Russia doesn't wants its citizens earning with cryptos

[Blawpaw]

Dmitry Marinichev, a government official under President Vladimir Putin rule revealed in an interview that the country's regulatory position towards cryptocurrency will largely stay prohibitive. According to him, Russia doesn't want its citizens to earn money through cryptocurrency so, regulation will mainly stay the same despite the increase of crypto interest in the country.

This is basically more of the same. Russia trying to tackle cryptos while blinking an eye at the same time.

[ziyaaa]

What kind of a logic is this? Why wouldn't they want their citizens to make money through cryptocurrencies? There is nothing wrong in this. I assume that they are hearing about the "investor" word for the first time in their life. Otherwise, I don't find this reasoning logical. People are free to make money in whatever thing they would like. They can choose regular professions or they can do different jobs.

But if this is about the volatility of this market, then things change a little. But still, I don't think that it is the right thing to do. You shouldn't restrict people like this. You can solve this problem by imposing tax on cryptos. It would be a win-win situation also.

[witcher_sense]

Thanks to the permissionless and censorship-resistant nature of bitcoin, Russians can frictionlessly continue their interactions with the ecosystem, no matter how severe and restrictive totalitarian regulations may be. Generally, the lack of clarity of regulations or expansion of prohibitive measures is positive for the natural growth of the bitcoin economy because, in such an "unfortunate" case, people have to make direct transactions in bitcoin without having to reveal their identity through different KYC/AML procedures. Moreover, peer-to-peer fiat on/off-ramps are still there, voluntary exchanges between individuals are not subject to government regulations.

[Imran232]

I think this is called another fud. And the logic that goes throughout my head. I truly didn't understand what he wanted to say. Do you want to legalize crypto in your country or not? If yes, then why would people use crypto in your country if you didn't give them a chance to earn money through it? Is it worthy for a person to just understand crypto? Why do people waste their time on cryptocurrency if you don't allow them to earn any?'t know how a person like Putin Sir, who is the president of a country called Russia, which is the most advanced cyber country in the world, says something like that. Russia has always been my second favorite or dream country because of its cyber world.But this statement truly hearts me. "

[Punk4000]

According to this: https://www.bloomberg.com/news/articles/2021-10-14/putin-defends-cryptocurrencies-amid-global-regulation-push

Putin said: Cryptocurrency “has the right to exist and can be used as a means of payment,”...

Yet: "Still, he cautioned it was too soon to talk about using digital currencies for trading oil and other commodities that form the bulk of Russia’s exports."

So, i assume that (actual) Rusia goverment dont want ban cryptos, but regulate them...

[BlackHatCoiner]

Obviously, authoritarian Russia keeps being authoritarian... As usual.

So, i assume that (actual) Rusia goverment dont want ban cryptos, but regulate them...

If by cryptos you mean centralized shitty CBDCs, then yeah. They may like that, or simply prefer it from a currency whose purpose is to distinguish money from the state. You say you wanna distinguish <insert_anything_here> in Russia? You're eliminated.

[Congyang]

does not make sense. then whether by banning crypto they are given other jobs that support its citizens?
it is precisely with this that they actually have to think of something else compared to banning.
a ban like this will only increase the number of people who do illegal things because who doesn't want to benefit in a way that can be said to be very easy and without the need for great energy for this.

[milewilda]

Dmitry Marinichev, a government official under President Vladimir Putin rule revealed in an interview that the country's regulatory position towards cryptocurrency will largely stay prohibitive. According to him, Russia doesn't want its citizens to earn money through cryptocurrency so, regulation will mainly stay the same despite the increase of crypto interest in the country.

This is basically more of the same. Russia trying to tackle cryptos while blinking an eye at the same time.

Not really that surprising or shocking thing because they could really make out decisions just like on what other countries views similar to bitcoin.Of course government doesnt really like nor want decentralized things or objects which makes them its really hard to trace everything up.They could say up good things but doesnt mean that it is automatically considered that they would be adopting it.Everything do change in a blink of an eye and sooner
or later i wont really be surprised if these sentiments would turn out to be positive later on.

[Fortify]

Dmitry Marinichev, a government official under President Vladimir Putin rule revealed in an interview that the country's regulatory position towards cryptocurrency will largely stay prohibitive. According to him, Russia doesn't want its citizens to earn money through cryptocurrency so, regulation will mainly stay the same despite the increase of crypto interest in the country.

This is basically more of the same. Russia trying to tackle cryptos while blinking an eye at the same time.

As you say, it is not a surprise and the officials at the top of the Russian government don't want any money to escape the country - the economy is already on it's knees. A big part of the reason is the state wants to run any blockchain mining operations as they are relatively straight forward and this way they are able to capture the whole market for themselves. They can use the vast energy resources that Russia controls to print cryptocurrency that is currently in high demand, so why would they let private operators profit from this activity. The government and it's cronies have their hands in control of ever lucrative business in the country, it was almost inevitable to reach this outcome.

[DarkDays]

Dmitry Marinichev, a government official under President Vladimir Putin rule revealed in an interview that the country's regulatory position towards cryptocurrency will largely stay prohibitive. According to him, Russia doesn't want its citizens to earn money through cryptocurrency so, regulation will mainly stay the same despite the increase of crypto interest in the country.

This is basically more of the same. Russia trying to tackle cryptos while blinking an eye at the same time.

How does that make any sense?

Anyway, this is just one spokesman - I doubt they are in such sync. I don't believe the nonsense he spat out. Russia is already getting more than interest in the crypto space.

Do we really think Putin is going to let this opportunity pass right by him when he could make Russia the next China? Yh...

[dkbit98]

We learned from Chinese example that strict government regulations and bans can make positive affect on Bitcoin, so I am not concerned at all with Putin and changes with regulation in Russia.
All governments in the world are in big problems with inflation, printing of money and economical decline, so Bitcoin would mean losing of control and they are very much afraid of that.
Only thing they could do is to create some centralized junk digital currency with full control and tracking like in China, but people should refuse that and choose to have their own bank aka bitcoin.

[adzino]

Dmitry Marinichev, a government official under President Vladimir Putin rule revealed in an interview that the country's regulatory position towards cryptocurrency will largely stay prohibitive. According to him, Russia doesn't want its citizens to earn money through cryptocurrency so, regulation will mainly stay the same despite the increase of crypto interest in the country.

This is basically more of the same. Russia trying to tackle cryptos while blinking an eye at the same time.

Where did you read this? Sounds more like the article trying to spread FUD. Why would a country be against crypto currencies because they don't "want their citizens to be earning from cryptos"? That would be plain stupid. I am sure the reason is something else. It is probably because their government is currently not being able to find a proper way to regulate crypto currencies. And doubt Russia will put a ban on crypto currencies.

[Leviathan.007]

I'm not sure why he doesn't want the Russian people to use bitcoin but all we know is bitcoin will bring borderless transactions to people and this cannot be good for a government that tries to monitor people's actions all the time, I'm not sure about it but my friends from Russia told me that the governments are usually trying to check the people by collection private information such as even sniffing phone calls, so bitcoin can not be good for this kind of governments, and I'm not surprised of Russia thinks like that about bitcoin and bitcoin users.

[Swapzone_pr]

I can be mistaken, but from what I've heard about Russia it's government doesn't want citizens to earn in any kind of way 

[GamblersArea]

My interpretation of the interview was they just want to regulate cryptocurrencies in a way they stay in their own economy. I don't think Russia will go as far as to ban cryptos altogether.

How they plan on doing is probably a mystery to them just as much to us.

[Iceblast]

Russian and Chinese regulations are the same, they are like banning people from using crypto and adopting crypto.  I think maybe Russia and China adopted a strategy to influence the crypto market with nonsense statements, so that Russia can profit from the controversy.

[dothebeats]

This is not supportive of the citizens' goals and ideals in any way, and does not give opportunities to the Russians that are affected by this prohibitive regulation. Well, what do I expect of communist Russia anyway? They would only like to keep their riches within their borders to plump up their economy, and to show the world that they are superior and catching up on their Western counterparts.

Just imagine if Russians were allowed to freely take part on the bitcoin and crypto market. That's a lot of money that could come in to their economy. Then again, their thinking is that it bitcoin and crypto can be used to take out riches on the Motherland and take it somewhere else.

[Bitstar_coin]

I was under the impression that Russia is a crypto friendly country but from the above I can see they aren't, why the government trying to be hard on crypto, till now I don't think I have come across news of Russia being negative towards crypto, too bad for btc lovers over there, they will definitely find it difficult to operate crypto.

[cheezcarls]

As far as I know, Russia allows crypto trading but may never permit their citizens to use it as payment for goods and services. Not allowing their citizens to earn money in crypto is kinda absurd like what China did in their previous crackdown. There’s nothing wrong for them to earn money in cryptocurrencies as they’re just gonna regulate it instead of an outright ban.

[yazher]

According to this: https://www.bloomberg.com/news/articles/2021-10-14/putin-defends-cryptocurrencies-amid-global-regulation-push
Putin said: Cryptocurrency “has the right to exist and can be used as a means of payment,”...
Yet: "Still, he cautioned it was too soon to talk about using digital currencies for trading oil and other commodities that form the bulk of Russia’s exports."
So, i assume that (actual) Rusia goverment dont want ban cryptos, but regulate them...

If this is true, this is good news since totally banning it means negative to the crypto market and might affect the price a little bit. But according to it, they just wanted to learn how to manage it well when their people started to adopt it. If they're the one who is regulating the use of crypto, then it will be a huge blow to China since they might be thinking that banning the crypto miners in their country would cause chaos in the crypto industry that would lose the trust of other countries from considering the regulation of the crypto industry.