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

[michellee]

I think it is no problem if Russia legalizes bitcoin and crypto because that can be a way to see the crypto used as the payment method. And if they don't allow crypto to be used for the payment method, they will allow it in the future because they will see the potential from the crypto that can solve the problem in the payment system. Besides that, we need to give them time to realize the benefit of the crypto as the payment system, so they know by themselves. Sooner or later, the government will allow their people to used crypto for the payment method.

[htsy585]

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?

Is this news really legit because i tried Google Searching it but i keep seeing things that looks like rumors because Russian government made announcement not too long ago that they won't be legalizing cryptocurrency. If at all the news is true, it is a success for the entire crypto community as the Russians will surely adds to overall crypto marketcap. About the section that says bitcoin can not be used for payment, i think that's russian government trying to protect it's citizens from the people that uses bitcoin for evil deads... I see a bright future here, a step at a time

[Assface16678]

I think the main point is they are now allowing the use of the bitcoin which is a good thing they make all of the process easier and less hassle to make transactions or transferring the funds and they don't want right now is using the cryptocurrency as the payment method we all know today this is one of the best things may happen but the problem is about the identity of the user who wants to play with the use of it we all know that we can use now the bitcoin mixers if you want to get your identity hidden to the transactions and they want to avoid this they want to make more transparent so there is nothing suspicious in terms of payment method.

I think it is no problem if Russia legalizes bitcoin and crypto because that can be a way to see the crypto used as the payment method. And if they don't allow crypto to be used for the payment method, they will allow it in the future because they will see the potential from the crypto that can solve the problem in the payment system. Besides that, we need to give them time to realize the benefit of the crypto as the payment system, so they know by themselves. Sooner or later, the government will allow their people to used crypto for the payment method.

I hope they see the potential of this immediately and this is one of the most adopting they ever do into the life of crypto still we are looking forward that there is a lot of countries will adopt this kind of payment so more on cashless we have right now. But still, we cannot remove the fiat currency because this is part of the trade of currencies.

[btc_love]

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

Boy, are you 15 years old or what? What kind of foolish maximalism, not supported by anything other than the propaganda of your country? No "if." The bill has been passed, and this is a fact. I am telling you as a Russian citizen.

At first, I took this news negatively, but then I saw a couple of advantages. First, BTC is recognized as a legal asset like platinum or gold. He now has official status. Secondly, legalizing BTC as an asset can only be the first step towards its full adoption. There are quite conservative people in the government, so they still need time to understand everything and figure out how to proceed.

[KrisAlex18]

It is just for now that was to be the set up well then at least the Russian government have extended their understanding about the importance of adapting Bitcoin and cryptocurrencies making it legal to their country. It is already a big step to be done by a country and a wish come true for the people who wanted to get engage on using cryptocurrencies but are being afraid and hesitant because of the legalization issue. But since Russia have make it a point to legalize Bitcoin and crypto currency in their country, for sure many people will now be encouraged to get engaged even it is still not allowed for payment method.

Just a step by step process while the government is still assessing the pros and cons of using it as payment method. The legalization is a big step towards full adaption of Bitcoin and cryptocurrencies so right now it is a good news to get contented with.

[michellee]

I think it is no problem if Russia legalizes bitcoin and crypto because that can be a way to see the crypto used as the payment method. And if they don't allow crypto to be used for the payment method, they will allow it in the future because they will see the potential from the crypto that can solve the problem in the payment system. Besides that, we need to give them time to realize the benefit of the crypto as the payment system, so they know by themselves. Sooner or later, the government will allow their people to used crypto for the payment method.

I hope they see the potential of this immediately and this is one of the most adopting they ever do into the life of crypto still we are looking forward that there is a lot of countries will adopt this kind of payment so more on cashless we have right now. But still, we cannot remove the fiat currency because this is part of the trade of currencies.

I am sure the government will see the potential of cryptocurrency, and it's only a matter of time for the government to apply crypto as a payment system in their country. By using crypto, they will have a new option for using cashless than only use credit/debit cards, and their people will also have a way to invest in crypto. If that can happen, we will see people from that country adopt it, and the number of people who use crypto in that country will increase.

[serjent05]

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.

Well the Russian government might probably plan to establish a government owned third party BTC to Fiat platform to take advantage of the profit of the said platform.  Legalizing Bitcoin will cater their citizen to dive into the Bitcoin market and the prohibition of Bitcoin as mode of payment will render their platform to flourish.  And the possible way of knowing the citizen that utilizes Bitcoin since for sure KYC is required on that platform.

[zasad@]

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

Where do you read this?
Any government will behave terance compared with those who are struggling with it. That's what any government does.

I do not think that the implementation of this idea will be a problem, but if bitcoin is allowed to be used as a means of payment, then you will be forced to open a Bank account, pass the CUS procedure, or pay through payment aggregators, which will oblige you to pass the CUS procedure. And then you tell me, what's the difference? No state will allow anonymous payments. Currently, anonymous payments in the amount of no more than 15,000 rubles (approximately $204) are allowed in Russia

[Cryptoreflector_666]

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?

This is the first step towards the conscious use of crypto resources in Russia. As you know, everything is very good with cryptocurrency in Belarus now and it is absolutely legal. I hope Russia will follow the example of a brotherly country, as it has done for many years. As for the legal aspects of use, I believe that there will be several stages of introduction and at each stage the government will explain how the market situation is changing and how bitcoin affects the economy.

[Alobo Realer]

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 this news is true then the primary aim of cryptocurrency is not been reach, Bitcoin was created to be a means of payment for goods and services, passing a bill that will legalize it in the country and won't permit it to be a means of payment is as good as not having it legalized at all. But will wait on the bill on the Digital Currency as supposed to be passed in time to come, perhaps they will permit payment with Bitcoin and other cyrpto

[Findingnemo]

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.

Well the Russian government might probably plan to establish a government owned third party BTC to Fiat platform to take advantage of the profit of the said platform.  Legalizing Bitcoin will cater their citizen to dive into the Bitcoin market and the prohibition of Bitcoin as mode of payment will render their platform to flourish.  And the possible way of knowing the citizen that utilizes Bitcoin since for sure KYC is required on that platform.

Almost every government wanted to act in such a way once they understand cryptos are unstoppable.They are really interested in the revenue from crypto space because now the market is turning into huge compared to the past so why not they try to regulate it and making taxes from the profits made.

[20kevin20]

And if they don't allow crypto to be used for the payment method, they will allow it in the future because they will see the potential from the crypto that can solve the problem in the payment system. Besides that, we need to give them time to realize the benefit of the crypto as the payment system, so they know by themselves. Sooner or later, the government will allow their people to used crypto for the payment method.

Why exactly would/should a government see Bitcoin as a solution to "the problem in the payment system"? To them, BTC is something mostly out of control and they don't like stuff they cannot control. Especially Russia. The benefits of using digital currencies will switch so smoothly from decentralized cryptos such as BTC to their digital fiat you won't even notice. That's going to happen "later", but at a pace slowed down enough for most not to give a damn anymore - and probably before the world will have a stable law structure for cryptocurrencies..

[michellee]

And if they don't allow crypto to be used for the payment method, they will allow it in the future because they will see the potential from the crypto that can solve the problem in the payment system. Besides that, we need to give them time to realize the benefit of the crypto as the payment system, so they know by themselves. Sooner or later, the government will allow their people to used crypto for the payment method.

Why exactly would/should a government see Bitcoin as a solution to "the problem in the payment system"? To them, BTC is something mostly out of control and they don't like stuff they cannot control. Especially Russia. The benefits of using digital currencies will switch so smoothly from decentralized cryptos such as BTC to their digital fiat you won't even notice. That's going to happen "later", but at a pace slowed down enough for most not to give a damn anymore - and probably before the world will have a stable law structure for cryptocurrencies..

Although they can not control bitcoin, they should see the other benefits of bitcoin, which can give their people to have another source to make money. I think the government can still control bitcoin by releasing the regulations for the banks, the exchanges, and the store, but still, they can not control the bitcoin price. Maybe right now, they will have another problem, but in the future, after they can know how to live with bitcoin, they will handle everything, including using bitcoin as the payment system.

[Lorence.xD]

I think in Russia the attitude to crypto will be the same as in India. First they allow it, then they ban it. Then repeat.

You can't blame them, they have a huge populace and they are just being careful to the decision that they will finalize. Remember that cryptocurrency attracts all kinds of people and we all know that not all of them have a good intention, I actually envy their country because atleast they care about the status of the cryptocurrency in their state unlike many other third world where most politicians are corrupt that they forgot to do their job. In my country, cryptocurrency is still in the gray area of things albeit many people are using it, it is still not enough for the government to notice.

[online73]

Hello to all. Yes, I remember the resentment that reigned among crypto enthusiasts before the law was passed. Many generally wanted to emigrate from the country. But, I believe, nothing terrible happened. There is a hope that the legislators in Russia are not as stupid as we imagine them to be. It seems all the same someone told them that it is not possible to prohibit the cryptocurrency. Of course, there are still some suspicions that when the final package of laws is adopted there will be some kind of "bomb" of delayed action, but in Russia there have always been craftsmen to bypass idiotic laws. All the same, over time, a new, more advanced generation of legislators will come, who will understand that there is a future in the cryptoindustry. At least I really hope so

[7788bitcoin]

Yes, I remember the resentment that reigned among crypto enthusiasts before the law was passed. Many generally wanted to emigrate from the country. But, I believe, nothing terrible happened. There is a hope that the legislators in Russia are not as stupid as we imagine them to be.

There will be resentment and i do not think that Putin will head to those and will go on with his actions as he literally controls the entire country but even with that i think he is a brilliant master mind and if they can survive with all the sanctions imposed upon them then he is doing something that is holding the country and about migrating if there is a law against bitcoin can be done only by millionaires and not for casual investors.

[20kevin20]

Although they can not control bitcoin, they should see the other benefits of bitcoin, which can give their people to have another source to make money. I think the government can still control bitcoin by releasing the regulations for the banks, the exchanges, and the store, but still, they can not control the bitcoin price. Maybe right now, they will have another problem, but in the future, after they can know how to live with bitcoin, they will handle everything, including using bitcoin as the payment system.

Actually, it's exactly the opposite. It's way easier to control Bitcoin's price than anything else. They'll know how to live with Bitcoin their way, not ours. And as authorities are heavily supporting control and the flawed system, I don't see it how that could go positive at all.

[Argoo]

Yes, I remember the resentment that reigned among crypto enthusiasts before the law was passed. Many generally wanted to emigrate from the country. But, I believe, nothing terrible happened. There is a hope that the legislators in Russia are not as stupid as we imagine them to be.

There will be resentment and i do not think that Putin will head to those and will go on with his actions as he literally controls the entire country but even with that i think he is a brilliant master mind and if they can survive with all the sanctions imposed upon them then he is doing something that is holding the country and about migrating if there is a law against bitcoin can be done only by millionaires and not for casual investors.

Putin is aging, he is gradually losing popularity in his country and it will be more and more difficult for him to stay in power. Due to the need to solve many more important problems, the issue of strict regulation of cryptocurrency will gradually recede into the background.
If the attitude of other states to cryptocurrency is positive, then over time it will inevitably change for the better on the part of the Russian authorities. However, this is a matter of time and time.

[peter0425]

Yes, I remember the resentment that reigned among crypto enthusiasts before the law was passed. Many generally wanted to emigrate from the country. But, I believe, nothing terrible happened. There is a hope that the legislators in Russia are not as stupid as we imagine them to be.

There will be resentment and i do not think that Putin will head to those and will go on with his actions as he literally controls the entire country but even with that i think he is a brilliant master mind and if they can survive with all the sanctions imposed upon them then he is doing something that is holding the country and about migrating if there is a law against bitcoin can be done only by millionaires and not for casual investors.

Putin is aging, he is gradually losing popularity in his country and it will be more and more difficult for him to stay in power. Due to the need to solve many more important problems, the issue of strict regulation of cryptocurrency will gradually recede into the background.
If the attitude of other states to cryptocurrency is positive, then over time it will inevitably change for the better on the part of the Russian authorities. However, this is a matter of time and time.

Only time will tell what will be the next chapter of this rules.

With lots of things to address the government will be concern with much important things,
Just like what you have said this topic will be discuss behind the scene.

[XEsseKasper]

I see this as a perfectly normal step of one Government. You need to have legal background to fight against fraudulent activities and money laundering, while on the other side, you cannot allow these asset to interfere into your monetary system without control.