Russia Banned Crypto Trading

[pawanjain]

I don't believe a word that any Russian official says about crypto. They all talk shit and contradict each other.

Be careful with your words! They might be watching you right now 

And the only bit of crypto where Russia leads is scamming anyway. It never has been a significant market. If it goes it's unfortunate for Russians but the rest of the market will pay little attention.

And more than likely if any of this is true it'll be just the same as other 'bans' - banks will not be allowed to hold, issue or sell crypto directly and there are barely any banks anywhere on the planet that do that.

Scamming is something which is not specific to any country. Most of the countries have people scamming others and so pointing out Russia won't be an ethical thing to do here.

[jossiel]

Did really they?

Last time, I was just watching that they were really welcoming to cryptocurrencies and they've planning to integrate it with their financial system. Probably with the banks and other financial institutions and now this?

Hmmm, what a timely ban.

Is not it in Russia that cryptocurrency is growing so rapidly that many successful projects originating from Russia and now they are banning is there a strong reason in the country to be banned?

I know a lot before Russia would adopt the blockchain into their system but now it is very surprising if in Russia cryptocurrency is really prohibited.

Both of us have no idea the reason behind it. That's why I'm also asking if they really did that.

Because the news that I have heard about them gives a go signal for both crypto and blockchain on their country. And we have this, we don't know what's on the minds of their officials. Maybe somewhat connected to the hot issue and bloody markets we have.

[TheBeardedBaby]

Funny thing that The Bank of Russia wants to ban crypto issuance and circulation but on the other hand want to create it's own digital currency. So basically they cannot ban crypto when they create their own crypto.

n February 2020, the Bank of Russia issued a whole set of rules for suspicious transactions, categorizing any crypto-related transaction as a potential money laundering risk.

While prohibiting local entities from issuing their own digital assets, the central bank has been considering the emission of its own digital currency. In December 2019, the bank’s head Elvira Nabiullina said that the institution was exploring the possibility of issuing a digital ruble.

Source : https://cointelegraph.com/news/russias-central-bank-seeks-to-ban-crypto-issuance-and-circulation

[Lucius]

It's amazing how much contradictory information can come from one country about just one thing, in this case about cryptocurrency. This is almost like some kind of competition between Russia and China, who will put out more confusing information so that the average person can no longer really know what is false and what is true. As squatter say, this is just about some changes in proposed bill, and it's all just a lot of stories and assumptions.

I know there are a lot of people involved in crypto from Russia, and it would be very bad for them if such restrictions would occur. But same as in the case of China, I believe many would find some workarounds and continue to trade with crypto.

[matchi2011]

Russia has never really opened its arms to the use and adoption of blockchain technology so I am not really surprised with this latest ban. Well, this is really going to cause a further panic in the market. So I agree perfectly with what the OP is saying that the market is going to dump further more especially Bitcoin. 

It will bring an impacts for sure, this situation around cryptocurrency is really unpredictable after the spread of coronavirus now another unwanted news from russia that will create panic from more investors and holders. Assess and observe if you are aiming for long term investment it's a good time for you to wait for more dumped then wait for another pump.

[Renampun]

Is it valid news? Can you show us the link where you got the news?

https://cointelegraph.com/news/russias-central-bank-seeks-to-ban-crypto-issuance-and-circulation

if the countries that had opened themselves to the cryptocurrency were successful, would Russia change the rules they issued again?
"China has taken two steps to accept the cryptocurrency while Russia has retreated two steps stay away from the cryptocurrency"

[Meowth05]

I think they are just resisting progress. Maybe because they can't control bitcoin is te reason that they are banning cryptocurrency in their country but there is still hope that someday they will accept this progress. Their interviews might be contradicting each other but someday they will agree and compromise.

[royalfestus]

I'm not surprised at all, I've been calling Russia to be against crypto since 2017. You just have to read between the lines, their statements are always contradictory. One day you will hear some government officials saying that they're going pro-crypto, and then the next days, another one will issue his statement against it. That's why I have been saying to take everything with a bag of salt any news releases coming from them as if they are going to adopt it.

@coupable - it's not that they are not aware of it, it's that they want to control everything, they don't want large exodus of capital or assets.

With the understanding of how Russia handle information on international view on power and finance, I find it hard to believe they can publicly and intentionally go against crypto. Besides I even make more friends from Russia on crypto than in past 2 years, which could indicate the increase in crypo adoption within such country. Everyone wants to share in the trillion dollar space in the coming years.

[687_2]

This is not good news, BTC price could be dump even more.

Alexey Guznov, head of the legal department at Russia’s central
bank, revealed the news in an interview with local news agency Interfax on March 16.

 Issuance and circulation of crypto in the country poses an “unjustified risk”
 Although the original bill “On Digital Financial Assets” stipulated that cryptocurrency trading would be allowed in Russia, the amended document will apparently prohibit nearly everything about crypto except holding, according to Guznov’s latest remarks.

 The official said that the upcoming law will explicitly prohibit the issuance and circulation of cryptocurrency and would introduce penalties for violating this law. Guznov argued:

 “In terms of the functioning of the financial system and consumer protection system, legalization of the issuance and facilitating the circulation of cryptocurrencies is an unjustified risk. As such, the bill explicitly prohibits emission and organization of cryptocurrency circulation, introducing legal liability for violating these rules.”

 Russia’s central bank would unlikely be able to regulate Bitcoin transactions
 Besides claiming that the crypto bill would ban Russian financial institutions from issuing digital assets, Guznov provided little clarity about the upcoming bill. When asked whether the Bank of Russia wants to ban residents from converting crypto into local fiat currency, the Russian ruble, or a foreign currency, Guznov did not provide a direct answer.

Governments might try to prevent people from offering securities in the form of tokens. But this just hurts them. People will create the securities in a different jurisdiction where it is legal.

[Argoo]

But Russia Earning In Bitcoin

https://6sigmatrade.com/

Putin’s regime is making money on cryptocurrency, evading the application of international sanctions. Putin even sent his specialists to Venezuela to help Maduro create Petro's coin there for the same purpose. However, Putin will not give financial freedom to his citizens. We are witnesses of how, over the past few years, the highest officials of Russia have expressed controversial opinions about cryptocurrency. This is the essence of Putin’s deceitful domestic and foreign policy. Lies in everything and denial of obvious facts. Just awful.

[josephsonand]

The sad reality. With their actions, they push citizens further into the Stone Age, while capitalizing on what they themselves have banned.

[tbterryboy]

This guys better be joking lol. People are prohibited from doing everything with cryptocurrency except holding.
Seriously? What’s the need for holding Bitcoin if you can’t trade it and convert to fiat when you need it?

This is very bad and such law is going to discourage a lot of people from making use of cryptocurrency unless they are all going to find some means that they will be using whenever they want to convert their cryptocurrencies to fiat; they might just send it to someone else who needs it and the person will pay the money into their bank account I guess. That way the money will be seen as regular transaction and won’t be suspected to be another cryptocurrency business deal.

[TheBeardedBaby]

Has anyone even read the last news??
THE RUSSIAN CENTRAL BANK CANNOT BAN BITCOIN NOR OTHER CRYPTOCURRENCIES!!
read the quote below!

This should be enough to stop the FUD, look at the price of BTC it is skyrocketing now

The Director of the Bank of Russia’s legal department has admitted that Bitcoin and other cryptocurrencies cannot realistically ever be banned in the country.

Although cryptocurrencies are not exactly legal in Russia, it seems like they won’t ever be banned, either. That’s the latest news from the Russian government. Although Russia has a love hate relationship with crypto and bitcoin, what do you think about this admission? I think personally no bank can control it, but they don't admit it.

What do you think about this? If you want to read the full article, you can click on the link below

https://beincrypto.com/russian-central-bank-admits-it-cant-ban-bitcoin/

[fiulpro]

I do think that Whosoever bans cryptocurrencies never really succeeds in doing so because people find one way or the other to use them.
Ukraine is Preety close by and it's a place where you can actually buy cryptocurrencies through money after consulting people who sell them , they can aquire it by any means for sure .
Government does not understand that they cannot always control everything .
Even at the time of Corona Virus they should understand and let people use whatever help they can use.

[Soldierswitlittlefaith]

whether they ban or unban it does not really matter because more and more countries are now convince about the importance digital currency in  an emergency time like this. most countries i.e  italy have started talking about the fact that eu should liquidify the amount euro in circulation if, they believe this is contributing to the rapid spread of virus (nCOV)

In regard's to Russia action i think they need more time. that is the reason why they are called RUSSIA otherwise, they might end-up rushing you!

Thanks
Soldierwitlittlefaith

[longtkhd]

I thought it might affect the market at first, but I think the value of bitcoin is more than we can see. Given Russia's strong military and political background, it is not surprising that such statements.

[jacafbiz]

There is something I do not understand here, why is it that there is alot of mixed messages usually come out of Russia about Crypto. Russia in particular need Crypto if she wants to free herself from the US sanctions. I know they need to do the cost/benefit analysis of the situation on ground because the fear of most federal government is that they are likely to lose the control of their monetary system but they already lost it

[boltz]

I saw this too many times guys in order to believe it so even if this is official how long it will last ? They don't want Russian people to buy Bitcoin especially when prices went down  so same goes in my country. As soon as the price is about to fall they instantly remove the Bitcoin buy option from LOCAL ATM's and the partnership with Smith&Smith also goes down and after the recovery and after they make the sells and Bitcoin start to swing again in prices they add it up again so people will lose money again by trading or simply holding. Don't get panic , hold long term , no one can hurt you.

[hatshepsut93]

There's no way it would affect the price significantly, Russia's Bitcoin use was always small, it doesn't have a lot of hashpower like China, it isn't a global superpower like the US, its economy is weak so there's not a lot of big holders who might want to dump Bitcoin. We've seen some other countries banning crypto and it didn't crash it, and it won't happen this time.

[mico.serge]

Just like the other countries, they will ban crypto trading from the beginning then they are going to study it and will allow it later.