Russia's Central Bank proposes ban on Cryptocurrency trading and mining

[fiulpro]

Russia is making some funny moves right now, I do believe that it's not a probelm with their monetary system or the monetary policy but rather it's deeper than that. They are trying to attack Ukraine and dominant whatever they can. I do think that Russia should rethink about their decision because there are so many people already involved with Bitcoins and mining and now they want a war with dying economy. The ban is proposed and not final, I am pretty sure there will be a bit of an impact on the price but getting countries like Russia and China out of the picture would make it easier for a decentralized crypto to function. But we all know that Bitcoin will recover and they cannot entirely ban it.

[dothebeats]

They have been trying to ban any cryptocurrency related services, platforms, and activities as far back as late 2016. I don't buy what the Russians are saying, especially now that their economy is in trouble and there doesn't seem to be a way for them to bounce back immediately. They would try to muster all the economic advantages that they have to bounce back, and banning cryptocurrencies seems to remove one part of the equation that could ultimately help them recover.

[CryptoBuds]

Is it new?  
If you saw any major correction occurring through the market, I can confirm you some government-banning FUD will appear to accelerate the correction.
They made FUD, now you sell the dip and they can buy the dip, thus how it works every year.
If you are an intelligent trader or investor then don't panic by seeing such types of FUD, this bearish momentum will overcome soon. trust me if you sell you can't even re-buy at your selling price when the bull weak up again.
Happy Hodling...

[Imran232]

Russia's Central Bank have made a ban over cryptocurrency trading and mining mentioning it would destroy the base of country's monetary policy.

...........................

This type of game is now sickening for us. Because of them and their opinions, general people get confused about whether they should join the crypto community or not. If they continue to publish this type of cheap news, general people who have no knowledge of technology but are stock investors will be scared to invest in crypto because of this type of news. they are unable to research what is inside crypto. That's the problem it brings for crypto, but those who have tech knowledge don't care about this news if it has to do with crypto or not. And this type of game is not new, it's old.

[zasad@]

I will comment because I live in Russia.

Can you comment on the genuinity of this news. Even I had heard that Russia is calling for a complete ban on cryptocurrencies.
But calling for a ban doesn't mean they are banning it right away. May be you might know better as to what the situation is in there.
Are they banning it right away or do they require an approval from someone or are they just proposing for a ban ?

This issue has been discussed for many years, but so far this is another proposal from the Central Bank of Russia.There are a lot of investors, miners in Russia, and even if this is banned, no one will stop doing activities related to cryptocurrencies. When the law comes out, everyone will think how to break it without consequences.

[pawanjain]

I will comment because I live in Russia.

Can you comment on the genuinity of this news. Even I had heard that Russia is calling for a complete ban on cryptocurrencies.
But calling for a ban doesn't mean they are banning it right away. May be you might know better as to what the situation is in there.
Are they banning it right away or do they require an approval from someone or are they just proposing for a ban ?

This issue has been discussed for many years, but so far this is another proposal from the Central Bank of Russia.There are a lot of investors, miners in Russia, and even if this is banned, no one will stop doing activities related to cryptocurrencies. When the law comes out, everyone will think how to break it without consequences.

So it's basically like the same case in India. They have propose many times to ban cryptocurrencies but the bill was never approved by the government.
If this is the case why are we seeing such a huge impact on bitcoin price. People are dumping like crazy making a sharp decline in bitcoin price.
Currently bitcoin is in a oversold zone as per the RSI. I wonder why there's so much of panic when Russia has been doing it frequently over the years.

[zasad@]

I will comment because I live in Russia.

Can you comment on the genuinity of this news. Even I had heard that Russia is calling for a complete ban on cryptocurrencies.
But calling for a ban doesn't mean they are banning it right away. May be you might know better as to what the situation is in there.
Are they banning it right away or do they require an approval from someone or are they just proposing for a ban ?

This issue has been discussed for many years, but so far this is another proposal from the Central Bank of Russia.There are a lot of investors, miners in Russia, and even if this is banned, no one will stop doing activities related to cryptocurrencies. When the law comes out, everyone will think how to break it without consequences.

So it's basically like the same case in India. They have propose many times to ban cryptocurrencies but the bill was never approved by the government.
If this is the case why are we seeing such a huge impact on bitcoin price. People are dumping like crazy making a sharp decline in bitcoin price.
Currently bitcoin is in a oversold zone as per the RSI. I wonder why there's so much of panic when Russia has been doing it frequently over the years.

I think that Russia has nothing to do with it, but it is very convenient for manipulators. Many hamsters bought cryptocurrencies on highs and now the manipulators will lower prices so that hamsters sell cryptocurrencies or hold them. If cryptocurrencies are banned in the USA, it will be a collapse of the market, and in Russia these bans will be formal.

[terrorJR]

In fact, if you say this is very scary, I actually want to say that this action is quite funny because they are doing a ban but there are still various statements that and even many of them are investing in bitcoin.
on the other hand I've heard things like this from a few years ago although indeed they are almost the same as what the Chinese do

[zasad@]

In fact, if you say this is very scary, I actually want to say that this action is quite funny because they are doing a ban but there are still various statements that and even many of them are investing in bitcoin.
on the other hand I've heard things like this from a few years ago although indeed they are almost the same as what the Chinese do

It is wrong to compare Russia with India and China. These are completely different countries with different mentalities. In Russia, there is no working law on cryptocurrencies, because the ruling elites have not yet agreed. Formally, the law has been adopted, but there are no recommendations for banks, tax authorities, citizens on how to engage in commercial activities. And everyone understands that these bans cannot be controlled, and all shadow exchangers will work, because in Russia you can negotiate with controllers if you have money.

[suzanne5223]

In fact, if you say this is very scary, I actually want to say that this action is quite funny because they are doing a ban but there are still various statements that and even many of them are investing in bitcoin.
on the other hand I've heard things like this from a few years ago although indeed they are almost the same as what the Chinese do

It is wrong to compare Russia with India and China. These are completely different countries with different mentalities. In Russia, there is no working law on cryptocurrencies, because the ruling elites have not yet agreed. Formally, the law has been adopted, but there are no recommendations for banks, tax authorities, citizens on how to engage in commercial activities. And everyone understands that these bans cannot be controlled, and all shadow exchangers will work, because in Russia you can negotiate with controllers if you have money.

TBH, I like the stance the cryptocurrency enthusiast in Russia took because the government needs to understand that Crypto is just a revolution and it doesn't pose any threat to the national economy but helps it.
I was surprised when I saw this thread because what I read about cryptocurrency news in Russia is that the government is planning to take a positive step towards it.

[ChrisPop]

Russia is a failing country from my perspective. I'm not sure how they can be so bold against NATO. Probably just because they are backed by China. However in terms of economic power Russia is net inferior and its decisions/regulations shouldn't be viewed in any way or form as an example. They are conservators so it is natural to be afraid of something as novel and revolutionary as cryptocurrencies. Nothing to be seen here...

[coolcoinz]

A heard the same thing on the news a few hours ago about Russia and some traders were saying the bitcoin price has gone below 40K because of this negative news, since I'm not from Russia I cannot say anything or confirm this news but still all we know is bitcoin cannot be suspended by any government due to the decentralization of the network after China banning bitcoin it was expecting to see Russia doing the same thing because they are more close together politically than the USA, however regardless of Russia government, I don't think if the effect of this negative news is going to be stay for longtime.

They have no idea why it went down so they look for any news to explain it.
I don't believe the price crashed because of Russia, especially since the country has been known for its hostility towards bitcoin and attempts to create their own centralized cryptocurrency. They had pretty much similar attitude as China since like 2018 or 19.

The stock market is crashing and it's dragging everything along with it. Oil prices have dropped, gold and silver went down, stocks and cryptos went down. We're not the only ones losing money on the global markets.

[zasad@]

Russia is a failing country from my perspective. I'm not sure how they can be so bold against NATO. Probably just because they are backed by China. However in terms of economic power Russia is net inferior and its decisions/regulations shouldn't be viewed in any way or form as an example. They are conservators so it is natural to be afraid of something as novel and revolutionary as cryptocurrencies. Nothing to be seen here...

What kind of confrontation can there be against NATO if the shareholders of large Russian companies (oil, gas, wood, coal, etc.) are American and European companies. These are questions of business and conflicts between world elites.

For those who believe that Russia is to blame for the decline in the price of bitcoin, then here is the new news:
https://telegra.ph/V-Gosdume-proshli-pervye-diskussii-po-zapretu-kriptovalyuty-v-Rossii-01-22-2
"As previously reported: The position of the Central Bank is the toughest of all, but the report of the Central Bank is not a "final document". The decision will be taken collectively by the government, the State Duma and the Central Bank.
As a result of the first discussions, a decision was made to “renounce the ban on cryptocurrencies in the Russian Federation”, since this tool is able to support the economy of some regions of Russia."

We look forward to continuing..

___
There was information that this is fake news. So far it's impossible to verify.

[nurilham]

I have heard about this issue since several years ago. always similar issues that are raised at all, I don't know the main purpose. But maybe it relates to certain importances done by the government or whales by spreading more and more FUD< even the similar FUD every year.
It is like what China did, isn't it?
So far, we have seen how the FUD will give a really big impact to press the Bitcoin market. And there are still many people and certain parties who are always afraid of the FUD that make the Bitcoin market can be difficult to rise up and most will be going down again.
That is why, they may still will spread this FUD another time again. Just be calma nd don't be pushed with this kind of similar regular FUD

[PX-Z]

Well, this country act like this since the very beginning of crypto hype until they doesn't matter at all. Well, if they say good news then it's good though but when they say bad or something similar, they don't matter anymore. I mean people become used to it when something like this proposed, or a bill like.
Even china mining ban is not that big either.

[terrorJR]

In fact, if you say this is very scary, I actually want to say that this action is quite funny because they are doing a ban but there are still various statements that and even many of them are investing in bitcoin.
on the other hand I've heard things like this from a few years ago although indeed they are almost the same as what the Chinese do

It is wrong to compare Russia with India and China. These are completely different countries with different mentalities. In Russia, there is no working law on cryptocurrencies, because the ruling elites have not yet agreed. Formally, the law has been adopted, but there are no recommendations for banks, tax authorities, citizens on how to engage in commercial activities. And everyone understands that these bans cannot be controlled, and all shadow exchangers will work, because in Russia you can negotiate with controllers if you have money.

The steps they take are actually almost the same but what makes the difference here is that their community, in this case crypto enthusiasts and investors there are more open-minded and willing to tell clearly that crypto is not something that is threatening but this is a very good revolution for the future.
and this action is quite good because even though they still respect the policy, on the other hand they still maintain the rights they have

[zasad@]

In fact, if you say this is very scary, I actually want to say that this action is quite funny because they are doing a ban but there are still various statements that and even many of them are investing in bitcoin.
on the other hand I've heard things like this from a few years ago although indeed they are almost the same as what the Chinese do

It is wrong to compare Russia with India and China. These are completely different countries with different mentalities. In Russia, there is no working law on cryptocurrencies, because the ruling elites have not yet agreed. Formally, the law has been adopted, but there are no recommendations for banks, tax authorities, citizens on how to engage in commercial activities. And everyone understands that these bans cannot be controlled, and all shadow exchangers will work, because in Russia you can negotiate with controllers if you have money.

The steps they take are actually almost the same but what makes the difference here is that their community, in this case crypto enthusiasts and investors there are more open-minded and willing to tell clearly that crypto is not something that is threatening but this is a very good revolution for the future.
and this action is quite good because even though they still respect the policy, on the other hand they still maintain the rights they have

We don't really know what's going on in China and India. Moscow has the largest wholesale markets, where many freight trains from China arrive daily. These products are then distributed throughout the country. There are many Chinese there, and they accept cryptocurrency there, but only from trusted people. And in China, miners and crypto enthusiasts remained, despite all the prohibitions.

[Gamerholic]

People with experience and understanding of this whole story do not worry about what is happening in Russia, even living there on a permanent basis, they calmly continue to do what they have done. The lack of a coherent legal framework and, accordingly, the consequences for miners and other people who like to drive the crypt "back and forth" - this anarchy also has a bad effect on the market. A huge number of financial pyramids are being created and exploded, allegedly related to cryptocurrency, but in fact not connected at all - just scammers. All this later people associate with the world of cryptocurrency. Unfortunately, no one is in a hurry to engage in education there, so we all see this situation.

[oHnK]

The prohibition of trading and investing in BTC due to disrupting their economic stability is the regulator's alibi to secure centralized conditions that make them an overpowered party.  How can I say it, with a centralized system they have absolute power over the assets you keep in your account whereas if you use crypto they will not be able to intervene.  The step taken by Russia is one of many countries that do not want its system to be replaced.  This is normal in power politics.

[zasad@]

To everyone who was worried about Russia, know that the ban on cryptocurrencies is cancelled There is a lot of news and the show goes on..
https://rg.ru/2022/01/26/v-minfine-vystupili-protiv-zapreta-kriptovaliut.html
"The Ministry of Finance did not advocate a ban on cryptocurrencies in Russia, but for their regulation. This is a much softer position compared to the opinion of the Bank of Russia, which recently proposed a ban on almost all transactions with cryptocurrencies. The final future of cryptocurrencies in Russia will be determined in the next six months."