Russian Central Bank Admits It Can’t Ban Bitcoin

[Wind_FURY]

OP, yeah, they will not admit it. If you can't ban it, can't stop it, can't beat it, what would you do? JOIN IT.

In 15 years we will see, state-run Bitcoin mining subsidized by governments, and Bitcoin as a world reserve currency.

[buwaytress]

Someone who gets it. It's a bit strange though I got to say from all the different Russian states, with local politicians seemingly able to lobby for nuclear powered blockchain hubs that even supposedly could welcome crypto mining companies. And the you've got finance ministers and central banks issuing conflicting statements.

I wonder if it's just bad reporting, deliberate misreporting or plain old lost in translation vibes?

[Wind_FURY]

Someone who gets it. It's a bit strange though I got to say from all the different Russian states, with local politicians seemingly able to lobby for nuclear powered blockchain hubs that even supposedly could welcome crypto mining companies. And the you've got finance ministers and central banks issuing conflicting statements.

I wonder if it's just bad reporting, deliberate misreporting or plain old lost in translation vibes?

Ask different people what Bitcoin is, and they will give you different answers/explanations. The misunderstanding/lack of understanding/differences in understanding could be the cause the conflicting statements.

[thesmallgod]

Since they have admitted they do not have control over it, I don't think they can totally ban it. Russia view is not different from many other countries that do not really know what exactly to do. If they even think of banning it, I know Russian will still find a way of trading and using the crypto

[Janation]

I think people would still be able to trade Bitcoin despite their prohibitions.

They admitted that they can't really control it which means the only thing they can do is to put a rule on exchanges or trading platforms that runs in their country. With a lot of exchanges outside of Russia, crypto traders at the country can still trade either using proxies, VPNs or other things to mask their IPs. It is not like they can even identify people who own those cryptocurrencies.

[microsurfer]

No one can do it and this is the point

[fiulpro]

Yes ofcourse and that is the good thing about it , this is why it's so special , government cannot always control everything because for example at a time like right now , bitcoins is one helping people work safely from home , make transactions , give their relatives money .
One doesn't have to go to the bank and do the necessary thing because most of the banks are closed and people are not being able to go to work and this thing , the bitcoins is self sustainable therefore I do think it is amazing how someone in 2009 was so ahead of their time.

[buwaytress]

Ask different people what Bitcoin is, and they will give you different answers/explanations. The misunderstanding/lack of understanding/differences in understanding could be the cause the conflicting statements.

Yeah. I've seen pretty cool guys who got into Bitcoin way early, actually do a lot for it in terms of adoption, but who've changed their minds about how they understand Bitcoin.

There's this Danish guy the media called Bitcoin Jack for example, in 2015 lived off BTC for a month... and today he's 100% convinced that Bitcoin's decentralization isn't as foolproof as someone like Andreas Antonopoulos, for example, would believe. And then myself meeting people in 2018 who said it was all over despite having seen cycles before. I wonder how I'll feel about this 5 years down the line.

[Lizzylove1]

I don't seriously take news about Cryptocurrency legislation in Russia. There is just too much conflicting news coming from that part of the world especially from government officials . The people of Russia are great innovators who trade Cryptocurrency, I think the government should just let them be.

[Debonaire217]

Since they have admitted they do not have control over it, I don't think they can totally ban it. Russia view is not different from many other countries that do not really know what exactly to do. If they even think of banning it, I know Russian will still find a way of trading and using the crypto

With the recent situations concerning world health, and possible economic crisis, these adds up to the reason why such country should not ban bitcoin and cryptocurrency. Most of the countries have been in lock down as of now, meaning to say that there is a difficulty in the mode of transaction for today. Bitcoin solves that, and with Russia having no control over bitcoin, I don't think they could possibly stop their people from using it already. Even if they made laws and rules prohibiting the use of it, people find ways, a simple VPN could solve it easily.

[Ozero]

No one can ban bitcoin 100%. It's just not possible. Yes, the number of traders in a particular country will decrease, but no more.

To understand the seriousness of the situation, you need to know Russia, as well as what the security forces do there. In Russia, it is absolutely possible to completely ban cryptocurrencies and establish strict liability for its use. In a civilized state, circumventing the established restrictions can be without special consequences. In Russia, because of this, you can lose all your property and still go to jail on trumped-up charges. It’s better to just see what law will be passed there. Only after that it will be possible to talk about something.

[kryptqnick]

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/

I have two things to add to this. For one, I am pretty sure that the bank simply doesn't have the power to issue such legally binding documents so it cannot ban cryptos. Another thing is that a couple of years ago Russia tried to ban telegram which also has this feature that you cannot block it centrally. You can forbid people to use some things but that doesn't mean they won't be able to use them. Russia had a chance to see it in practice before, so perhaps they don't want to make the same mistake.

[TimeTeller]

No one can ban bitcoin 100%. It's just not possible. Yes, the number of traders in a particular country will decrease, but no more.

They can't monitor all their movements when it comes to crypto.
Thus, how they can ban if they don't have the full control?

[pixie85]

No one can ban bitcoin 100%. It's just not possible. Yes, the number of traders in a particular country will decrease, but no more.

They can't monitor all their movements when it comes to crypto.
Thus, how they can ban if they don't have the full control?

They can ban financial institutions from using it so you won't be able to legally accept it as a business owner and you won't get a credit for or register a company that has something to do with crypto.

Does it really matter? Were there even any big and reputable exchanges in Russia? All I read about were mining farms and this will not be banned. They can still mine and exchange for other fiat currencies than the ruble.

[ololajulo]

It could be positive news from bank to tell the country their position before legislation favors it. Governments are still worried on some part of crypto while they pass bill to favor use. They will always go against ICO and its scam , they are always worried with the volatilty of bitcoin and throw supports behinds stable coin every time. The president plans to launch its digital coins for metal purchase, book air ticket etc.

[beetlejam]

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/

I'm not surprised that banks can't deal with it, but i am shocked that a bank admitted it. Good for the honesty, but Russia has always been quite pro crypto, since America is anti-crypto.

[20kevin20]

OP, yeah, they will not admit it. If you can't ban it, can't stop it, can't beat it, what would you do? JOIN IT.

In 15 years we will see, state-run Bitcoin mining subsidized by governments, and Bitcoin as a world reserve currency.

If we ever get to the point where a decentralized cryptocurrency becomes accepted by a state, it's a victory for the humanity. No way any state will spend that much money on mining equipment just to take control over BTC. Moreover, changing stuff from the past and starting to take control over the network is gonna be a pain in the arse for them.

It's much easier to consider anyone who uses BTC a terrorist or a criminal. Let's not forget the words coming from New York back a few years ago: only criminals want to be anonymous. It's as easy to manipulate everyone to believe these words as it was to wash their minds and make them perceive BTC and cryptocurrencies as an assed used mainly in illegal activities.

Banning helps them do a 3-in-1: a ban won't let us use BTC anymore, the value will probably significantly decrease hence our wallets will decrease too and it's gonna be much easier to catch the ones not agreeing with the current economic system. All by spending $0 on resources.

[de_ingenious]

Russia has always been quite pro crypto, since America is anti-crypto.

This is important, cause basically they don't know what they're doing, but they do it anyway. I don't get how such corrupt state could actually extract something benevolent out of this situation

[camito]

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/

I think this is one of the reasons why certain government prohibits Bitcoin - because it is uncontrollable. Of course, the government would want a fiat that is easily controlled and circulated especially for taxes unlike cryptocurrency which is decentralized and volatile. The problem would be on the market and economy. Russia on the other hand had known Bitcoin's circulation in its land for a very long time and I think it is undeniable that Bitcoin became a big help among other investors, small time businessmen, and users also. It is also too early to assume possibilities because we don't know exactly what's going on in the mind of the Russian director but clearly, people would need a strong justification for the reason.

[TheGreatPython]

What did you think before, that Bitcoin can be banned? Bitcoin cannot be banned by any country , but they can stop people from trading it. I have seen a news that says Russia already banned Bitcoin trading in their country.

One thing you need to know is that the kind of exchanges that can be banned are the ones that are Centralized, the government can order banks to stop offering services to exchanges and that way the exchange will be unable to function. But decentralized exchanges will still be working and people will be able to buy and sell using DEX.