Russia legalizing Bitcoin and cryptos but not allowed as payment method?

[pragna]

Okay so months ago, we thought that they're all set to lay down the axe on Bitcoin and cryptocurrencies in Russia. But right now, lawmakers have passed a bill to legalize cryptocurrencies in their country.

However, there's one section of the bill states that Bitcoin cannot be used as payment method. They do legalize cryptocurrency trading though, but not sure when it comes to crowdfunding, ICOs, etc.

Source: https://cointelegraph.com/news/russian-lawmakers-finally-pass-countrys-major-crypto-bill

Any reactions so far guys?

If it does i think this is good news for crypto lovers and i think gradually they will open all sections of cryptocurrency as US bank make custody BTC service. I think like US govt, worlds all best economic countries will gradually accept this as they realize the acceptance of digital currency in this pandemic situation. On the other hand there is also a pressure from crypto users to government. So finally i will say we are in little far from globally acceptance of crypto.

thanks.

[Debonaire217]

It could be a step to limit fraudulent activities with cryptocurrencies. With bitcoin and crypto available for trading, it will help their people to grow personally without transferring their funds to anyone thus, restricting people to be tempted to scam other by transferring to random wallet address they own. Or maybe, one of the reason why they allow this is because they own a portion of mining facilities that couldn't just shutted down just because they don't want bitcoin.

[Sendoku]

It could be a step to limit fraudulent activities with cryptocurrencies. With bitcoin and crypto available for trading, it will help their people to grow personally without transferring their funds to anyone thus, restricting people to be tempted to scam other by transferring to random wallet address they own. Or maybe, one of the reason why they allow this is because they own a portion of mining facilities that couldn't just shutted down just because they don't want bitcoin.

This premise would've been possible if Russian government actually cared about its citizens a bit. But literally everything they do is made to support corruption without interference

[panganib999]

It is okay that they have at least accepted and legalize Bitcoin and other cryptocurrencies so that people residing in Russia can now freely make use of having Bitcoin and other cryptocurrencies on their possession. It is just that they can't directly make use of it as a payment method. It is more likely the same thing here in our country but the difference is that we are not classified that our government have already legalized usage of Bitcoin and other cryptocurrencies. It is just that they are making us free to use it on our own risk and they have clarified that they do not really up into supporting cryptocurrency usage and do not encourage people to get engage into it.

We have wallet where we can accept and make use of our cryptocurrencies but it still rely on our national currency so if ever we want to make use of it, we still do have to convert it before we can use it digitally or withdraw it as a physical money.

The action done by Russia is already a good indication of allowing cryptocurrencies in their country. Maybe it is just that they are still observing and making thorough research about it before they allow to use it as a payment method. Well at least for now they have done the first step which is legalization, it will just take time maybe for them to totally allow all transactions to be done using cryptocurrencies.

[romero121]

Russia with a large number of hackers fear for the cryptocurrency usage. This is just a thought of mine, years back itself Russian government endorsed the blockchain technology and suggested using it into the financial system. For some reason they ignored the usage of cryptocurrencies, now it is time to accept.

The delay will cause other small nations to be above them in terms of technology adoption. This is the stand India too took, it provided the usage access for bitcoin and ignored it as a payment source.

[jokers10]

Cryptocurrencies are simply now legally described, and Russian citizens can only own and use them only in those external jurisdictions where this is legally allowed. In Russia itself, no turnover of cryptocurrencies under this law is permissible: it is forbidden to create, sell, pay, create crypto-exchanges, etc. Now cryptocurrencies are de facto considered by the Russian authorities to be monetary surrogates that are prohibited from circulation. You can just own.

[achach]

Did they really legalize bitcoin? I think it's just words and nothing more.

[Agios]

On July 24, 2020, Russia's Duma (parliament) finally passed the new "Financial Assets Law". The law overrides the criminalization related to crypto assets, which is expected by some industry observers, gives legal status to crypto assets, but prohibits their use as a means of payment.

[Twentyonepaylots]

Russia with a large number of hackers fear for the cryptocurrency usage. This is just a thought of mine, years back itself Russian government endorsed the blockchain technology and suggested using it into the financial system. For some reason they ignored the usage of cryptocurrencies, now it is time to accept.

Their government must have considered this fact, a week ago I've read a news that russian hackers are trying to steal the documents of corona vaccine development, just yesterday Europe sanctioned Chinese and Russian hackers for cyberattacks which the Russia denied ( we don't really know ) and I think the russian government knows all about this potential fatality with the crypto on their country once being promoted as payment method, you can trade but you can't pay using it. Quite fair enough for me tho.

The delay will cause other small nations to be above them in terms of technology adoption. This is the stand India too took, it provided the usage access for bitcoin and ignored it as a payment source.

Nations have their own understanding on crypto and its technology, they are not reliant on those big country they re just studying it, if they want it they will have it.

[Leonardo7]

Fomer USSR power house at it again. Today they speak of ban, tomorrow it's debuked and this time they are bullishly pro bitcoin and cryptocurrency. Some politicians are just playing some game and nothing more. All is fine as regrads cryptocurrency in Russia.

[zasad@]

http://www.consultant.ru/cons/cgi/online.cgi?req=doc&base=PRJ&n=197492#012803141487968284
http://publication.pravo.gov.ru/Document/View/0001202007310056?index=106&rangeSize=1
The Federal law was signed and will take effect on January 1, 2021.

Cryptocurrencies are prohibited as a means of payment, but this does not prevent them from being exchanged for rubles and other currencies. The dollar is also prohibited in Russia as a means of payment and it is forbidden to specify prices in dollars, but many payments are made in dollars.

I think there will be many more amendments to be adopted regarding miners and individuals.

But experts say that the procedure for issuing tokens is very complicated and incomprehensible, it is much easier to work in those jurisdictions, where the practice and legislation have already been formed.

[Slow death]

this is what is expected of a country where the president has been on power for years and his people are watching this horrible movie and they do nothing to change it. What I don't understand is because in the article it says something like:

"Russian Lawmakers Finally Pass Country’s Major Crypto Bill"

expected a different result from russia?

Duma is dominated by United Russia who also dominate everything, I ask again: did they expect different?

[romeojasmin13]

How are they going to conttrol Bitcoin? If a person sends sats from one wallet to another one, how will the government investigate it?

[eaLiTy]

There is one thing to keep in mind :
The Russian Government understood the fact that Bitcoins is going to stay here for a long time and if they keep doing this , ignoring the existence and banning it for the long run , at the end of the day they will be two steps backward from everyone else.

They understood the fact that even if they ban the entire cryptocurrency market people will overcome the ban and it is better to have some sort of control by the government and they can identify this as a alternative option during the trade wars.

Therefore they legalised the cryptocurrencies. First they weren't even sure about legalizing it , give them time. Given the right opportunities I do think soon enough the people will privately try using Bitcoins as a payment and grow their business in the shadows and Government might display fine or even KYC .

Even the US was not sure how to handle the cryptocurrency market and that is the case with many government around the globe and it is a good concept that many of the countries could accept, not allowing them as a legal currency but an investment option that can be traded in legal exchanges.

 

ICO's and startups needs a good platform this it's very essential that they try and think about the impact it will have on people , the opportunities they will get therefore let's wait and see how it turns out.

It will be and should be completely regulated and then we can get rid of the scammers.

[zasad@]

this is what is expected of a country where the president has been on power for years and his people are watching this horrible movie and they do nothing to change it. What I don't understand is because in the article it says something like:

"Russian Lawmakers Finally Pass Country’s Major Crypto Bill"

expected a different result from russia?

Duma is dominated by United Russia who also dominate everything, I ask again: did they expect different?

It is very difficult to discuss the laws of a country in which you do not live. Initially in Russia there were many negative projects at the legislative level. There have been proposals to completely ban cryptocurrencies and to criminalize their use.
Over the past 3 years, a powerful shadow market has emerged in Russia. Ego participants did not even break the laws, because there were no laws Cryptocurrency is not taxed in Russia, if a citizen received income after exchanging for fiat, he must pay tax.

View cash exchange limits in Russia
74,4 rubles = 1 dollar
https://www.bestchange.ru/bitcoin-to-ruble-cash.html

[coolcoinz]

Did they really legalize bitcoin? I think it's just words and nothing more.

You're not exactly right.
Legalization means it is recognized by law. You can own it, report gains, trade it and report it as stolen to the police. It doesn't mean you can pay wit it in a store.
Russians have laws protecting their currency and I believe it's in their constitution that the Rubble can be the only legal tender. Their constitution isn't untouchable as Putin managed to prove over and over but for now there's no strong support behind cryptocurrency so they won't change the existing laws.

[canaris1985]

Even if this news is true, I would expect further pressure on crypto later on. Russian gov is too tyrannical and corrupt to let such thing as crypto exist without choking it

[Xxmodded]

Very close with bitcoin become legal payment currency transaction in Russia, I think is near how people can use bitcoin and altcoin become payment currency there because after legal using as investment assets will have new way for Russia make bitcoin legal as payment way. Just waiting several month later we can see Russian is the first europe country legal using bitcoin and altcoin.

[carlisle1]

Fomer USSR power house at it again. Today they speak of ban, tomorrow it's debuked and this time they are bullishly pro bitcoin and cryptocurrency. Some politicians are just playing some game and nothing more. All is fine as regards cryptocurrency in Russia.

Big possibilities that there's power behind this act and for sure it's always for benefits that this government are trying to take this call.

Assuming that they are now accepting the use of bitcoin but there's no guarantee that they won't change it at any given time, knowing the nature of
this nation where change is inevitable.

Best thing to do is to keep the flow and play with how you understand this news, traders always looking for possibilities.

[Latviand]

Even if this news is true, I would expect further pressure on crypto later on. Russian gov is too tyrannical and corrupt to let such thing as crypto exist without choking it

Russian government only allows cryptocurrencies as a source of profit or mainly as a store of value, that's why they only allow trading than use it in many transactions.

As a payment method? No way. They will not use crytocurrency as a payment method because they know that it will really affect their economy and other businesses due to volatility of most of the coins. The authority allows the community to access cryptocurrency but it really have some limit and restrictions.

Very close with bitcoin become legal payment currency transaction in Russia, I think is near how people can use bitcoin and altcoin become payment currency there because after legal using as investment assets will have new way for Russia make bitcoin legal as payment way. Just waiting several month later we can see Russian is the first europe country legal using bitcoin and altcoin.

According to the source, Russian government do not allow bitcoin as a payment method so it is less likely to become adopted in that kind of activities. People will only use it as their assets in their investments but not making it as a tool for payment transactions. They are not even close to full bitcoin adoption as they are still unable to do other features of transactions using crypto. Hoping that Russian government allow its people to use cryptocurrency freely.