin/

So watching closely for political fight on who control the money now in Russia. 

[spect0r]

If Bitcoin is really banned in Russia how come such a large Russian company as WebMoney (webmoney.ru) is still using bitcoins? They still allow deposits to and withdrawals from WMX (mBTC) with no change at all in the recent weeks.

[BADecker]

Bitcoin isn't banned until PGP and GnuPG are banned as well.

[lightyear69]

I would say its very sad.

I had a discussion over bitcoin be backed by something like gold just like XNF-NoFiatCoin.

Having no backing and no one there to look about bitcoin makes it very attractive to money launders and drug traffickers.

There will always be doubts over bitcoin future. I think in today's time anything is possible so why not to back it by something which will give it more credibility and general acceptance.

[Sonny]

I would say its very sad.

I had a discussion over bitcoin be backed by something like gold just like XNF-NoFiatCoin.

Having no backing and no one there to look about bitcoin makes it very attractive to money launders and drug traffickers.

There will always be doubts over bitcoin future. I think in today's time anything is possible so why not to back it by something which will give it more credibility and general acceptance.

I can see you always mention that altcoin in every posts.
But too bad, your plan doesn't work 

[kaysersoze]

I wrote this in a new thread - too bad Mr putin do not understand what opportunity he is missing out on

I have been playing with this thought a few days.

So everyone that follows Putins politics clearly understands his goals and ambitions by now, to rebuild russia as an empire and super power and to stand against US and EU on any global issue (snowden, syria, ukraine the list goes on and on) to show his muscles. One can have opinions about how stupid, retarded, illiterate and counterproductive he is about going at it, but no one neglects his ambitions.

So it's very pity and a shame that he really do not have any technical /economical advisor that understands the potential of Btc and really can explain to him where bitcoin can play a global role to diminish usd power.

If he really understood the damage a world wide adoption of bitcoin can do to the financial system ( which in large is controlled by american institutions and USD ) and how he can help accelerate and stimulate this development by creating a safe heaven in russia I'm 150% confident he would do it. He would go all in.  Russia has nothing to lose, american instituions control the financial system of the world, usd is the global currency of the world and russia has nothing to loose if bitcoin would to take over the world.

And its quite easy -create a safe heaven for any company and project related to bitcoin, it will create ten and hundred thousands of jobs in Russia.

Andreas you need to talk to Mr Putin.

Anyone close to Putin, PLease let Andreas make 1 hour pitch to him. Putin would die for the opportunity to take down usd.