Russian Central Bank Admits It Can’t Ban Bitcoin

[Sayma83]

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 Cryp 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.

Hello dear user, You discussion is really true, I am agree with you information about Russia, And it is 100% true it is not possible to stop bitcoin transaction. And if the government of a country banned Bitcoin, the people of that country still do Bitcoin transactions in different ways, and since 2018 there have been numerous Exchangers coming to the Crypto Market, which I do not know the exact amount, but the number of news users in those Exchangers is very high. Russia is a big part of the Crypto market, so it is the duty of Russia to interact with the world. Because Bitcoin has made people's lives easier, I think Russia will not make the wrong decision.

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[South Park]

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.

This is why bitcoin is decentralized, there were attempts in the past from private parties to create their own form of money and all of those attempts were crushed, just look at Facebook and their attempts to create their own coin, governments are not going to allow competition in a field that gives them such a huge control over the economy, this is why I always get surprised by people that say that decentralization is not really a big deal when it is in fact the only reason why bitcoin and the market of cryptocurrencies still exists to this day.

[TrevorS]

It feels like they have a choice. In addition, it is not profitable for them to block something through which large cash flows constantly go; they want to take their percentage from this, but do not yet know how.
Therefore, they are trying in every possible way to set a precedent, but nothing will come of it.

[CHENIEN]

until now even they are admitted to use cryptocurrencies, fear never vanish in their mind because of the volatility and risk and basically, it is already appreciated and popular in Russian countries. However, the good news is the government of Russia has continued to encourage people to grow trading with the use of bitcoin despite all through the economic relationship of Russia and China the bitcoin adaption has rapidly increased because china is also using cryptocurrency not only gold to increase their economy due to population, whereas China is the main source of new energy consumption for fossils fuels.

[azmirihaque]

As the govt. has no control over cryptocurrency, the central bank will try to prohibit it. But the situation will change in near future when all the countries of the world will permit to use Cryptocurrency. In the meanwhile, some countries  have given the ligality  of using crypto.

[Findingnemo]

As the govt. has no control over cryptocurrency, the central bank will try to prohibit it. But the situation will change in near future when all the countries of the world will permit to use Cryptocurrency. In the meanwhile, some countries  have given the ligality  of using crypto.

Governments will try to impose huge taxes for the crypto earnings that is the only way for them to make the people stop using crypto currencies but when people using crypto to crypto payment they can't identify the transaction as well so they have no other choice other than making crypto legal, better if they make it sooner.

[Abiky]

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/

Russia has finally realized that Bitcoin is here to stay no matter what their efforts may be to try to stop it. That's the beauty of decentralization and censorship-resistance. Bitcoin has grown into a large ecosystem since inception, that's pretty difficult to take down. Even if Russia aims to control the Internet, people can always get access to Bitcoin by other means. For instance, it's possible to use satellites, radio waves, and even mesh networks to perform Bitcoin transactions. People can even send Bitcoin offline using paper wallets, bearer instruments like the OpenDime or Tangem Card, or even the Samourai Wallet.

In the long run, the Russian government will have to join the Blockchain revolution or be left behind. I'm guessing that they'll launch their own digital currency that will live alongside Bitcoin and other cryptocurrencies for the foreseeable future. For a long time, central banks have dominated the world's economy as we know it. They'd want to stay in power no matter what. Alternative currencies like Bitcoin and Ethereum are a threat to the very existence of the world's banking system. Don't be surprised to see many governments and central banks against it. Russia has now recognized that Bitcoin cannot be banned, while other countries will soon follow.

Nonetheless, I believe this is good news since it shows us how resilient Bitcoin is as an alternative payment system free from the likes of central banks and governments worldwide. Satoshi Nakamoto was a true genius in designing a system that would give power to the people instead of corrupt entities. Decentralization and democratization of money is the way of the future. Governments will either have to join the Blockchain movement, or be left behind in the dust. It's as simple as that. Just my opinion

[gentlemand]

No government needs to ban it to keep a lid on it. All they need to do is make it hard enough to move in and out of to deter the average person from waking up to it. There'll always be weirdos like us who are willing to duck and dive. Most other people can't be arsed or can't be bothered to inform themselves.

China figured that out and murdered the exchanges there. It's still vibrant in a small way there but very much on the fringes. Imagine what it would've looked like at the peak in 2017 if all their exchanges were running there, then again the peak may not have happened without China getting the boot.

[South Park]

It feels like they have a choice. In addition, it is not profitable for them to block something through which large cash flows constantly go; they want to take their percentage from this, but do not yet know how.
Therefore, they are trying in every possible way to set a precedent, but nothing will come of it.

Probably the only way for them to do something like this is to try to force people to use government wallets that charge you a fee every time you make a transaction, but who is going to use such wallet when they can use one of the many available for free and avoid to pay anything? Which leaves governments with no option but to create their own coins, but the average person does not see the need to adopt it since they have their cash and their digital money they already know how to use, and people like us will not use it either because we are not going to be deceived that easily, so as we can see governments do not really have an answer for bitcoin yet.

[online73]

Hello everybody. I have long been accustomed to the fact that in Russia one should not take seriously the statements of high-ranking officials. Today one thing is said - tomorrow another boss will say the opposite. Of course, today in Russia there is propaganda against cryptocurrencies, but not a single more or less serious way has been invented to stop crypto movement. In Russia, the government has always found a way to lay hands on the next potential earnings of the common people. So with all the invulnerability of cryptocurrencies, I think the government, sooner or later, will find a way to get into the pockets of a simple person who uses cryptocurrency anyway.

[LbtalkL]

They said they cannot really ban crypto but they also said that there is no legalization. I think it is just for now and temporary, But I guess cryptocurrency adaption will turn this around. Time will tell I am hoping in the future to have a more crypto-friendly society and it is very possible and starting to happen now. I heard some countries already legalize crypto like India and some banks partners with crypto platforms.

[kezinaur14]

Maybe unrelated, but the Russian population preparations for the coronavirus crisis, instead of hoarding TP or whatever, they've started hoarding their local currency instead, and in a 3 week window the population has withdrawn more than was withdrawn in the entirety of 2019!

Just something interesting to think about, sorry if too unrelated.

[South Park]

I guess this is a good development for all Russian crypto enthusiasts bent on creating blockchain solutions. Investors can now invest without any sense of fears of confiscating or investigation from the governments. Sometimes, I think in no time all governments will come around and accept bitcoin in one way or another.

Do not be so naive, governments do this all the time, one day they say that something is legal and that everyone should come out and admit to it and when they do then they declare that something illegal and now they have your address and know exactly what you were doing, this is a very old tactic but it is really effective, if you are just a holder you do not really need to reveal to anyone how many bitcoins you are holding regardless of its status on the country you are currently living.

[Abiky]

They will not be able to do this, and they use bitcoin themselves.

Ironic, isn't it? The same governments that are against Bitcoin, are using it secretly as a sort of "hedge" against traditional Fiat. Russia could be using Bitcoin to avoid U.S. sanctions, just like Venezuela seems to be doing nowadays. "Banning Bitcoin" from widespread use is all talks, since it's impossible to shut it down in its entirety. To be able to ban Bitcoin usage from a specific region or the entire world, the whole Internet needs to be taken down. Maybe Russia could force ISPs to focus on the government's internal network (intranet) instead of the public Internet to ban Bitcoin usage in the country. But with Bitcoin satellites out there in space, I doubt they'll have any luck on doing this.

In the end, Russia will have to legalize Bitcoin as its efforts will be in vain. The Russian government could benefit from Bitcoin by taxing it. If they devise a framework or infrastructure for Bitcoin taxation, they'll allow anyone to use it across the country. It's a win-win situation for both Bitcoin and Russia's national currency. As long as Bitcoin remains decentralized, it'll be a "force to reckon with". Just my opinion

[drlukacs]

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/

This is due to their inability to control transactions from fiat money to this decentralized market. No one can detect you transferring millions of dollars from one wallet to another. That is also the advantage and disadvantage of Blockchain when all information is not transparent. Besides, the cost of setting up a network to control transactions in decentralized markets takes a lot of money and effort. That's why they can't do anything and just advise people not to participate in the crypto market.

[de_ingenious]

Its a fact that no one can ban bitcoin. If anywhere the bitcoin is banned, people can still use it online and can buy things using bitcoins where it is legally accepted. Its good that Russia has openly accepted this fact that it is impossible to ban the crypto currencies.

Been into Russian politics (not directly, lol, I mean I dug into it a lot), and there's no way Russia won't make some seriously bad decisions towards BTC, they just still don't know how to do this properly. It's like hype about chinese gv being interested in crypto, it's quite obvious they want to outpace the us while ensuring their signature totalitarian control over the population

[Abiky]

This is due to their inability to control transactions from fiat money to this decentralized market. No one can detect you transferring millions of dollars from one wallet to another. That is also the advantage and disadvantage of Blockchain when all information is not transparent. Besides, the cost of setting up a network to control transactions in decentralized markets takes a lot of money and effort. That's why they can't do anything and just advise people not to participate in the crypto market.

Exactly. That's the main benefit of Bitcoin and a huge concern to authoritarian governments like Russia and China. The decentralized and censorship-resistant design of Bitcoin, makes governments' efforts ineffective against it. Considering how big Bitcoin has become since inception, it's extremely costly and almost impossible to disrupt the entire Blockchain. Not to mention, Bitcoin can be used regardless of an Internet ban from the government. With many ways you can interact with Bitcoin aside from the public Internet, the pioneer cryptocurrency becomes a truly unstoppable form of money.

Russia would have to join the Bitcoin revolution or be left behind. The best way for both ends (the Russian government and Bitcoin) would be to legalize the use of crypto in the country, while collecting taxes from it. As long as Bitcoin is able to be taxed by the government, they'll allow people to use it. I think that Russia in the long term will have its own digital ruble living alongside Bitcoin and other cryptocurrencies for years to come. Of course, the government will patronize the use of the digital ruble on top of Bitcoin. But we'll reach a point where citizens will have the freedom to choose one currency from the other. Not only Russia will do this, but other countries as well. A good example of this is the government of India which had once banned crypto usage, but it changed its mind at a later time. The central bank of Russia has already admitted that it can't ban Bitcoin, so it should only be a matter of time before other central banks around the world do the same. Just my thoughts

[Salamstar]

Governments cannot stop cryptocurrencies, as there are many solutions that have emerged around the world, especially in regions that prohibit trading. As there are P2P platform solutions. Once the money is transferred to any cryptocurrency, here geographical boundaries and legal regulations become meaningless.

[XCANA]

Not only Russia understand this principle of " decentralization theory " decentralization is a problem to any government around the world. For Russia government to understand this the better it is for us in general, so, will they venture into the industry?. Bitcoin to me will eventually overcome this battle of oppression from the world government as this are positive with it now. Blockchain has been the discussion for many countries and some even talked about government cryptocurrency, with this the war against Bitcoin will be a thing of the past.

[coinfinger]

Yup they are right about that, there is no country that can ban cryptocurrency.
If they decide to ban, people can still be making use of it and they wouldn't know about it. Unless they are going to try to restrict the access the people in their country has to cryptocurrency websites. Even if they do that, there are people who will look for a way round.

In countries where Bitcoin is banned, people still make use of cryptocurrency and buy and sell it on decentralized sites and the government is not aware of it. So they can't stop people from making use of Bitcoin and that's the truth.