Russian court asks bank to unfreeze Bitcoiner's account

[Mpamaegbu]

A regional court in Russia has ordered Sberbank, now known as Sber, to unfreeze an account belonging to a Bitcoin trader in a dramatic turn despite the strict regulations going on in that country. The court maintained that Sber, a state-owned Russian bank and the largest banking institution in the country known for supporting a negative stance on Bitcoin, had no reason to keep the account service blocked after the client provided detailed information about his Bitcoin trades.

This is a welcome development at a time there are lots of negative media struggling to drag Bitcoin down with FUD. Will this action and support from the court propel Bitcoin to achieving another bull rally? What is your take on this?

Source: Russian-court-orders-sber-to-unblock-account-used-for-bitcoin-trading

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[GreatArkansas]

Very sad news, there are a lot of cases too this happened recently on our country, but I think there was no government interfered between the bank and the crypto user that using their bank.
There are lot of ways that bank can't possible to track if you are involved with cryptocurrency, especially using some P2P methods to acquire Bitcoin or other cryptocurrencies.

[jackg]

If an action is taken by the bank then it almost definitely will strengthen bitcoin's name and also potentially the relationship between it and banks even in places like Russia (I don't think I've heard of a Russian bank with a global reach).

If the bank does nothing and it goes to a higher court, that might be even more bullish though - provided the court finds in favour of unfreezing the account.

[cabron]

Very sad news, there are a lot of cases too this happened recently on our country, but I think there was no government interfered between the bank and the crypto user that using their bank.
There are lot of ways that bank can't possible to track if you are involved with cryptocurrency, especially using some P2P methods to acquire Bitcoin or other cryptocurrencies.

How is this a sad news, this is actually a good indication that the bank seem to be open to adopting BTC. For a country known to have tight laws for suspicious transactions involving Bitcoin this court is considerate enough.

But when you think aboutwhy yobit still survives being a Russian owned exchange, their law enforcement aren't quite aggressive in hunting down sketchy actors.

[Mpamaegbu]

Very sad news, there are a lot of cases too this happened recently on our country,

I think you may have to read through my post again as it seems your perspective doesn't align with the news I shared. It should be good news for Bitcoin if a court of competent jurisdiction outlaws the action of a government owned bank which is reputable for its anti-bitcoin actions. It simply means a lot of other bitcoiners and crypto fans can go on with their trading activities. That will boost confidence for the Russian Bitcoin community.

[Charles-Tim]

This is a welcome development at a time there are lots of negative media struggling to drag Bitcoin down with FUD. Will this action and support from the court propel Bitcoin to achieving another bull rally? What is your take on this?

I quite not notice any negative news lately that can drive Bitcoin price downtrend, the last two noticed were 'Tesla not supporting Bitcoin again' after Elon Musk implied how Bitcoin was contributing to global warming but with no accurate data, while the second was when Chinese government was totally against cryptocurrencies and doing all possibilities to make sure even crypto miners will exist no more in China, the price of bitcoin greatly decreased at the time until the recent good news like Amazon will support Bitcoin and some other cryptocurrencies as payment.

This is just a court in Russian supporting someone's account that was freezed, this is not the kind of news that should result in crypto price uptrend, no law is even changed about cryptocurrencies in Russian, but just a single person's bank account to be unfreezed and nothing more.

[iv4n]

Very sad news, there are a lot of cases too this happened recently on our country,

I think you may have to read through my post again as it seems your perspective doesn't align with the news I shared. It should be good news for Bitcoin if a court of competent jurisdiction outlaws the action of a government owned bank which is reputable for its anti-bitcoin actions. It simply means a lot of other bitcoiners and crypto fans can go on with their trading activities. That will boost confidence for the Russian Bitcoin community.

You are right Mpamaegbu, but I think this is just a won battle and not the end of the war! I am not sure how it goes in Russia, but there are probably higher-ranked courts in Russia! Sverdlovsk regional court maybe doesn't have the last word, Sber bank will make appeal... maybe we can expect this case to move to Moscow!
The article is short, many things are missing... I wonder what was the defended strategy, to go against some "bank rules" or his strategy was based on the constitution and some rights...
Maybe I am wrong, but we will see more about this probably!

[Mpamaegbu]

In a related development as to trimming the light on Bitcoin, I present this glad tidings to you all as we continue to be consoled on the phoenix nature of Bitcoin.



https://twitter.com/BitcoinMagazine/status/1422574823235063809?s=19

[shield132]

If an action is taken by the bank then it almost definitely will strengthen bitcoin's name and also potentially the relationship between it and banks even in places like Russia (I don't think I've heard of a Russian bank with a global reach).

If the bank does nothing and it goes to a higher court, that might be even more bullish though - provided the court finds in favour of unfreezing the account.

It was said in this article that the bank supports a negative stance on Bitcoin because of it's equity market and they are true at some point. Something valued at 60K goes into 30K in some minutes, that's ridiculous. A lot of people sell their houses and invest in bitcoin and this happens especially at the moment when price is at it's peak, so, this action is usually done because people don' think logically and can't value the risks involved in trading. Just see, anormous amount of money was liquidated in futures market during the fall that happened after Elon's tweet and also, there was still some serious money liquidated during the Amazon's rumor leak. So, I understand their point and don't think that even if they ignore the court, it will only do good for bitcoin and cryptocurrencies but again, it's against our right to block account because you are involved in trading.

[DarkDays]

If an action is taken by the bank then it almost definitely will strengthen bitcoin's name and also potentially the relationship between it and banks even in places like Russia (I don't think I've heard of a Russian bank with a global reach).

If the bank does nothing and it goes to a higher court, that might be even more bullish though - provided the court finds in favour of unfreezing the account.

I agree, while this may not be the best news the account users wanted to see, at least it provides a positive publicity on Bitcoin and how the court sided with the account owner rather than the bank.

It also shows that Bitcoin is no longer a joke (as many people used to and some are thinking) but a tangible asset with future potential where even banks and other organisations want to take advantage of...

So, overall, this is good for the crypto community and hope it will end with a similar positive outcome for the account owner

[lovesmayfamilis]

I don’t think that a single incident could affect the price of bitcoin in the future. The regional court concluded that "Despite the fact that the activity of buying and selling cryptocurrency has not received legislative regulation, it is not prohibited by Russian legislation." Therefore, the owner of bitcoins provided all the explanations for the transactions made by him, and the court did not find anything illegal.
I do not see anything surprising in this, since all the requirements have been met. Although Russian laws are quite strict, they issue proposals to ban ownership, such as "bitcoin confiscation to prevent corruption."
Therefore, it is too early to rejoice that the attitude towards bitcoin will change in Russia. 

[so98nn]

That’s a good move by the court. Don’t know whether it’s the rich people who forced it to do so by paying the court with handsome money or whether it was the court who actually decided to make this change happen. If it’s really later one then I’m amused how many more good development they have.

Just now discussed about Ukrainian news where they are trying to legalise the digital currency for daily use and also working on the infra of the same.

Could be terrific news in terms of digital adoption.

[Lucius]

This is a welcome development at a time there are lots of negative media struggling to drag Bitcoin down with FUD. Will this action and support from the court propel Bitcoin to achieving another bull rally? What is your take on this?

No offense, but connect this news with any effect (positive or negative) for Bitcoin is for me personally beyond any common sense. This is an isolated case in a country that still keeps cryptocurrencies on the ice, so one day it allegedly approves them, and the next day it announces bans.

What is most important is the fact that nothing can work in Russia if it is not useful for a political-criminal system that has to control everything. Although we cannot say that the situation is like in China, I would still dare to say that there is a very thin line between the current status of cryptocurrencies and a possible complete ban in the future.

Not so long ago, Chinese courts made positive decisions when it comes to Bitcoin - and where is the country on the crypto map today?

In the ruling of a property dispute case involving Bitcoin on Thursday, the Hangzhou Internet Court recognized that cryptocurrency assets have the attributes of virtual property and should be protected in accordance with Chinese regulations, The Beijing News reported.

[Sanugarid]

It's indeed a welcome development because it's a state owned that backed the trader regarding the unfreezing of the account. I hope that Russia is going to further move their lean towards favoring crypto community rather than outright blocking it.