Kremlin vs bitcoiners.

[figmentofmyass]

If it's an all-out crackdown on it, then it's simply game over.

i asked my russian friends about this yesterday. they both laughed.

let's cross this bridge when we come to it......

You went from this:

a ban on bitcoin would be like a ban on gold---unenforceable, and would make the government look very impotent.

to this

cool, lemme know when russia bans bitcoin. they've been threatening to do it for 6+ years.

i'm saying both. a ban cannot be enforced and would be widely violated. the government has suggested as much. there are also no signs that they'll actually pass this proposal. every russian crypto bill to date has been squashed. what makes you think this time is different?

[1714796579]

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[1714796579]

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[stompix]

i asked my russian friends about this yesterday. they both laughed.

Yeah just like people laughed when BTC-e was first in trouble...Nothing can stop us...Russsssssia!!!!

what makes you think this time is different?

Nothing, we're just talking about possibilities.
If they want to stop it or if they are just passing laws out of boredom to make them look like they are doing something.
There are laws against driving on the sidewalk in Russia but enforcing them is a hobby, just as there are a lot of other laws that nobody cares.

The problem starts when they really want for some reason to enforce this, like some infighting in the FSB for example, when the last clean up of the FSB happened billions of $ were involved as there was simply so much they could tolerate, even if the higher-ups were involved money was flowing out of the country way to fast, so they squashed everything.
If for one moment they will have the feeling money that they can grab are flowing out of the country through cryptos they will enforce it.

If not, nothing, as I said before, it will be a law that will simply collect dust.

[buwaytress]

The majority poor you're worried about do not have Bitcoin, and are the least likely to be affected by any such potential new law coming into effect. Also...

In the summer, there will probably be another Russian bill that proposes fully legalizing cryptocurrencies. Wake me up when Vladimir Putin actually signs one of them.

... this is just one in a lengthening string of yes/no hot/cold news coming out from there. I bet you there's just a lot of deliberate misinformation coming out from both sides of the camp. They've definitely got bigger fish to fry than Bitcoiners they'd be happier keeping a steady eye on by allowing the current situation to proceed.

[buwaytress]

There is all out good phrase - "you can't understand Russia with your mind" which is fully applicable to the current attitude of authorities to cryptocurrency. They are trying to intimidate ordinary people and persuade them away from the  use  of it,  at same time the largest bank of Russia intends to buy a huge bunch of ATMs that supports blockchain - https://cointelegraph.com/news/russias-biggest-bank-is-buying-5000-blockchain-atms-that-can-mine-crypto.  What is it for?

I've had a few lessons about the Russian mentality also from some friends (but all from ex-Soviet member countries so maybe they reference outdated mentalities haha) but I always feel that a lot of this is not exclusive to dear old Russia.

But you're right. You got the Dumas all hot and heavy on blockchain regulations, you've got special economic zones from two years ago happy to use nuclear power to operate mining farms, and then you've got banks like you show now buying up these machines. I think like in Asia, the government wants to take credit for everything, so you are really free to do anything but if you show a bit of gumption without approval, you get a slap on the wrist.

[Lorence.xD]

I do not live in Russia so I do not know much about the politics and whatnot there but I think that the people there do not have that much power whenever they want to oppose the laws that are going to be passed on, Putin is a strong man and has an imposing personality and I think people know it. In my opinion, the laws concerning the illegal activities that can be done through bitcoin should be monitored because I do believe that more people will suffer in the long run if this kind of illegal activities are set aside in the ditch and letting it proliferate will make it worse that a simple legislations that helps in busting these illegal crypto activities will never make a dent, in short I agree with their policy to destroy these activities before they get bigger.

[imstillthebest]

looks like you feel sad about it but we must be happy with it because they will only punish those illegal activities and not those who are known to operate in a legit way  .

this will not affect the poor bitcoiners  but this do also make them more secure because these poor guys will now have a lesser chance to get scammed  .

[Harlot]

looks like you feel sad about it but we must be happy with it because they will only punish those illegal activities and not those who are known to operate in a legit way  .

this will not affect the poor bitcoiners  but this do also make them more secure because these poor guys will now have a lesser chance to get scammed  .

You didn't read the news I guess. This does not make already illegal activities illegal in Russia but the drafted bill contains making the user of crypto illegal overall. From the issuance of cryptocurrencyes, circulation of it, as well as using cryptocurrencies as means of payment will be illegal based on the drafted bill of Russia with punishments going to 7 years in prison. I mean can you believe that? You going to jail just because you have crypto assets in that country? I don't think that this kind of bill should be made into a law because first of all it isn't even gonna be equal to all parties I know the Russian government is strict when it comes to AML but simply banning cryptocurrencies isn't really the solution here as a big industry will be affected.

[vaultman]

This is old news, it has already been disproved, so this is not true. Even in a country like Russia, there will be no such punishment for using cryptocurrency

[7788bitcoin]

looks like you feel sad about it but we must be happy with it because they will only punish those illegal activities and not those who are known to operate in a legit way  .

this will not affect the poor bitcoiners  but this do also make them more secure because these poor guys will now have a lesser chance to get scammed  .

It happens if you just read the headlines and not read the entire content, the draft bill is not about taking actions against illegal activities but rather making the entire cryptocurrency market illegal.

As some suggested it is not an easy task to make it illegal altogether, the better solution is always to monitor all the activities through a regulated exchange rather than forcing it underground. As long as there are other countries that does not have any ban you are able to withdraw the money and convert it to fiat and the government will not have any track record about that.

[malevolent]

Finally they made it and approved the bill regulated the turnover of assets associated with cryptocurrencies. But the solution is a half-hearted one as always. On the one hand, it is allowed and legitimized but on other hand the only body which is eligible to decide who can buy cryptos is the Central Bank of Russia. Whose side is the ball on now?

Cryptocurrency related operations and cryptocurrency exchanges will have to comply with banks, as they will also be assigned the role of implementing additional requirements, while also analysing investors to determine who is or isn’t qualified to purchase cryptocurrencies.

Seems heavy-handed, but essentially it's not entirely dissimilar to what an average BTC buyer faces elsewhere, i.e. their bank can decline a bank transfer to a cryptocurrency exchange. Russia only codified this it into law.

[gentlemand]

Looks like it’s for the benefit of a  small circle of topmost officials who have billions in bitcoin and can spend them for buying luxuries  being abroad. I can’t explain it any other way.  

Which is Russia to a tee. It is run for the benefit of the small number of people at the top.

If Russia ever do actually legislate anything this outcome is the most logical one.

[malevolent]

all out "strange" law as to me. It  "decriminalized" cryptocurrency but prohibits to buy any of goods/properties with it. Looks like it’s for the benefit of a  small circle of topmost officials who have billions in bitcoin and can spend them for buying luxuries  being abroad. I can’t explain it any other way.   

Which would make sense. Let FSB thieves spend Wex money and anyone they turn a blind eye to, and confiscate bitcoins of anyone else who's found not compliant with the new law.

[zasad@]

Finally they made it and approved the bill regulated the turnover of assets associated with cryptocurrencies. But the solution is a half-hearted one as always. On the one hand, it is allowed and legitimized but on other hand the only body which is eligible to decide who can buy cryptos is the Central Bank of Russia. Whose side is the ball on now?

Cryptocurrency related operations and cryptocurrency exchanges will have to comply with banks, as they will also be assigned the role of implementing additional requirements, while also analysing investors to determine who is or isn’t qualified to purchase cryptocurrencies.

Seems heavy-handed, but essentially it's not entirely dissimilar to what an average BTC buyer faces elsewhere, i.e. their bank can decline a bank transfer to a cryptocurrency exchange. Russia only codified this it into law.

all out "strange" law as to me. It  "decriminalized" cryptocurrency but prohibits to buy any of goods/properties with it. Looks like it’s for the benefit of a  small circle of topmost officials who have billions in bitcoin and can spend them for buying luxuries  being abroad. I can’t explain it any other way.  

How will officials spend cryptocurrencies abroad? In many countries, there is very strict cryptocurrency legislation, which will require at least to go through the KYC procedure, and as a maximum to indicate the source of the funds. I think they will have to use the services of the shadow market to hide the presence of cryptocurrencies.

The new law did not ban the sale and exchange of cryptocurrencies, so I closely follow the crypto legislation.But only next year will we be able to look at the practical application of this law.

[Argoo]

all out "strange" law as to me. It  "decriminalized" cryptocurrency but prohibits to buy any of goods/properties with it. Looks like it’s for the benefit of a  small circle of topmost officials who have billions in bitcoin and can spend them for buying luxuries  being abroad. I can’t explain it any other way.   

Which would make sense. Let FSB thieves spend Wex money and anyone they turn a blind eye to, and confiscate bitcoins of anyone else who's found not compliant with the new law.

This ban on the use of cryptocurrency as a means of payment can be easily circumvented. There are payment bank cards that allow pre-existing bitcoins or other cryptocurrencies to be converted at the exchange rate into rubles and paid in rubles. The law that has come into force will not be violated.

[zasad@]

all out "strange" law as to me. It  "decriminalized" cryptocurrency but prohibits to buy any of goods/properties with it. Looks like it’s for the benefit of a  small circle of topmost officials who have billions in bitcoin and can spend them for buying luxuries  being abroad. I can’t explain it any other way.   

Which would make sense. Let FSB thieves spend Wex money and anyone they turn a blind eye to, and confiscate bitcoins of anyone else who's found not compliant with the new law.

This ban on the use of cryptocurrency as a means of payment can be easily circumvented. There are payment bank cards that allow pre-existing bitcoins or other cryptocurrencies to be converted at the exchange rate into rubles and paid in rubles. The law that has come into force will not be violated.

Why invent something?
https://www.bestchange.ru/bitcoin-to-ruble-cash.html
A huge market for the sale of cryptocurrencies has formed in Russia, you can exchange your cryptocurrency for cash in rubles or dollars.
Many of these exchangers are cared for under the protection of the police and similar government agencies. I do not think that such a market will be closed.

[YOSHIE]

Kremlin sets to drop the hammer on illegal activities in cryptocurrency domain.  https://btcmanager.com/russian-government-fines-imprisonment-illegal-crypto/?q=/russian-government-fines-imprisonment-illegal-crypto/& 
What's you though?

How can this happen while currently the majority of Russian crypto users can say the largest including: journalists, artists, musicians, intellectual officials and also including the management of the Russian Central Bank, and many others, it is very strange and wrong if the Russian government treats the current bill.

I am not 100% sure about this sentence, last week I read in one media about this, many enthusiastic pros and cons in this matter, also including lawyers who are indifferent to what is being applied at this time.

I think the bill in Russia should not be treated like that, I think this will not work, as far as I know Russia is one of the biggest crypto users right now, My mind says that the bill is just a scare, by clinical idiots and patriots who don't know crypto, Russia should be the strongest crypto country in the world, don't lose to the United States.