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

[tipvote]

they will inevitably allow crypto as payment when most of the world does so.  They can only hold out so long.

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[Mumbeeptind1963]

they will inevitably allow crypto as payment when most of the world does so.  They can only hold out so long.

And maybe they aren't still allowed bitcoin as a mode of payment because the population of the those people who uses bitcoin are lesser than those who do not know bitcoin itself or how does it works. And we all know that the bitcoin are still a lot of features to improve and there are still advantages that the fiat can do but the bitcoin can't do.

[bonjouros]

It is a good news already as they didn't banned bitcoin or crypto currencies in their country. And once they cannot find any problems with their decision then there is a
big chance that in the future, they will likely to allow bitcoin and cryptos as one of their payment methods.

The same with crowdfunding, ICOs, IEOs and etc. so let's just hope that they will not encounter any severe problems in bitcoin or cryptos that will force them to banned or prohibit
the usage of bitcoin and cryptos in their country.

[kotajikikox]

they will inevitably allow crypto as payment when most of the world does so.  They can only hold out so long.

And maybe they aren't still allowed bitcoin as a mode of payment because the population of the those people who uses bitcoin are lesser than those who do not know bitcoin itself or how does it works. And we all know that the bitcoin are still a lot of features to improve and there are still advantages that the fiat can do but the bitcoin can't do.

Maybe Yes or maybe there are reasons that they are seeing into why they made this decision.

We don't know what the real reason behind  this ruling and how they get this resolutions,
legalizing it but not to allow it as payment method.

Very possible that they are avoiding people to use this cryptocurrency for payment
to avoid confusions as the value of bitcoin is volatile and those merchants owners
who are not fully aware might lose their money in case the value falls deeply.

[harryCain]

Russian lawmakers have passed a bill that gives legal status to cryptocurrencies such as bitcoin – but bans them from being used to pay for goods and services. The new law recognizes digital assets “as an aggregate of electronic data capable of being accepted as the payment means but cannot be used at the same time to pay for any goods and services.”

[Eugenar]

That just means that you won't be able to use bitcoin to pay directly on stores. While that's not good, I don't think it's like super bad either. As for now we're mostly stuck with selling bitcoin for fiat or using bitcoin debit cards(which should be allowed because you're not directly paying with bitcoin/crypto) in most countries anyway, so for now this isn't that much of a big deal.

This is also the way how I understood the news regarding the "legalization" of cryptos in russia. If this is what is really meant, then this won't be unlikely of other countrie wherein it is neutral in a way that people are free to invest into cryptos but local stores and services do not acknowledge it as a mode of payment unless the company says so. This is not a bad thing indeed, but is a good start. Chances are, eventually, adaptation will be observed wherein more companies will acknowledge cryptos as a digital currency.

We cannot also blame those governments who are atill not fully giving their trusts in this industry because that is their policy and tbey are having studied basis which is morelikely in accordance with avoiding the risk for people. Cryptos are having inconsistent market price which gives risk from investing into it. Using it as a mode of payment depends on the private companies, in countries wherein it is "neutral".

[pawanjain]

So Russia is accepting bitcoin but not as payment method but as a trading asset.
On top of that we don't know how Russia will tax the crypto earnings from trading.
Bitcoin is becoming more of a speculative asset than what it is meant for i.e a payment method.
If all the countries start treating bitcoin as an asset and don't accept it as a payment method then I am afraid Satoshi's vision will be vanished.

[Ozero]

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.

The easiest way is to prohibit everything new. This is done in all states where the rights of citizens are not respected. Russia, unfortunately, belongs to such states. Moreover, it is interesting that the Russian government does not deny the novelty and advantages of cryptocurrency in relation to conventional currency. It helps other states implement their digitized currencies, such as Venezuela. However, they decided to ban their use for their citizens.
Civilized states fight against money laundering and other abuses using cryptocurrency by regulating their circulation, rather than completely banning them.

[dimastegar]

Just like in my country Indonesia, the Government prohibits the sale and purchase of goods using Bitcoin. However, the government still allows cryptocurrency to fiat trading transactions. At least here, we can easily make crypto trading transactions without any special rules. And after I researched it, interest in cryptocurrency in our country increased rapidly after the government put it on lockdown due to the Covid-19 disease.

[Expecto]

Russia was at the beginnings of the list that includes the countries oppose Bitcoin. I am surprised to see that Russia decided to legalize Bitcoin. But it is interesting that Russia won't allow Bitcoin as a payment method. Maybe, the government thought that there could be a sharp increase in the number of people who start to prefer Bitcoin instead of ruble as a payment method.

[Zionatin]

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?

I'm very cautious when it comes to cryptocurrency related news regarding Russia.Those news might be fake.
It this news is true,I get where they are going with not allowing crowdfunding and ICO.Most crypto crowdfunding projects and ICOs were scams,so banning such activities isn't a wrong move.
However,not allowing crypto payments for goods and services is kinda stupid.
Maybe the Russian legislators think that the non-reversible cryptocurrency transactions provide a "scammer-friendly" environment,where the customers will pay using crypto and get nothing in return.
Anyway,it would be nice,if cryptocurrencies get completely legalized in Russia.

I never take anything I read seriously unless it sounds like it makes sense and I can see it coming from different sources and people and then I like to see the counter-argument if there is one. You must look at it from all angles before you decide. They should allow crowdfunding and ICO. Is it our fault investors are too greedy and stupid to see a scam? You can only blame scammers up to a certain point. Not allowing crypto as a payment method just isn't going to work. How will they even enforce such a ridiculous law? I am very sure law enforcement has better things to do like look after the people from criminals and theft. It's not like the law hsa infinite time to just sit around. Their time is limited and wasting it on this sort of thing is counter productive. Would you rather your goverment focus on murder, theft abuse etc or they rather they messing around running after pointless crypto transactions?

"Maybe the Russian legislators think that the non-reversible cryptocurrency transactions provide a "scammer-friendly" environment"
What if it is the other way around?

[Shasha80]

Not all countries that legalize Bitcoin, mean that they will accept Bitcoin as payment. So what Russia is doing is also being done
several other countries. This is only natural, because the government is afraid Bitcoin will be more popular than fiat and replace fiat.
So usually countries that legalize Bitcoin, only accept Bitcoin as a digital asset.

[Pamadar]

Not all countries that legalize Bitcoin, mean that they will accept Bitcoin as payment. So what Russia is doing is also being done
several other countries. This is only natural, because the government is afraid Bitcoin will be more popular than fiat and replace fiat.
So usually countries that legalize Bitcoin, only accept Bitcoin as a digital asset.

Good point! the chance that bitcoin might be more use than regular fiat is still in debate from those countries who
legalized this cryptocurrency / asset.

They are considering possibilities and the fact that they've given this rules, the better chances that it will soon be accepted as how it should be in the first place.

We have to honor their take for now and wait for more updates to this decisions.