Russian Central Bank Admits It Can’t Ban Bitcoin

[isaac_clarke22]

Regardless of any country, Bitcoin as to its existence can't be banned anyway. Sure that it can't be used as a legal tender for payment as well as being sold or traded or even cashed out to government institution but to those people who hodls it still dominates the power to store into their wallet.
People would use VPN to still access sites to continue trading BTC or they could still trade BTC personally.
I think the freedom brought by Bitcoin is still being underestimated by some people.

[pawanjain]

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/

Any government can "Ban" cryptocurrencies in my perspective because the definition of the word "Ban" is 'to 'prohibit the use of' anything stated by the government. So the government ash the right to ban cryptocurrencies too but what they can't control is the buying/selling of cryptocurrencies despite the ban.
The only thing they can do is charge a penalty or jail for trading crypto. But still there are anonymous ways by which people can still buy/sell crypto and people do it anyway. This is why many countries have started accepting crypto.

[pakhitheboss]

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/

 There is nothing new about it everyone knows they cannot ban Bitcoin or any other cryptocurrencies. To ban Bitcoin they need to ban the internet, which is practically impossible in this era.

Banks know that it is an eminent threat and they have tried everything to stop it.

[nosferzd]

Cryptocurrencies are illegal in Russia only because of the conservatism of power. Of course, they will not be able to ban them, there will not be enough strength or money to completely exclude cryptocurrency in Russia. Aleksey Guznov literally just over a week ago announced a complete ban on cryptocurrencies in Russia, and has already managed to change his mind. It is clear that the law on the ban was spontaneous and he did not even understand the issue.

[XCANA]

We have had when the time of internet came into existence, many government kicked against it and were ready to shutdown the entire technology but there were unable because it is called a technology. They actually forget that such a thing has happened before now and they were unable to stop it existence. For those who are after the existence of technology to exterminate it should reconsider their action because "Nobody has successfully shutdown technology" before now, and not even after this.

[Oceat]

Cryptocurrencies are illegal in Russia only because of the conservatism of power. Of course, they will not be able to ban them, there will not be enough strength or money to completely exclude cryptocurrency in Russia. Aleksey Guznov literally just over a week ago announced a complete ban on cryptocurrencies in Russia, and has already managed to change his mind. It is clear that the law on the ban was spontaneous and he did not even understand the issue.

Even if they completely ban Bitcoin still, they couldn't stop it since it was decentralized. Most countries could ban Bitcoin but only in their country but not entirely. And what could possibly be their reasons why they have to ban Bitcoin if it didn't cause any harm to them? Bitcoin is just a technology/tools used by the bad people to take advantage of what others couldn't do.

[omone1]

There was a former conflicting report that the cryptocurrency will be ban. How do you ban something that you need to shutdown the internet in other to stop their operations? Well in a well advanced technological nation like Russia with lots of expert in tech field, you can't beat the people to their game.

[Casdinyard]

Cryptocurrencies are illegal in Russia only because of the conservatism of power. Of course, they will not be able to ban them, there will not be enough strength or money to completely exclude cryptocurrency in Russia. Aleksey Guznov literally just over a week ago announced a complete ban on cryptocurrencies in Russia, and has already managed to change his mind. It is clear that the law on the ban was spontaneous and he did not even understand the issue.

Even if they completely ban Bitcoin still, they couldn't stop it since it was decentralized. Most countries could ban Bitcoin but only in their country but not entirely. And what could possibly be their reasons why they have to ban Bitcoin if it didn't cause any harm to them? Bitcoin is just a technology/tools used by the bad people to take advantage of what others couldn't do.

Yeah, so they admit it and every country should admit it too. You cannot just cut the use of cryptocurrency especially bitcoin unless you decided to cut the internet off of your country and lose all your data and satellites. They don't need to tell us this, they don't even need to ban it coz there is not absolute reason to do it. Russians are strong when it comes to technology, and ever try to hinder the new added one. Decentralization of the network made it possible to make the banning useless and the government knows about it.

[South Park]

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/

They just admitted what we have known for a very long time, even if they were to ban bitcoin on paper can they force people to get rid of their coins? And we know the answer is no, as such they are going to try the next strategy which is to try to ban or at least to make very hard to make purchases with bitcoin, but that is going to fail as well, a crisis is coming and when people are desperate they are going to try everything they can in order to improve their lives and if they can keep most of their purchasing power by buying bitcoin then it is obvious they will get bitcoin and not obey that ban.

[Yudhisthir]

Russia is probably the country that flips it's statement the most regarding bitcoin and cryptocurrency.
The reason for that is also fairly simple. The country has an authoritarian government while a large number of individual and companies do business with crypto in order to hide their traces of business with forbidden companies due to US embargo. With energy surplus, they also have one of the largest mining capacity.

[Vishnu.Reang]

A large number of the early Bitcoin adapters were from Russia. Even the second largest Bitcoin exchange (in 2012-14) was run by Russian citizens. But most of these people were forced to move out of Russia (along with their business ventures) due to the harassment from the authorities. If the central bank had taken this decision a few years back, then everyone would have benefited from it. Now it's too late.

[rodskee]

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/

at least now government are starting to accept the reality that they cannot Banned totally the use and circulation of cryptocurrency.
and this is a win statement to all of us specially Russian that has experiencing hard using of crypto.
we are lucky here in my country that we have light treatment from the government about crypto so we can just use and accumulate without any problem as long as we are using KYC for our exchange wallets.

[witcher_sense]

we are lucky here in my country that we have light treatment from the government about crypto so we can just use and accumulate without any problem as long as we are using KYC for our exchange wallets.

The thing is that you can use and accumulate your cryptocurrency without permission of any government, nobody can force you to do dubious practices of obsolete banks. As long as you consider banking money better than cryptocurrency they can control and restrain you from using permissionless! systems. Correspondingly, in order to not be controlled you just need to reconsider your view regarding truly sound money, and think why you don't want spend your own money today without additional surveillance from third parties. They always ask you for proves about you not being a criminal, doesn't that sound ridiculous?

[arwin100]

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/

at least now government are starting to accept the reality that they cannot Banned totally the use and circulation of cryptocurrency.
and this is a win statement to all of us specially Russian that has experiencing hard using of crypto.
we are lucky here in my country that we have light treatment from the government about crypto so we can just use and accumulate without any problem as long as we are using KYC for our exchange wallets.

This is a confidence booster not only for Russians but also for people around the world who's using bitcoin and crypto and gladly they release this statements since it can create hype for people who still doubting to look after using bitcoin and cryptocurrencies for their investments.

And also this can give a good reflection to the government since the same as you I didn't get any hassle for accumulating bitcoins since I'm confident to use our local wallet provider since its regulated well by our government.

[btc_angela]

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/

at least now government are starting to accept the reality that they cannot Banned totally the use and circulation of cryptocurrency.
and this is a win statement to all of us specially Russian that has experiencing hard using of crypto.
we are lucky here in my country that we have light treatment from the government about crypto so we can just use and accumulate without any problem as long as we are using KYC for our exchange wallets.

This is a confidence booster not only for Russians but also for people around the world who's using bitcoin and crypto and gladly they release this statements since it can create hype for people who still doubting to look after using bitcoin and cryptocurrencies for their investments.

And also this can give a good reflection to the government since the same as you I didn't get any hassle for accumulating bitcoins since I'm confident to use our local wallet provider since its regulated well by our government.

Sorry to burst the bubble for you bro, but have you followed Russia in terms of their supposedly adoption specially BTC. As others have pointed out, they totally contradict themselves. So how can you say that this could be confidence booster when their government, as far as I'm concern, is against bitcoin basing on your statement since 2017, specially during the peak of bitcoin's bubble. You can back track and read all their statements and you will understand what I'm trying to drive at.

[Tylev]

The position of the country's government regarding cryptocurrency is still of great importance. We saw what happened in India when the central bank issued an order to all other banks not to service cryptocurrency transactions. There was not even a ban and cryptocurrency was not punished, but the problems with cryptocurrency circulation were great. If in Russia laws are passed that prohibit the population from using cryptocurrency and establish responsibility, even administrative, then after that, rarely will anyone use it. Just hope. that the Putin regime is living out recently and after that the question of the ban on cryptocurrency will not even be raised.

[FanatMonet]

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.

It is a logical decision, although they did not have options, only if they involve the FSB and track IP addresses, although they are quite capable of this. But in any case, they would not have been able to catch everyone, and what could they bring? There is nothing illegal in the storage and use of bitcoin under the Criminal Code of the Russian Federation.

[perfect999]

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.

There are no lies in what they have said, no one can control Bitcoin. Imagine that bitcoin is not a decentralized currency, but rather a centralized currency, the government would have been able to control it and do whatever they want to do it. They may even decide to end it at anytime they want, especially if it’s coming from one of these countries where it has been declared illegal.

But, luckily it is decentralized and no one can stop it or say what should happen, that way no one can end it. Even when some people say that Bitcoin will end, I usually wonder how possible that is.

[Sayma83]

For nature, they themselves do not know what Russia is trying to do, they seem to be mad at themselves for following Bitcoin, so when one bit after another, Bitcoin transactions cannot be stopped, so now one, one after another, says the whole thing. Being that they are not working in their head what to do. But one thing is clear that the governments of different countries, including the Russian government, do not want Bitcoin to transact in their country, because their transactions at the bank are decreasing, as a result of Bitcoin transactions, and since the bank is not able to make profit, the banks are not able to profit. The government is not profitable because they are not able to make profit, and since the government is not making any profit, The implication will be that because the governments of different countries are making huge profits from the bank sector, the governments of different countries, including Russia, are trying to stop Bitcoin transactions completely, but that is not possible today.

[Najir2017]

These are a new game of Russia, after a while Russia will give a negative news about cryptocurrency, including Bitcoin, after a new law is issued, because the government of Russia sees that their country is getting more transactions through Bankchain, so how they Bitcoin is buzzing over who can reduce the transaction, but if they could, Bitcoin would have ended the transaction altogether, even if the government had banned Bitcoin. Even if Bitcoin can't stop trading, the real proof of it is myself! Because I live in a country where trading Bitcoin in the country is a big crime, but even in our country Bitcoin transactions are not stopped, so Russia cannot. And previous experience shows that there are some fraudsters in Russia who give Negative News against Bitcoin, and when people see this negetive news, who will sell a Bitcoin contest before, who then sells Bitcoin with Crypto market, then that fraudulent cycle. Bitcoin and other cryptocurrencies buy and hold currency, and a few days after that, he started giving Positive News about Bitcoin, and after seeing its possitive news, a competition to buy went into the Crypto market, resulting in Crypto Market Pum. When it started to p, they sell their Bitcoin, this way they are withdrawing from the Billion - Billion Dollar market every year, some news portals and some government people are involved in this cycle. But one thing is clear that the use of Bitcoin, however, stops, every day new users are coming to Crypto, the result of which is the release of various Exchanger.