Crypto Ban: Russian Regulators do not want Legislators to Ban Crypto

[thesmallgod]

A report coming from Russia has revealed that the country Ministry of Economic Development has frowned against the draft bills which was introduced by lawmakers.

"If the bills are successfully passed, Russia will have its first regulation for crypto and other digital assets which would also ban any businesses facilitating crypto transactions"

The ministry points out that people can still purchase crypto assets elsewhere, according to the Russian newspaper Kommersant, which has got the letter, but the current version of the letters will not allow the government to protect their rights. Crypto-oriented businesses will also be forced out of the region, hurting the economy.

The Ministry argues that the new regulations should take a different approach and work on establishing a 'controllable cryptocurrency market' in Russia.

Source: https://www.coindesk.com/russias-economy-ministry-calls-for-controllable-market-rather-than-crypto-ban

People do not want government to ban crypto and they also want their right to be protected.

Can the government achieve a totally controllable cryptocurrency market ?

[Charles-Tim]

I do not think that picture is necessary, I think it should be delected as it does not depict bitcoin appropriately and does not fit the bitcointalk community.

Can the government achieve a totally cryptocurrency market ?

I read the link and I think you question should be 'can the government create a controllable cryptocurrency market?
Yes, one thing I like about bitcoin and cryptocurrencies  is that they can be regulated in a way that will suit the governments by passing appropriate laws.

The Russian government although said buying cryptocurrencies will still exist but not under governmental protection and will be elsewhere, and that crypto-oriented businesses will be banned from the country, I think this should not be accepted, because exchanges will be listed as part of the crypto-oriented businesses. So far the economic ministry of Russia is not in the support, it will even be difficult for Russain lawmakers to acheive the ban.

[dothebeats]

It has always been an unsure market for the Russians since their regulators do not want to push for outside cryptocurrencies but has expressed their interest on building their own cryptocurrency. This time, they stated that buying and selling of crypto can proceed but the ones involved in transactions wouldn't be protected by any law, which in my opinion is basically the government saying "you can do your business but only on our terms." It closes down a lot of opportunities in services and businesses opening in the Russian soil simply because of this uncertainty which, IMO can easily be fixed by the Russian government. Perhaps crypto isn't really the top priority of the Russians in the meantime, and has always been for the past 5 years (same with China.)

[hatshepsut93]

Russia makes a non-statement about Bitcoin yet again. At this point it's not even worth reporting it, since no actual changes are being made. And on top of that, Russia isn't economically important to crypto, it doesn't have much crypto businesses and people don't own much crypto compared to westerners. Even if Russia will ban Bitcoin, it's no big deal.

[Juggy777]

A report coming from Russia has revealed that the country Ministry of Economic Development has frowned against the draft bills which was introduced by lawmakers.

"If the bills are successfully passed, Russia will have its first regulation for crypto and other digital assets which would also ban any businesses facilitating crypto transactions"

The ministry points out that people can still purchase crypto assets elsewhere, according to the Russian newspaper Kommersant, which has got the letter, but the current version of the letters will not allow the government to protect their rights. Crypto-oriented businesses will also be forced out of the region, hurting the economy.

The Ministry argues that the new regulations should take a different approach and work on establishing a 'controllable cryptocurrency market' in Russia.

Source: https://www.coindesk.com/russias-economy-ministry-calls-for-controllable-market-rather-than-crypto-ban

People do not want government to ban crypto and they also want their right to be protected.

Can the government achieve a totally controllable cryptocurrency market ?

It has always been an unsure market for the Russians since their regulators do not want to push for outside cryptocurrencies but has expressed their interest on building their own cryptocurrency. This time, they stated that buying and selling of crypto can proceed but the ones involved in transactions wouldn't be protected by any law, which in my opinion is basically the government saying "you can do your business but only on our terms." It closes down a lot of opportunities in services and businesses opening in the Russian soil simply because of this uncertainty which, IMO can easily be fixed by the Russian government. Perhaps crypto isn't really the top priority of the Russians in the meantime, and has always been for the past 5 years (same with China.)

Russia makes a non-statement about Bitcoin yet again. At this point it's not even worth reporting it, since no actual changes are being made. And on top of that, Russia isn't economically important to crypto, it doesn't have much crypto businesses and people don't own much crypto compared to westerners. Even if Russia will ban Bitcoin, it's no big deal.

@thesmallgod @dothebeats it seems to me that Russia is struggling to take a final decision when it comes to Bitcoins, because in 2018 they wanted to ban bitcoins, but after a while they decided that they’ll regulate it, but no law was passed to regulate it.

Also @hatshepsut93 I feel that you’re correct and they’re indeed making such statements with a aim to cause panic in the crypto market, but I don’t that think their tactics will work.

Sources:

https://www.investopedia.com/news/russia-criminalize-bitcoin-use-money-substitute-putin-roll-out-laws/

https://www.reuters.com/article/us-russia-cryptocurrencies-bill/russia-ready-to-regulate-not-ban-cryptocurrencies-idUSKBN1FE0Y0

[Slow death]

Can the government achieve a totally controllable cryptocurrency market ?

I think that it is not necessary to be geniu to understand that it was never the intention of the Russian government to accept cryptocurrencies to all its citizens. I want to add that this is something expected of a country like Russia with its dark regime disguised as democracy.  i remember a few weeks ago when i heard that the president of russia wants to stay in power for more years, i thought: "where is democracy?" Did anyone here expect something different from Russia?

[RememberGod]

Looking at how things are progressing with legislation in Russia, I noticed several things:

1) Speakers, whether it is a head of Central bank or some minister tend to change their views chaotically and dramatically
2) The law itself was about to go live since like 2017. But no law projects passed.
3) The last law project was particularly cruel, establishing almost total ban across the industry with imprisonment included if you stole a lot or EARNed a lot
4) Currently, the Ministry of Financial Development is saying that the last law project is not profitable for the country.

This is all ridiculous and looks like half of the politics who spoke about crypto have a little understanding of what they are trying to control/legalize. It is difficult to say how this is going to progress, although the last news are kinda optimistic - many people though it is over and it is time to either go underground or move to neighboring countries to trade/mine.

[Sendoku]

Looking at how things are progressing with legislation in Russia, I noticed several things:

This is all ridiculous and looks like half of the politics who spoke about crypto have a little understanding of what they are trying to control/legalize.

This is exactly what's going on, whether it's crypto, drug policy or communications. The FUD is the only thing that makes them make such drastic moves, competence is not about russian laws (some of them, at least. they know what they do propaganda-wise for sure)

[gentlemand]

And then tomorrow they will brand crypto fans witches and propose setting them on fire while dancing around with turnips on their heads. And then the next day Putin will offer to personally sleep with anyone with a ETH address.

Wake me up when they actually fuckin' do something. Not that it'll matter anyway.

[rexxarofmoknathal]

It would be interesting to see the turn of events however I remain optimistic about Russia's move toward crypto rigorous regulatory measures. The reason for thinking this is that the country still needs development and Putin doesn't seem like the person who'd allow such a block on the economy especially when there could be so much higher gains from keeping it the way it is.

What do you fellas think, will these regulatory measures be put in place? Discuss

[Rengga Jati]

A report coming from Russia has revealed that the country Ministry of Economic Development has frowned against the draft bills which was introduced by lawmakers.

First to note is that the regulation for banning crypto and its industry only comes from lawmakers. And this is still in the proposal stage and there are still many pros and cons within it. I'm sure that lawmakers must have very strong reasons and facts why crypto must be banned in that country. A new regulation without very strong and factful reasons will not be accepted by all parties in a country. A new regulation must be profitable for all parties, both the public, government, and also all sectors including the industry. So, it can't decide a certain regulation without considering the others.

The Ministry argues that the new regulations should take a different approach and work on establishing a 'controllable cryptocurrency market' in Russia.

I also agree with the statement.  a new regulation must be good enough for all parties, protecting the society and industry related to crypto use is actually needed. As we know, many projects come from this country. And if it is banned, how's about them? What will the country do to those industries that are now running very well and profitably? Additionally, the government should also think about how the society of the country wants, if the positive sides are bigger than its negative sides, why should be banned? I think that it is needed for lawmakers to listen to society, industry representatives, and also other parties before making this kind of decision.

[figmentofmyass]

Russia makes a non-statement about Bitcoin yet again.

there is no cohesive "russia" on this issue. there is actually a very interesting internal struggle occurring. the ministry of finance---and now the ministry of economic development---are in polar opposition to the central bank, who since 2014 or so has been hoping for bitcoin/crypto to be banned, as they view it as an illegal money substitute.

it's the central bank that is behind the recent bill to ban bitcoin. as i said when that news came out last month, the government is far from united on this issue, which is why i'm not overly concerned about the bill.

[btc_angela]

Russia will always contradict themselves, as far as bitcoin is. We have seen countless statements from whoever and we don't know if they have a single authoritative body that covers crypto in general. So there should be no surprises here. Maybe next time they will chance their stance again. So take everything with a grain of salt here, this is not yet finalised.

[btc78]

I do not think that picture is necessary, I think it should be delected as it does not depict bitcoin appropriately and does not fit the bitcointalk community.

Agreed mate because it represents the wrong idea because its the other way around.


But i think Regulators really have to push this as Russian people are very supported in Bitcoin and legislator might want their side but for sure majority of the Russsian people will not support what they wanna do.

Any news as regards ban and regulation of Crypto from Russian is usually conflicting, this news is sure to change tomorrow. I am hopeful the Russian authority won't pass any policy against Cryptocurrency.

It's for us to pray for,Because Russia is a big loss in our Bitcointalk community and will surely effect our volume of people investing around here.

[bearexin]

Cryptocurrency can be controlled by the government and if they decide to ban it, people can still make use of it. You see, there are centralized exchanges and there are also the ones that are decentralized. I don't think the government has any power over the ones that are decentralized, just like the paxful and LocalBitcoin. They can only control the centralized exchanges which are registered.

If they choose to regulate it, then they can only be able regulate the orders/activities that are made through the exchanges that are registered. So, if they ban Bitcoin in Russia the people there will be buying and selling through DEX's and that may ensure further stronger decentralization; I mean any kind of restrictions, governments plan to impose on bitcoin it may lead to more innovation on the benefit of bitcoin to remain stronger .

[witcher_sense]

~
Can the government achieve a totally controllable cryptocurrency market ?

Cryptocurrency is created to facilitate exchanges on a free market, the market in which no government can control prices, financial relationships, supply and demand, production, etc. Any interventions usually lead to price distortions, deficits and other negative consequences. It is not possible for any government to control cryptocurrency economy if that cryptocurrency, used in financial deals, is itself uncontrollable. If they are talking about fully controlled government-issued pseudo cryptocurrency, then it is possible to create something like an old economy with backed by nothing currency again. Is anyone interested in that? I don't think so because an old one works perfectly fine for small group of decision makers.

[davis196]

It would be really hard to maintain a "controllable cryptocurrency market",but this option is way better than a total crypto ban in Russia.At least the government could impose taxes on the revenue generated by the crypto traders.I'm not a big fan of crypto regulations,but if we have to choose between regulations and a ban,I would definitely choose the first option.
Russia is a very important country for the cryptocurrency world and the Russian government and legislators keep sending controversial signals to the crypto users and businesses inside the country.
Having long term clarity about the regulatory frame is very important for every business.

[batang_bitcoin]

I do not think that picture is necessary

I also thought of that.
Just like the uncertainty of India's government, Russia seem to be on the rowing boat thinking if they'll actually ban or regulate cryptocurrencies. I thought that they're actually pro-crypto this time and that won't change anymore. So, in short for other countries that's also showing the same sign. They might be good today but might tomorrow or so. There's no certainty with these governmental rules regarding cryptocurrencies until it's passed as a regulation.

[Bitstar_coin]

Can the government achieve a totally controllable cryptocurrency market ?

I think that it is not necessary to be geniu to understand that it was never the intention of the Russian government to accept cryptocurrencies to all its citizens. I want to add that this is something expected of a country like Russia with its dark regime disguised as democracy.  i remember a few weeks ago when i heard that the president of russia wants to stay in power for more years, i thought: "where is democracy?" Did anyone here expect something different from Russia?

How will they succeed in banning crypto completely from Russia even if they try to! Many countries has also try to ban but people always find another alternative to engage in crypto activities, there are many crypto enthusiasts from Russia, many project team from that country, so I don't think it will be easy for them to ban crypto.

[sensimilia]

They dont want to allow something so powerful that they couldnt control