[2019-04-13] What Russia’s ‘Digital Iron Curtain’ Means for Bitcoin Users

[LeGaulois]

if the article tells the truth I do not know, but the political system of russia is a very shady political system and it does not seem to me that russia intends to see bitcoin being adopted en masse in its country, it seems to me that what the Russian government want is greatly reduce the number of people using bitcoin so that the Russian government has more control over the small number of people who use bitcoin in their country. This is something expected of governments that have a shadowy political system, for this kind of government to remain in power is because they control and manipulate their people.

Russia isn't interested to see Bitcoin massively adopted in the country (whatever the reason it has) but the government is interested to use it when it's about to fund its cyber war to interfere in the US. elections (Report On The Investigation Into Russian Interference In The 2016 Presidential Election
Do you see the irony? It's like saying Bitcoin isn't good for you, only for me". I am pretty sure there are other countries using Bitcoin too behind the scene.

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[bbc.reporter]

@veleten. China holds $1.17 trillion in US treasury bonds, while Russia does not hold anything and might also have given up their position as a nuclear super power.

I don't see how would this justify treating any information coming from Russia in a certain biased way
this is not journalism but propaganda
Russia used to have at least 0.11 trillion in US treasury bonds
they sold over 80% in 2018 , not surprisingly
but I wonder how they are going to give up their position as a nuclear superpower if they hold the top 2 nuclear arsenal in the world
and if we compare the quality of their ICBM to the US ones , they are way newer and better
read this:
https://www.news.com.au/technology/innovation/military/putin-boasts-he-has-new-game-changer-weapons-and-the-us-agrees/news-story/c86903568de25b633b5f51313806805b

It does not change the reason why China can get away from doing some things and remain America's biggest trading partner, similar to what veleten said. The reason is clearly because China owns America hehehe.

@LeGaulois. Agreed! Money laundering. They also want that right and ability only for themselves, not for everyone.

[bbc.reporter]

No, no one in any government has good intentions whenever they create a new policy or a new legislation. It is always in accordance to their own agendas and their backers' agendas. Do you reckon that they rose in power because they care for you hehehe?



It has been reported by Bitcoinist that the "digital assets" law currently being proposed in Russia has come under scruitiny even before it is to be reviewed by regulators in May. Concerns include how it will affect crypto businesses in the country, the fact it may cut off low income investors, and the reality that Russia can only regulate Russia, but crypto is worldwide.

Another concern is that it will drive a divide between basically rich and poor investors. It would demand that unless an investor is "accredited," they can only purchase up to $10,000 worth of crypto. However in order to be accredited, one must possess at least $150,000 worth of assets. It is literally an issue of people being too poor to be allowed to make more money.

Lastly, it has been pointed out that this regulation may be a bit futile, as Russia can only police itself, but crypto markets know no boundaries. In the article, Roman Khoroshev, founder of a Russian crypto crowdlending platform, is quoted:

"Undoubtedly, the central bank and lawmakers have good intentions in imposing restriction on unaccredited investors. It is usually their money that typically ends up in the hands of scammers. But the problem is in controlling this process. It’s almost impossible to track as the bill only proposes to regulate the cryptocurrency market within the Russian jurisdiction."

Read in full https://www.chepicap.com/en/news/9048/russia-s-proposed-regulations-for-crypto-coming-under-fire.html

[Spaffin]

if the article tells the truth I do not know, but the political system of russia is a very shady political system and it does not seem to me that russia intends to see bitcoin being adopted en masse in its country, it seems to me that what the Russian government want is greatly reduce the number of people using bitcoin so that the Russian government has more control over the small number of people who use bitcoin in their country. This is something expected of governments that have a shadowy political system, for this kind of government to remain in power is because they control and manipulate their people.

Russia isn't interested to see Bitcoin massively adopted in the country (whatever the reason it has) but the government is interested to use it when it's about to fund its cyber war to interfere in the US. elections (Report On The Investigation Into Russian Interference In The 2016 Presidential Election
Do you see the irony? It's like saying Bitcoin isn't good for you, only for me". I am pretty sure there are other countries using Bitcoin too behind the scene.

The Russian government is slowly choosing to completely ignore the rights of its citizens. Moreover, the violation of these rights, as always, is explained by concern for them. I am just surprised that people in Russia are now so intimidated by their government that they almost don’t go to mass protests. They actually take away the right to use the Internet and cryptocurrency, and they are inert. In any other European country, such anti-people actions would mean the political death of their government. It is a pity, of course, that this happens in a country as big as Russia. We are losing this country for the development of cryptocurrency there.

[magneto]

I really don't think that it's going to do much at all.

It will certainly hinder on the convenience, and if they were going to make this move then potentially they are planning on driving out certain bitcoin third party service providers as well, which would lead to a decrease in the numbers of formally registered bitcoin related businesses within that area. But apart from that, individual use shouldn't really matter that much.

Unless they come out with something never seen before and extremely innovative, that is. But we have certainly seen similar stuff from the PRC where the effects didn't really discourage people from using bitcoin at all.

[CryptoBry]

According to proposed regulations, the government wants to restrict Russian traders to local crypto exchanges and also only allow “qualified” investors – e.g., those with a degree in economics and a certificate from the government – to trade Bitcoin and other cryptocurrencies.

WTF?!?!?!?!?!? With that kind of regulation they are exactly doing the exact opposite of what other countries are doing where they allow their citizens to trade and try to limit money from their financial institutions coming in. Why the hell do you need a degree in economics for before you trade legally when we all know most of the economists out here are close minded when it comes to the crypto market itself. They are setting the motion backwards here and I doubt that there is really a big threat in their country to do such thing.

In today's Russia, in this corrupt country where oligarchic clans rule, there can be no other way. They can also adopt a bill that is in their possession on imposing criminal liability for the use of cryptocurrency by "unqualified" users. I did not expect anything else from the Putin regime. Directly, it is inconvenient for them to completely ban cryptocurrency after Putin and the other top leaders of the country extolled it and in fact introduced the same prohibition in a slightly different way. I'm surprised-Putin has a lie everywhere.

With the kind of regime that Russia has, this development is not quite surprising. The Putin government wants all the advantages of this industry but at the same time it wants total control of everything and everybody...a sad story in the modern world we are in. However, I am sure that even if we are to discount the Russian and Chinese market, the world of cryptocurrency can still survive and even be much better without these demagogues. I am wishing that soon things can get better with these countries but since the people are very much supporting them then we better set our eyes so afar.

[Naida_BR]

This measure just promotes censorship.
Russians don't get any benefit from this "Digital Iron Curtain" and they are not protected at all.
The Russian Duma seems that they want to digitally isolate their civilians and don't let them have an open and free access to the digital world.

[Argoo]

This measure just promotes censorship.
Russians don't get any benefit from this "Digital Iron Curtain" and they are not protected at all.
The Russian Duma seems that they want to digitally isolate their civilians and don't let them have an open and free access to the digital world.

The Russian government wants to isolate its citizens from undesirable information. They want to introduce global Internet censorship. If you filter the incoming information, it is much easier to manage your people. They are then easy to impose their ideas. It is a pity that in the twenty-first century such a big country with a totalitarian regime appears in us.