Russia blocks localbitcoins

[zasad@]

Aren't they mining btc with their own mining farms while a law was passed earlier that their citizens could not mine btc?

Can I get a link to the source where you read this?
In Russia, mining is not prohibited, and it makes no sense to prohibit something that cannot be controlled.

Here is 1 more news:
Central Bank announced the development of the digital ruble Why does Russia need an alternative to illegal cryptocurrencies
Read more on RBC:
https://www.rbc.ru/finances/13/10/2020/5f8581669a7947769a92c4be

What will happen in practice - the budget will be plundered

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[jademaxsuy]

Even so that they say bitcoin is illegal payment option but people still tend to use it due to anonymity features.

This is why I do believe that bitcoin will never going to end because people run the bitcoin.and without its supporters bitcoin could surely be dead. The question is that no way for now bitcoin will not be supported because of its features that users that like it. Bitcoin could be an investment (one way to earn) trading like in that stock market and you can chose many digital currencies aside from bitcoin so this encourage the community to get involve in bitcoin and other cryptocurrency the market says it all.

[2double0]

Can I get a link to the source where you read this?
In Russia, mining is not prohibited, and it makes no sense to prohibit something that cannot be controlled.

<<>>

https://news.bitcoin.com/russia-bitcoin-forex-legal-mining-banned/
They did it, as they thought btc was illegal and ruble was the only currency they could trust back then so any issuer who could issue (mine) another 'currency' or 'cryptocurrency' was illegal and was ought to get penalized under strict laws.

[pixie85]

What will happen in practice - the budget will be plundered

They'll spend a lot of money to make a useless centralized cryptocurrency nobody will use just like Venezuela did.

I don't know what's going on in Russia but every year they come up with some new opinion about cryptocurrencies and their own crypto was supposed to be made like 2 years ago.

[ropyu1978]

What will happen in practice - the budget will be plundered

They'll spend a lot of money to make a useless centralized cryptocurrency nobody will use just like Venezuela did.

I don't know what's going on in Russia but every year they come up with some new opinion about cryptocurrencies and their own crypto was supposed to be made like 2 years ago.

Bad news if Russia blocks local bitcoin exchange and give bad reputation how to bring back bitcoin in Russia, last two years Russia become Europe country wanna adopt bitcoin as legal currency payment and how it happen just one year later Russia wanna banned bitcoin there, I think misunderstanding between local bitcoin and Russia government how to adopt and using bitcoin for the future, surely bitcoin is the best platform how to give payment most easy and faster without higher fees transaction.

[MainIbem]

That news didn't come as a shocker though! Russia was always an anti-crypto nation like any other communist countries and they have already declared cryptocurrency as not a legal tender long back.  

Russia has given legal status to cryptocurrencies with a law they passed recently, but they demand all these assets to be declared with their tax authorities.  They also restrict the use of cryptocurrencies as payment options. So the only reason they passed this law was to tax the crypto holders. They have given legal status to Bitcoin and all digital assets.

Russia has been friendly to the development of cryptocurrency. So many crypto enthusiasts are either Russians or Russia based. So it is most likely tax related reasons this new wave of control is coming.

[zasad@]

Can I get a link to the source where you read this?
In Russia, mining is not prohibited, and it makes no sense to prohibit something that cannot be controlled.

<<>>

https://news.bitcoin.com/russia-bitcoin-forex-legal-mining-banned/
They did it, as they thought btc was illegal and ruble was the only currency they could trust back then so any issuer who could issue (mine) another 'currency' or 'cryptocurrency' was illegal and was ought to get penalized under strict laws.

This is a 2017 article. There was such a draft law in Russia, but it was not adopted. There are a lot of idiotic draft laws in Russia, but mining is not prohibited now, I will even leave you a link to a video where an individual pays taxes on mining.
After he exchanged cryptocurrency for rubles, he pays 4% taxes on the exchange amount. In which country will you find these taxes?

https://www.youtube.com/watch?v=MdvO34K6Ups&t=671s
This video is from October 13

Many foreigners come to Russia and buy cryptocurrency for dollars. Economic laws in Russia are not followed where they can be violated. Russia is a country of great potential.

[lovesmayfamilis]

Aren't they mining btc with their own mining farms while a law was passed earlier that their citizens could not mine btc?

Can I get a link to the source where you read this?
In Russia, mining is not prohibited, and it makes no sense to prohibit something that cannot be controlled.

Here is 1 more news:
Central Bank announced the development of the digital ruble Why does Russia need an alternative to illegal cryptocurrencies
Read more on RBC:
https://www.rbc.ru/finances/13/10/2020/5f8581669a7947769a92c4be

What will happen in practice - the budget will be plundered

Perhaps he meant this news.

https://zycrypto.com/brutal-blow-to-miners-russias-new-draft-law-will-ban-crypto-completely-and-prohibit-miners-from-receiving-rewards/
Of course, you cannot accept it without a smile and bewilderment.

Not everything is clear with the digital ruble. Why is it necessary when it completely copies all the possibilities of the ordinary ruble? This digital ruble has no unique properties. People can take advantage of exactly the same facilities on their bank cards.

Although the creation of a digital ruble is necessary to introduce some more or less important technology. And at the same time, this technology should not contradict the recently adopted law on digital asset law.

[3meek]

The fact is that in Russia no one cares about the laws, let alone Roskomnadzor!)).
Next - the cryptocurrency in Russia does not belong to any category of assets or values, that is, there is no law that would classify a crypto to any category! So turn on VPN and don't even think about locks! They are funny, just like lawmakers!

[larus]

Localbitcoins is totally useless with all this mandatory KYC rules. This ban will not change anything

[oliviarobert]

Russia's users of localbitcoins are already turning to VPNs to mask their location. in an era where VPNs have become quite common. For Russians, given the constant retractions imposed by the regulator, VPNs are particularly critical.

[3meek]

I wonder how many people in Russia use Localbitcoins? Well, in Russia it is not the most popular site for bitcoins exchange... It seemed to me that this site lost its popularity after the introduction of the mandatory procedure KYC...

[buwaytress]

I wonder how many people in Russia use Localbitcoins? Well, in Russia it is not the most popular site for bitcoins exchange... It seemed to me that this site lost its popularity after the introduction of the mandatory procedure KYC...

Been around on LBC for a while and I can say, there used to be a lot of them. Many I traded with even had options to pay/send in RUB, so clearly, Russian presence even outside of the country.

LBC's definitely lost its sheen after KYC but it is still a decent place. There are many more decentralised P2P similar to or better (some say) than LBC anyway. So little the state can do to prevent people from buying from each other.

[witcher_sense]

I wonder how many people in Russia use Localbitcoins? Well, in Russia it is not the most popular site for bitcoins exchange... It seemed to me that this site lost its popularity after the introduction of the mandatory procedure KYC...

We have every reason to believe that the number of active users from Russia will be less than or equal to the number of accounts performed a KYC procedure providing Russian documents. But, anyway, it wouldn't be an accurate estimation because many people still thoughtlessly perform such procedures, even if they are not going to trade on LocalBitcoins.

According to Coin Dance, the weekly volume is less than 1000 BTC and continues to decrease. See the graph below:

[lifeforcepools]

Don't they understand that crypto can be incredibly effective for economic development?

[zasad@]

Don't they understand that crypto can be incredibly effective for economic development?

Smart people lead Russia and they want Russia to be one of the backward countries in the world. If you ask why they do it, they don't care.
Their children study at the best foreign institutions, they buy the most expensive real estate abroad and are not going to live their old age in Russia.
Therefore, in Russia all laws are directed against the economic development of their country.

[faulkner27]

The Russian government has blocked access to peer-to-peer BTC trading platform LocalBitcoins, claiming the site spreads illegal information to the public. Starting January 1st, 2021, cryptocurrencies are allowed in Russia, though they will not be allowed to be used in exchange for any goods or services.

[Vishnu.Reang]

Localbitcoins is totally useless with all this mandatory KYC rules. This ban will not change anything

Yes... I stopped using Localbitcoins long back, when they created problems with KYC. Actually I sent them KYC documents multiple times, but they rejected by KYC application giving one excuse or the other. Eventually I gave up and moved to another P2P platform. Afterall, a P2P platform with such extended KYC requirement is more of a mainstream exchange rather than a P2P site.

[romero121]

The Russian government has blocked access to peer-to-peer BTC trading platform LocalBitcoins, claiming the site spreads illegal information to the public. Starting January 1st, 2021, cryptocurrencies are allowed in Russia, though they will not be allowed to be used in exchange for any goods or services.

No official statement has been released relative to the lifting of restrictions on cryptocurrency usage. Most of the country follows the same, bitcoin can be used for trading and shouldn't be used in exchange for goods and services. This is due to the fear of government, that the usage might lead to mass adoption.

[zasad@]

That is not a major issue; the greater part of trades is prohibited in my nation, yet we can still; access through the proxy.
Additionally, numerous P2P trade on the web like p2p.binanc and local coin swap and do a similar errand.
The main thing that frustrated me is that Russian people will quit utilizing bitcoin as they probably know their nation is anti-crypto.
I believe the government understands their mix-up and lifts a restriction from LocalBitcoins.

Not interested in LocalBitcoins since they changed their policy and added Know Your Customer procedure. Any exchange like Binance provides more services and opportunities for its clients.
In Russian, people will not stop using cryptocurrencies, because the laws in the country do not work. And in Russia there are a lot of other political economic problems, so I hope that the main resources will be directed to other problems.