Fate of bitcoin in Russia

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The central bank of Russia has been making moves to make sure cryptocurrencies is banned in Russia, not only about crypto transactions will this affect but it will also affect crypto mining.

https://www.fxempire.com/news/article/russia-plans-to-ban-crypto-mining-871969

But the president of Russia had shown people how bitcoin mining and other crypto mining will help. If I get it right, he is thinking bitcoin mining will do more good than what critics are saying. I know that Russia president did not just come into conclusion, he would have been taken proper looked into it with experienced analysts.

Putin says Russia has a “competitive advantage” in crypto mining

https://finance.yahoo.com/news/putin-says-russia-competitive-advantage-062306145.html?_guc_consent_skip=1643290150
http://kremlin.ru/events/president/news/67641

Russian President Vladimir Putin has a point to rethink the recent crypto ban proposed by the country’s central bank.

Speaking at a video conference with government ministers on Wednesday, he said that there are “competitive advantages” in crypto mining.

Given the surplus amount of electricity in Russia, coupled with “well-trained” mining professionals, he directed the Central Bank of Russia (CBR) not to neglect the advantages of Bitcoin mining.

This is a good news to read. Russia is not like China and not like other countries that did not do enough research but copying countries like China when they did not do research very well to know if crypto will help or not.

[GreatArkansas]

Expecting that Russia will next China for about their regulation on Bitcoin?
I don't think so. We saw already this kind of drama in China recently but even how they will become strict to Bitcoin, especially Bitcoin mining. There will be always a solution, and another thing is these decisions from Russia are still not final. I'm thankful about Putin that noticed it and the good part of it.

[PX-Z]

Russia, India what else? These countries always contradicting it's regulators although there's no final verdict or law agaisnt crypto, it's always falls in the gray area. Idk how the bills becomes law on their kind of government, but if Putin, their president do like it and know the advantage of this kind of business (mining) then we might see a good sight, if not, then accept it. It will just fade how China ban crypto operation on their country.

[TravelMug]

We will have to wait and see, if they totally ban everything related to crypto then we can't do anything about it. But for sure our Russians crypto enthusiast will do everything to continue their crypto activities despite the ban. Crypto has been the back bone for the majority of us and just because their President or their Central Bank issue a blanket ban does it mean that they are going to stop.

In any case it will have an effect on the price, but I don't think it will be drastic and long enough.

Also, if I may add, just take everything with a grain of salt though, Russia has been contradicting themselves for years regarding their love for crypto.

[Gamerholic]

The Central Bank of Russia was given to understand that the cryptocurrency and its restriction, let alone the ban, are not its jurisdiction. That the opinion of the Bank of Russia will be taken into account, but the Government will do what it sees fit without looking back at the stupid statements of the Central Bank. And you know what? I know for sure that most of the people who for some reason were bothered by the announcement of the Central Bank calmed down and continued to go about their business as usual. The issue was raised at the highest level, the level of the President, and he said that everything would be fine.

[Haunebu]

Honestly, Russia and Putin are busy dealing with the Ukraine issue currently which is why they probably aren't focusing a lot on their recent cryptocurrency ban.

Whatever the case, you cannot completely ban cryptocurrencies for obvious reasons and I find it hilarious seeing some people actually think that it's possible. Such people need to improve their brain-power asap.

[kaya11]

It is because people will panic and buy Bitcoin if things get worst between Russia and Ukraine. You what I mean, if this gets to a big war, Russian currency will fall hard and people will see Bitcoin and other crypto currencies as a safe haven. It is a wise move and some sort sacrifices should be done, like bitcoin mining company closing down and other related transactions to crypto. Our Russian friends here might be thinking of ways like migrating to another country if they have means and bring their stuff to where Bitcoin is free to use with no banning occured.

[fiulpro]

I do think we have to understand that Russia have an economic crisis which does mean that at the end of the day people might already be aware of how it would go down If Russia tries and go against NATO , US , UK and other nations as well. Who knows if they won't start world war 3. I live in Ukraine and all our embassies are trying to warn students to not travel and we are being bombarded by the emergency numbers as well, therefore I do think that there is a lot to loose. But at the end of the day people should understand that there is a lot to loose and should hold things like Bitcoins and other cryptocurrencies because that can provide them with a certain backup.

[amishmanish]

As per the article, the Minister of Finance and apparently, The Big Vlad himself does not agree to what the central bankers have said about crypto. Are we sure this is Russia we are talking about? Isn't it the case that Putin's word is writ there?

Whatever the confusion, this is good news. If Putin supports Bitcoin mining, i think the Russia FUD can be put to rest.

From the link in the website of kremlin.ru; the translated speech from Putin reads thus:

But before we start, as usual, a few current questions. I would like to start with an issue that is currently in the spotlight - the regulation of cryptocurrencies.

I will say just a few words, I am familiar with the ongoing discussion on this matter. These issues are dealt with and regulated by the Central Bank of the Russian Federation. The Central Bank does not stand in our way of technical progress and is making the necessary efforts to introduce the latest technologies in this area of ​​activity.

As for cryptocurrencies, the Central Bank has its own position, it is connected with the fact that, according to the experts of the Central Bank, the expansion of this type of activity carries certain risks, and first of all for the citizens of the country, given the high volatility and some other components of this topic. Although, of course, we also have certain competitive advantages here, especially in the so-called mining. I mean the surplus of electricity and the well-trained personnel available in the country.

I would ask both the Government of Russia and the Central Bank to come to some kind of unanimous opinion during the discussion, and I would ask you to hold this discussion in the near future, and then report on the results that will be achieved during this discussion. This is the first.

Thats a lot of positives.

LOL @ Putin addressing the "Govt of Russia" and the "Central Bank" to sit and come to a unanimous opinion. That is what being Putin means I suppose.

[RapTarX]

Russia is a very important nation toward the adoption of Bitcoin; most probably the most active local board in bitcointalk if I'm correct.
They have surplus electricity and it's an advantage without any doubt but their CB isn't after that. On the other hand, their Finance ministry is opposing the decision and they are suggesting going through regulation instead of banning it. That's good. Both Putin & Finance ministry are backing up crypto. I guess there's nothing wrong going to happen in the fate of bitcoin in Russia.

[Oceat]

Russia, India what else? These countries always contradicting it's regulators although there's no final verdict or law agaisnt crypto, it's always falls in the gray area. Idk how the bills becomes law on their kind of government, but if Putin, their president do like it and know the advantage of this kind of business (mining) then we might see a good sight, if not, then accept it. It will just fade how China ban crypto operation on their country.

I wonder what country would do the same next time after making a scene like what China did in the past and then now, Russia. It's like a drama that China did in the past making a FUD to make the Bitcoin market cheap. Russian President should reconsider their decision since making deals with cryptocurrency especially in Bitcoin has nothing to do with what they were thinking that would cause something in their economy.

I think president Putin would reconsider his decision or else miners will have to move a a different location/country again. I'm surprised Russia today did have a problem with Bitcoin whether they like their people to own it or they just they have their own reason.

[teosanru]

I am surprised to see such liberal views from Vladimir Putin, you would generally not see him favoring liberal ideas, but with this, I feel that Russia can really get a competitive edge in crypto mining and might even be able to re-establish itself as an economic power of the world with this. Also that Russia's Central bank unlike many countries isn't an independent body from the government, government and executive really has a lot of influence on it, so if Putin thinks Russia should dive into the ocean of opportunities in bitcoin then I think probably the central bank too would legalize the same in coming time.

[adzino]

If the Russian president says bitcoin is good, then bitcoin is good for them (even if it isn't). I doubt the central bank can do shit about it. But what is with central banks and banning bitcoin? If they are worried that people might launder or be involved in criminal activities using bitcoin, then why not just impose a proper regulation and framework where it would be hard for people to abuse crypto currencies for their own benefit? Or are they just scared that bitcoin might replace the banking system?

[BIT-BENDER]

I'm afraid the fate of bitcoin in this country is rather vague. Especially in light of the fact that not so long ago they simply wanted to ban it corny.

I would not say that why because I don't think the date of Bitcoin is tired to any government, I can say this on a personal grounds. I am from a country where the government is always trying to traucate crypto-currency enthusiast but I think it's our passion and the decentralized nature of crypto-currency that has gotten us this far. That said I still believe that there is a big future for crypto-currency in any country and the government has to accept that.

[romero121]

It is common to see more news coming from countries like Russia, India and China. In recent days Pakistan too have got added to the list. Russia is a supportive nation and more active participants of cryptocurrencies in the early days were from Russia. If there were regulations surely people could've stopped using it. So Russia have got a big role in cryptocurrency market growth. Now also this is going to be a step to regulate and use without any financial harm to the country. As of now discussions will continue and people will use on their own ways.

[Slow death]

I am surprised to see such liberal views from Vladimir Putin

don't believe anything he says, he is an expert in lying and manipulating people I remember that several times he has already spoken well about bitcoin and then he did the opposite of everything he said, he has been doing this for years and I remember that there was a member of the government of russia who said that in russia only your fiat will be used and no other currency