Russia gives in and considers accepting bitcoin exchange

[paxmao]

https://www.euronews.com/next/2022/02/09/russia-s-government-and-central-bank-agree-to-treat-cryptos-as-currency

From considering a ban to admitting that it is nearly impossible to prevent the use of bitcoin, that is already extended to millions of its citizens that will not stop their trading and holding just for an official ban, the government has chosen a much wiser path, legalise and make sure that the actors of the market are clearly identified and can operate in full compliance with legislation.

EDITED to add: "... and then decides not to".

[1714530079]

1714530079

[24Kt]

Now, they realized the saying, "if you can't beat them, join them". Because as they have seen, no matter what they do to prohibit the use of btc, their people will always find a way how to go around and transact with crypto. So it is useless to ban if there's other way to use it, right? It is better to get at least something from the taxes paid by these crypto exchanges or other related crypto business rather than not getting anything because they are operating in black market. This is why I am positive that other countries like Bangladesh, Egypt, Iraq, or even China will change their position towards bitcoin in the near futture.

[dothebeats]

It's almost as if they are trying to compete against Ukraine at this point on who's going to be the country wherein Eastern Russia can do their business with when it comes to cryptocurrencies. Russia has a somewhat huge population of cryptocurrency users, and knowing the economic situations of the said country, it really is a smart move for them to just give in and accept that crypto is inevitable, and that people will soon catch up to it and that they just have to build and plan ahead before the massive surge.

[Strongkored]

Perhaps, the Russian government realized that after much consideration from crypto experts that it would be difficult to ban crypto and it would be better to accept it and see other benefits by accepting crypto e.g. with the imposition of taxes that would increase the country's income, we know that the government will always consider everything if it can add income to their coffers.

[gantez]

Russia has realised ahead of time that it won't be a good idea to deprive the citizen the chance to freely trade with counterparts just like Ukraine is coming up with legalization also. This step will help the Russia economy because more flow of transaction will be recorded as more cryptocurrency related businesses will open, exchanges won't be restricted and tax will be collected from related businesses. In the region also Russia has opened it self up for international trade and exchange more than fiat currency.

[Zilon]

https://www.euronews.com/next/2022/02/09/russia-s-government-and-central-bank-agree-to-treat-cryptos-as-currency

From considering a ban to admitting that it is nearly impossible to prevent the use of bitcoin, that is already extended to millions of its citizens that will not stop their trading and holding just for an official ban, the government has chosen a much wiser path, legalise and make sure that the actors of the market are clearly identified and can operate in full compliance with legislation.

Just the best any nation can do other than make I ban on cryptocurrency. Russia government has finally realized the will only keep promoting fraud and cyber crime if the keep holding on to the ban because no matter how strict the policy might seem Russians will still own crypto and since exchanges aren't legalized they will operate in the hidden there by making crypto owners even more anonymous then malware attackers could take good advantage of it to take good ransom for their cyber thefts

[Poker Player]

https://www.euronews.com/next/2022/02/09/russia-s-government-and-central-bank-agree-to-treat-cryptos-as-currency

From considering a ban to admitting that it is nearly impossible to prevent the use of bitcoin, that is already extended to millions of its citizens that will not stop their trading and holding just for an official ban, the government has chosen a much wiser path, legalise and make sure that the actors of the market are clearly identified and can operate in full compliance with legislation.

I think you are late to post this news. Just not long ago I responded in a similar post because yesterday's news is not very flattering, and raises a completely different picture from what was expected on the 9th:

This is a link to a good source(RU)
https://tass.ru/ekonomika/13754269
Nothing changed. The Central Bank wants to neutralize cryptocurrencies in Russia as much as possible by banning banks, commercial organizations, etc. And the Ministry of Finance wants to regulate this area. But there is no result yet. It is not even clear what taxes will have to be paid.
__
Just do not write more about the Communist government, this is complete nonsense.

You can read the Russian newspaper using an online translator, I have done so.

[Fortify]

https://www.euronews.com/next/2022/02/09/russia-s-government-and-central-bank-agree-to-treat-cryptos-as-currency

From considering a ban to admitting that it is nearly impossible to prevent the use of bitcoin, that is already extended to millions of its citizens that will not stop their trading and holding just for an official ban, the government has chosen a much wiser path, legalise and make sure that the actors of the market are clearly identified and can operate in full compliance with legislation.

Unlike the internet, I guess they found it pretty impossible to control anyone in the country from being able to use it - so they might as well legalize it, tax it and have businesses making profit from it. Sounds like it will still be somewhat restricted and they what to contain it to certain areas of the country, at least from the mining perspective. It's a bit surprising that the ministry of finance and the central bank were so at odd's with each others opinion, maybe there is some kind of rivalry going on between the leadership of these two institutions and this is an outlet. The central bank, which controls the normal money flow, has lost it's case to the ministry of finance who is trying to innovate.

[laredo7mm]

https://www.euronews.com/next/2022/02/09/russia-s-government-and-central-bank-agree-to-treat-cryptos-as-currency

From considering a ban to admitting that it is nearly impossible to prevent the use of bitcoin, that is already extended to millions of its citizens that will not stop their trading and holding just for an official ban, the government has chosen a much wiser path, legalise and make sure that the actors of the market are clearly identified and can operate in full compliance with legislation.

Last month Russia was planning for a crypto ban by fearing money laundering. It's good to see that decentralization proves superior compared to centralization. But I am confused about "analogue of currencies" terms stated in the OP. They said they will not treat it as a digital asset and consider it as a currency which means they are going to announce bitcoin as a legal tender? Is there any info published about those draft laws?

[TheNineClub]

https://www.euronews.com/next/2022/02/09/russia-s-government-and-central-bank-agree-to-treat-cryptos-as-currency

From considering a ban to admitting that it is nearly impossible to prevent the use of bitcoin, that is already extended to millions of its citizens that will not stop their trading and holding just for an official ban, the government has chosen a much wiser path, legalise and make sure that the actors of the market are clearly identified and can operate in full compliance with legislation.

Did someone on their side not think things through ? Or was the initial report of crypto banning just somebody (from the government or connected to) blabbing out something that was actually just one of the things they were looking into and considering but never made real plans to do it. So yeah, governments are still trying to figure out what to do with this and I don't think any definitive consensus will be met anytime soon. I wouldn't be surprised by changes in the approach towards crypto dependent on what government is in charge.

[livingfree]

https://www.euronews.com/next/2022/02/09/russia-s-government-and-central-bank-agree-to-treat-cryptos-as-currency

From considering a ban to admitting that it is nearly impossible to prevent the use of bitcoin, that is already extended to millions of its citizens that will not stop their trading and holding just for an official ban, the government has chosen a much wiser path, legalise and make sure that the actors of the market are clearly identified and can operate in full compliance with legislation.

It's literally wise for them to just embrace the unstoppable adoption and growth of bitcoin together with the whole market of cryptocurrencies.

They surely doing it with the right path and choice for having no issues anymore with what they've been banning and stopping the growth on their country before.

[DrBeer]

Rejoiced early! In general, remember - if today they say "yes" in Russia, this does not mean that tomorrow they will not say "no"
Very briefly: on February 18, 2022, the Central Bank developed a draft law banning cryptocurrencies. How did the market react
The Bank of Russia has prepared a bill to ban the issuance and organization of the circulation of private digital currency in the country.
Among other things, they suggest: "... The draft law provides for a ban on the organization of the issuance of cryptocurrency and its circulation, as well as on the dissemination of information about it. The draft also prohibits banks and other participants in the financial market from owning private digital currencies ..."


Primary source, for review and study (easily translated by Google Translators)
https://www.rbc.ru/crypto/news/620fc79f9a7947a3f10698aa

[Gyfts]

Understandable why Putin would be okay with Bitcoin and crypto mining, article mentions the electricity costs in Russia being low which supports large mining operations. Considering the access to oil they have, Putin would be a fool to restrict his economy and make all crypto mining farms illegal.

[cheezcarls]

https://www.euronews.com/next/2022/02/09/russia-s-government-and-central-bank-agree-to-treat-cryptos-as-currency

From considering a ban to admitting that it is nearly impossible to prevent the use of bitcoin, that is already extended to millions of its citizens that will not stop their trading and holding just for an official ban, the government has chosen a much wiser path, legalise and make sure that the actors of the market are clearly identified and can operate in full compliance with legislation.

It is because the Russia’s Ministry of Finance knows that if the ban continues, they will be left behind like China and other anti-Bitcoin countries out there. Same thing goes to India, in which they also have the change of heart after proposing a ban sometime last year and criminalize those who are holding and trading some BTC or any cryptocurrency.

Warren Buffett even called Bitcoin a “rat poison” sometime in 2018, and recently he bought BTC in a crypto-friendly bank while he dumped some traditional stocks.

[lovesmayfamilis]

I think you are late to post this news. Just not long ago I responded in a similar post because yesterday's news is not very flattering, and raises a completely different picture from what was expected on the 9th:

According to recent events, there is an opinion that there are two authorities in Russia. One is going to legalize bitcoin, but after the expiration of time, the central bank in every possible way prevents this. One gets the impression that the head of the central bank does not understand bitcoin at all, seeing only the threat of terrorism everywhere. But without noticing all the benefits.
Therefore, until the authorities appoint people who are ready to understand and understand all the details of cryptocurrencies, these "laws" will be thrown from prohibition to permission and vice versa.

[evilgreed]

               This type of decision was already bound to happen not just for Russia itself but for the other countries in the world as well and it will only he a matter of time before other countries follow. Is there really any reason to fight this industry when clearly it is nearly unstoppable without stepping over the rights of the people? Why not just take advantage of it to improve your political standing  with the people? Not only does this gain favor for politicians, it also keeps the people and economy safe from unprecedented threats while also helping the country financially with the tax they can amass from this huge industry. It is a win win situation for the leaders and their countrymen. Why make things difficult in the first place? -.-

[so98nn]

We also know very well that though they ban it they can stop them using it. Same thing happened with their friendly nation India. The crypto had been ban so many times in the past and yet India is holding one of the largest crypto coins in the globe. With the legal tender passing the users are growing at alarming rate.

Now same thing will happen with the Russia as they passed the legalisation of same. Any technical guy can tell, blockchain environment is made in such that, the public ledger allows us to access it from anywhere with just an internet connection.

With VPN tunnels and back doors it’s nearly impossible to restrict the use of crypto. Better accept it and help contribute.

[Wexnident]

Well, they'd probably have better chances of actually managing it (if they ever want to) if they allowed it since, well, banning it actually does nothing to its core. It's still usable by the people as long as they want to, the government can't exactly stop it unless they plug off the internet from the world. They'd probably also benefit here through taxing companies, maybe even as an advertisement of their country being pro crypto. It's mostly pros really. I don't even know if you'd count being hated by anti-crypto people be a con.

[hyudien]

Glad to hear Russia has given the green light for Bitcoin's presence in the bear country. At least this is a benchmark in the future that Russia's alignment with Bitcoin growth is likely to be clearer and no longer gray about the policies that will be launched. Positive alignments or support from Russia will be quite good if in the future Bitcoin is no longer banned as in the past.

This will certainly have a positive impact on the market and crypto investors and traders will no longer have to worry about Bitcoin policies going forward. We will see in the future what steps will be taken to overcome or minimize the actions of market criminals.

[sana54210]

Unlike the internet, I guess they found it pretty impossible to control anyone in the country from being able to use it - so they might as well legalize it, tax it and have businesses making profit from it. Sounds like it will still be somewhat restricted and they what to contain it to certain areas of the country, at least from the mining perspective. It's a bit surprising that the ministry of finance and the central bank were so at odd's with each others opinion, maybe there is some kind of rivalry going on between the leadership of these two institutions and this is an outlet. The central bank, which controls the normal money flow, has lost it's case to the ministry of finance who is trying to innovate.

This was the case for years now and some nations for some reason still goes against it. Bitcoin is not something they could censor, China is doing and trying the same thing as well, this is not internet access where you could block some websites form the ISP, you just need to accept the fact that with the p2p trading options you could never truly stop bitcoin.

Definitely you could limit it, there will be some people who will stop using it because p2p would be too much of a hassle for them but the reality is that you can't really make money from this at all, you just need to accept the fact that it is a profitable thing for a nation that could make money if they do not ban it. Russia realized it finally and they are just going to make sure that they could get it legalized and taxed instead of banned.