Russia Banned Crypto Trading

[matchi2011]

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.

Though there's impact but like what you have said it isn't that much to completely affects the entire crypto market. This banning issues was been there and it's not new to this country, they always have negative insights for crypto industry and whether they've choose to support or not crypto will continue to progress.

[Arcas]

I think Russia become the only one in EUROPE country support with bitcoin and altcoin become legal digital currency transaction and not hear they want to banned using bitcoin as digital payment, with easy payment way bitcoin look better than other digital payment and have advantage with bitcoin price at the future.

[lepbagong]

I think Russia become the only one in EUROPE country support with bitcoin and altcoin become legal digital currency transaction and not hear they want to banned using bitcoin as digital payment, with easy payment way bitcoin look better than other digital payment and have advantage with bitcoin price at the future.

that's right, it's been a long time that crypto has very much the support of their government, because clearly what is obtained from crypto is a very reliable facility that makes things work well and benefits the country. so it is wrong if a state that has obtained facilities actually forbids it. Until now digital money has made it very easy for transactions and conveniences not obtained from others.

[Cryptoreflector_666]

Is it valid news? Can you show us the link where you got the news?
I'm still not really sure that in this situation, Russia announced to ban crypto trading. How poor the crypto traders there! Moreover, it may bring negative impacts to market trends. As we know that we in a decline phase, it probably triggers the more declines. 

Since I did not find an official link to the news, I am more inclined to believe that this news is fake. Please check the news before posting it here, because it creates unnecessary noise. The Internet is now full of fake news and you continue to produce them.

[gerica0613]

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.

That's exactly right, all these articles and comments about Russia being "pro-crypto" is straight up bs, russian media is 100% corrupt and the info they put out is rarely close to the reality

[charlie137]

so that new bill will make all blockchains without backdoors illegal? 🤔:

A дaльшe я xoтeл бы пocмoтpeть нa cyдeбнoгo пpиcтaвa-иcпoлнитeля, кoтopый нa ocнoвaнии этoгo иcпoлнитeльнoгo лиcтa пoпытaeтcя чтo-тo cдeлaть. Кyдa идти, к кoмy, c чeм идти? Oбязaть лицo, кoтopoe oблaдaeт ключaми дocтyпa к кpиптoкoшeлькy, пpeдocтaвить ключ дocтyпa? Teopeтичecки мoжнo, a мoжнo и cкaзaть: "Oй, зaбыл. Oй, пoтepял". К coжaлeнию, oчeнь мнoгo кpиптoaктивoв ceйчac yжe нaxoдятcя в кoшeлькax, к кoтopым yтpaчeны ключи дocтyпa, и этo caмo пo ceбe coздaeт пpoблeмы.

Mы нe мoгли нe yчитывaть этoгo, и пoэтoмy пpoeкт пpeдпoлaгaeт oбязaть oпepaтopa инфopмaциoннoй cиcтeмы, гдe бyдeт ocyщecтвлятьcя выпycк цифpoвыx финaнcoвыx aктивoв, в cлyчae нeoбxoдимocти oбecпeчить к ним дocтyп. Texнoлoгичecки, кaк кoллeги гoвopят, этo вoзмoжнo, xoтя, мoжeт быть, этo нecкoлькo нe cooтвeтcтвyeт идeoлoгии пpecлoвyтoгo биткoйнa, кoтopый бaзиpyeтcя нa aнoнимнocти и нa тoм, чтo кpoмe влaдeльцa никтo нe мoжeт пoлyчить дocтyп к cooтвeтcтвyющeмy ycлoвнoмy имyщecтвy в видe биткoйнoв, кoтopыe нaxoдятcя в кaкoм-тo кoшeлькe.

[Artemis3]

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.

Once again politicians doing what politicians know to do best: Make things worse. Of course Russians don't need to put up with this nonsense, but they will have to go "underground". The net effect is less wealth for Russia, who will simply find its way around to friendlier places.

Nobody can regulate Bitcoin, period. It was made specifically to prevent that. No amount of law, bans, regulation or rules can mend what the coin can actually do and not do. And it doesn't care what governments and institutions think about it, it just is.

When a politician uses the word "unjustified risk" regarding bitcoin, it definitely means the gov is doing or about to do something idiotic: Such as printing, pegging, or a combination. And they know their idiotic attempts to bypass the market end overtaken by things like bitcoin which is free from their rules. In their short minded old fashioned thinking, they think the solution is to "ban it", as if they actually could. Next of course, is ban the internet, and censor foreign sites.

If they don't want to issue their own crypto, that is fine or even better: everyone should stick to bitcoin anyway. But don't try to stop Bitcoin, you won't succeed.

As for this affecting bitcoin's price, not even close. Putin is into mining anyway.

[alexsandria]

This is probably and literally a bad news because of the banning of the Russia to the cryptocurrency trading in which Russians has the big contribution to the crypto trading will definitely going to lose and it may really become also a reason of a dumping of the market in which this is rrally bad for us because we are seeing right now that the market is having a struggle on how it will pump up or how it will recover to the crisis that is happening right now.

[Mulann2]

And to think that most shitcoin project are from that zone what is the reason behind the ban or why are they thinking of banning btc at this very time, if there are traders who are violating any rules or laws better to fine them accordingly than to ban the entire trading activity,
is it that all the Russia exchanges (if any wil be short down) or all other exchanges that are not located in the country will be restricted and the citizens can not access it because even with that, there are still the option of using vpn to by-pass such restrictions,
well, it won't stop crpto from progressing, they are only a part of the crypto community

[thesmallgod]

I thought i read somewhere on the forum that Russian have no intention of banning crypto but they fear they do not have control over the transaction. My fear why would they wanna control crypto trading? if it is because of tax, why don't they consider some other benefits. Alot of people have job to feed their family thanks to crypto. This is another bad news if this is true.

[BTCLife.global]

They don't know what they want. I remember reading that they were baninmg crypto to isue their own cryptocurrency. This was years ago. Then they changed their mind and said blockchain is great. Then they did not issue any centralized crypto and just postponed everything. Then we heard about them trying to legalize it. Now we hear about them trying to ban it again? Ho many times can you change your mind about the same thing?

They (Russian authorities) want Putin to rule the country forever (for many different but at the same time ill reasons). And their bickering with OPEC has so far fallen off oil prices, but their attitude towards cryptocurrencies is unlikely to affect anything.

[bangdik123]

They (Russian authorities) want Putin to rule the country forever (for many different but at the same time ill reasons). And their bickering with OPEC has so far fallen off oil prices, but their attitude towards cryptocurrencies is unlikely to affect anything.

Maybe for them for now cryptocurrency does not have a big effect on the economic condition of their country so it is not impossible because the problem is cryptocurrency is banned from Russia, especially as we know today that the virus Covid-19 pandemic continues to increase so it is not impossible this matter also becomes one of the triggers

[BluePowder]

I think they'll change their minds soon. For depriving yourself of such a profitable market is the wrong decision.

This is not a profitable market for anyone in Russia but a select few. It was banned and this is no joke as some are trying to suggest its fake news.

it has to deal with the issuance of currency out of thin air and much of the scams originated in that region. This goes against what Russia is trying to do, which is become like China with a top down goverenment controlled police state. Crypto does not fit well here and Russia doesn't want digital currency but rather digital control of its citizens. Much like China where they take your picture on the street for J walking and there isn't even a ticket or a dispute but instead a script that goes in your bank account and takes the money before you even get home,, at least you get a txt message informing you.

Bitcoin will be banned anyhere it threatens the establishment, currently its too small of a threat anywhere else but in USSR they've done some very bad things with it. In developing nations you'll see it extended as they are desperate to bring action into the country. Russia doesn't need this, they have unlimited gas and resources and don't need another headache that stands in the way of control.

[MCobian]

The Russian government often banned crypto, but after a few months often changed to allow crypto. Indeed from the beginning the government
Russia has never supported cryptocurrency, but it has never been banned for a long time. Russia news banned crypto trading this time I'm sure it
won't last long, so there's no need to worry for the crypto community in Russia.

[D3FCON]

Russia was A "Going to be the biggest investor ever" a few years back,. You can't ban Crypto trading for any smart person that understands VPN to obtain purchases or trade via wallets. This and these topics have been flaunted hundreds of times regardless of being true and most if not all have never succumb to the ban/s. India / South Korea / USA / Australia there all still trading.

https://news.bitcoin.com/putins-order-russia-cryptocurrency-regulation/

https://www.telegraph.co.uk/technology/2019/01/14/russia-plans-tackle-us-sanctions-bitcoin-investment-says-kremlin/

It's MEH and just trying to spread fear, Would not be surprised if it's wales talk.


Sorry had to edit.
It just occurred to me this may be talk from Russia to get the BTC price to drop after they do some dumps so they can buy back in to recoup COVID costs. Speculation of coarse

[Bezobraznike]

They won't be able to do it because they won't be able to control it anyway

   It's what I think too, they can try to ban it, but they will not be able to do it fully! People will always
find a way to do what they want to do, and Russia is big, there are many crypto-users there!
   This is not official yet! In past few years I saw many headlines about China, India and Russia and how
they plan to ban it or to try to regulate it, but until now nothing happened. We still have people from there
and their number is getting bigger!

[online73]

Hello everybody. I think that the ban on cryptocurrency in Russia is too loudly said. Let's just say that it simply has no legal status. Cryptocurrency in Russia is just like a mood, like a thought. How can you ban the mood? No one in the world was able to completely ban cryptocurrency - there is no such solution, I do not see how Russia can be smarter than others. And the various statements of officials at various levels only ignites the interest of the people in this industry.

[Debonaire217]

Are you serious with Russian banned crypto trading? I know Russia become first europe country looks respect and support bitcoin become legal currency payment and have many way how to support bitcoin and altcoin become alternative as currency payment in the world.

Me too, I seriously doubt Russia, as one of the leading cryptocurrency users I know, will ban bitcoin trading or almost all cryptocurrency trading. But if it really is a big deal, I think Russian cryptocurrency enthusiast will really make a way to make it possible for them to be still with bitcoin.

I found an article here and it states that Guznov admitted that Russia will not be able to completely ban cryptocurrency. Just like what I said before, there will still be people making their way to use crypto, but they will only be punished if and only if they will be caught breaking the rules and jurisdiction.