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.

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.

I got the information form several outlets. I guess it is a time of undefinition and continuous changes in opinion even from the governments. I take it that since it changed in 9 days, it may very well be back into track in another 9  I think that keeping the ban is just ridiculous as you would be ignoring transactions and people would still find the way to trade even if they have to fake KYC and the like in foreign exchanged.

[The Sceptical Chymist]

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.

When I read this, my thoughts immediately went to Ukraine as well, although in a much more cynical fashion.  I'm wondering if Russia putting out a news story that no doubt will be received favorably (since crypto is extremely popular in Russia and because of cheap electricity must be lucrative as hell), attention might be directed away from the hostilities that are brewing between both countries.

It's not like that hasn't happened before; it has, and all throughout the world in many different era.  Governments/politicians use misdirection as a tactic to keep their popularity up when they're undertaking much bigger, far more important actions that would not gain them any favor in the public eye.

Now as far as the substance of the story itself:  YAAAAY-UHH!!!  I'm not Russian, but Russians are Russian and they're big (and numerous) in the crypto world.  It would be one hell of a shame if their government regulated bitcoin to the point of it being practically unusable.  Kuckle-bump to all my Ruskie bros out there.

[qwertyup23]

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.

This will definitely impact the price of bitcoin in the market. With one of the countries that used to ban BTC with their geographical location being ideal for mining, this kind of opportunity will attract future miners in setting up their system on the country.

I just do hope that other countries would start to accept BTC exchanges to their country. With its dominance in the transactions, I somehow doubt that prohibitions from other countries would last, given that a widespread of people have already utilized it. Let us just w and see that such payment method be implemented and integrated into our countries.

[Sterbens]

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 undeniable that the source of Russia's wealth will be the benchmark that will provide a bit of a big boost. Plus the widely accepted adoption of Bitcoin has had a good economic impact. Russia is the largest country now open to Bitcoin. I firmly believe that this adoption will make price changes. Because the level of speculation in Russia about cryptocurrencies is a hunting ground for investors and elements of the government.

Not to rule out the possibility that after the official financial amendments in Bitcoin, President Putin could have imposed the payment of government salaries with Bitcoin. The most important thing is to be accepted first, after that there will be a lot of good considerations about the payment system.

[Darker45]

Russia apparently chose the better path with the green light being signaled for Bitcoin. However, people should still be wary. The legalization is obviously grounded on centralized terms and conditions, ones which are contrary to the Bitcoin spirit. If I am a Russian and has Bitcoin secretly kept in my wallet, I might not be coming out despite the national acceptance.

Bitcoin could only be used with "with full identification, through the banking system, or via licensed intermediaries." Furthermore, "fines will also be levied on those who illegally accept crypto as a means of payment."^[1] That doesn't sound great at all.

[1] https://www.theblockcrypto.com/linked/133586/russia-set-to-recognize-crypto-as-a-form-of-currency-report

[TheGreatPython]

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.

There was a saying once that "if you cant beat them join them" this is now happening in the country of Russia where their government join its people because people seem cant get enough of using a bitcoin even though bitcoin is banned already in their country.

Sometimes it takes only courage to get what you desire unlike to other countries where they got scared easily in anything that their government is saying but I guess they are only care about their selves or to their love ones because they can also get in trouble if they wont follow the protocol. Their government might want to do regulations too so that they can also identify the bad actors in the market.

[molsewid]

There was a saying once that "if you cant beat them join them" this is now happening in the country of Russia where their government join its people because people seem cant get enough of using a bitcoin even though bitcoin is banned already in their country.

Sometimes it takes only courage to get what you desire unlike to other countries where they got scared easily in anything that their government is saying but I guess they are only care about their selves or to their love ones because they can also get in trouble if they wont follow the protocol. Their government might want to do regulations too so that they can also identify the bad actors in the market.

What a precise quotes for the current situation where Russia is in now. I know that it might give a positive feedback to the crypto platform especially bitcoin and I do hope for that. It's true that people are the true power of a nation and that's what it proves by the Russian people to the government. I believe that Russia did a great choice here by considering accepting bitcoin exchanges and hopefully it will be taken legally sooner without any hindrances.

[MMA]

There was a saying once that "if you cant beat them join them" this is now happening in the country of Russia where their government join its people because people seem cant get enough of using a bitcoin even though bitcoin is banned already in their country.

Sometimes it takes only courage to get what you desire unlike to other countries where they got scared easily in anything that their government is saying but I guess they are only care about their selves or to their love ones because they can also get in trouble if they wont follow the protocol. Their government might want to do regulations too so that they can also identify the bad actors in the market.

What a precise quotes for the current situation where Russia is in now. I know that it might give a positive feedback to the crypto platform especially bitcoin and I do hope for that. It's true that people are the true power of a nation and that's what it proves by the Russian people to the government. I believe that Russia did a great choice here by considering accepting bitcoin exchanges and hopefully it will be taken legally sooner without any hindrances.

That is what we were expecting and hopping from Russia, but the current conflict between the two countries is now creating problems. whole market is down due to these uncertainty. hopefully we will hear good news from there and which will again turn the market in a positive track. we just need to stay calm and think positive.

[icopress]

[...] I'm wondering if Russia putting out a news story that no doubt will be received favorably (since crypto is extremely popular in Russia and because of cheap electricity must be lucrative as hell), attention might be directed away from the hostilities that are brewing between both countries.

Cryptocurrency is popular in Russia and Ukraine not because of cheap electricity, but because of the fact that the population has a total distrust of the banking system and the fact that the population does not want to pay taxes (by the way, the population cannot be blamed for this, only the government is to blame). As for the hostilities...stop watching the propaganda news, as there is not a single chance that a military conflict will break out between Ukraine and Russia.

[Argoo]

[...] I'm wondering if Russia putting out a news story that no doubt will be received favorably (since crypto is extremely popular in Russia and because of cheap electricity must be lucrative as hell), attention might be directed away from the hostilities that are brewing between both countries.

Cryptocurrency is popular in Russia and Ukraine not because of cheap electricity, but because of the fact that the population has a total distrust of the banking system and the fact that the population does not want to pay taxes (by the way, the population cannot be blamed for this, only the government is to blame). As for the hostilities...stop watching the propaganda news, as there is not a single chance that a military conflict will break out between Ukraine and Russia.

You are wrong. Russia has already started an open war against Ukraine, and in fact against the entire civilized world. Yesterday, Putin recognized the independent parts of the Russian-occupied Donetsk and Lugansk regions of Ukraine, and already at night, Russian troops, along with heavy military equipment, openly entered these territories of Ukraine and stood on the line of contact with the Ukrainian troops.
Now Europe and the United States must fulfill the promise to impose hellish sanctions against Russia if even one Russian soldier sets foot on the territory of Ukraine. First of all, Russia will be cut off from the use of the dollar and the euro. It is quite possible that in this case, bitcoin for Russia will be very useful.

[beerlover]

It is not "gives in", it is realizes the potential profit of it. I mean Russia is about to wage a war, or maybe they won't , we really do not know. However money is something they will always need and if they just accept exchanges and they tax them, there are a ton of taxes to be made from it. Russia is heavily crypto loving nation from the citizens, and if the politicians realize this then they will realize that they will be making a lot of money.

All of those people will use the exchanges and they would end up with paying the trading fees as well and when they do the exchanges will make a lot of money and when they make a lot of money then they will end up paying a lot of taxes and that helps Russia overall.

[24Kt]

It is not "gives in", it is realizes the potential profit of it. I mean Russia is about to wage a war, or maybe they won't , we really do not know. However money is something they will always need and if they just accept exchanges and they tax them, there are a ton of taxes to be made from it. Russia is heavily crypto loving nation from the citizens, and if the politicians realize this then they will realize that they will be making a lot of money.

All of those people will use the exchanges and they would end up with paying the trading fees as well and when they do the exchanges will make a lot of money and when they make a lot of money then they will end up paying a lot of taxes and that helps Russia overall.

By now, I believe, most governments are realizing that there's no benefit of continuously being strict about crypto industry, like banning or not letting crypto-related businesses to thrive under their jurisdiction. Because they have seen that despite of banning in China and other countries, bitcoin and other crypto continue to survive and it keeps on growing. So instead of being hard on this market, why not get the share from it via regulating its existence and getting taxes from this business? And Russia is not dumb about not seeing crypto market as another source of income, now, that they need more funds during this time of possible crisis.

[sarmrakib]

There are positive and negative impacts of emerging crypto regulations in Russia

The positive impact is that crypto owners are safer because they are legally protected, and the government can minimize dirty transactions using crypto

but the negative effect is that the privacy of crypto users there will certainly no longer exist, everything is visible and tracked by the government

No I won't think so that it has such negative effect in that privacy will be revealed. As much it has been legalized it means that the status is no longer illegal and people are free to transact freely and claim to have bitcoin or show wallet but it doesn't restrict that it will be revealed the privacy of owner, bitcoin in Russia is still decentralised. If you talking about privacy revealed that can be when the government is establishing a bitcoin payment portal and outlet that require to pay in through the bitcoin or cryptocurrency maybe they require KYC. If exchange too is asking to do KYC.

This is always good to know that the negative status has been removed and the made it legal .I was almost sure that they will not able to ban it even restrict it cause the huge amount of user will lost their asset and the way of how they were earning regularly .Now the question has come once again if the gov. want to reveal the user how they will really do it cause the user always want to avoid the KYC system for their privacy.I think we need to wait for the clear regulation if really the want to get the information of the user .Let's see how everything will happen in next .

[darewaller]

Obviously, there is a good case to be made about the fact that Russia is not doing anything that could be considered "acceptable" at the international level, but at the same time nobody will say no to them neither and care about Ukraine enough. With that in mind, that means Russia could be needing some new income, with the sanctions and a need to create a new taxes or some other method that they need to get out of the difference these sanctions will bring, means that crypto is a great way out for them.

Look at Iran for example, they have been living with sanctions all their life and they are doing fine, not great but fine and that means Russia will do even better. Iran uses crypto to go around some legal loopholes, Russia could try to do that as well, at least Russian citizens could do that. Which is why I believe that they should not be really worried all that much.

[fiulpro]

This is just their dark plan to move on with the sanctions that have been imposed on them therefore I do not think that we should be considering them saints for real since this is to meticulously calculated at this time again shows how the government body flocked to the house when they saw things collapsing internationally and the only thing that provided then with peace was bitcoins. I do hope that they do not use it to fund their war since at the end of the day that is catastrophic and might be the beginning of world war 3, which is the last thing that we need in the middle of the ongoing pandemic. No one hopes to live with the tanks and the COVID.

[Argoo]

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.

Russia is far from Ukraine in the issue of full legalization of cryptocurrency. On February 17, the Verkhovna Rada of Ukraine adopted the law on virtual assets for the second time, fully legalizing its circulation in Ukraine as a means of payment. In Russia, there is still no single approach to this issue. There, the Central Bank still demands to completely ban the circulation of cryptocurrency, and in the Duma there is a bill establishing criminal liability for its use as a means of payment. Therefore, we do not yet know what final decision will be made there. This will depend on many factors, including the state of war with Ukraine and international sanctions.

[Kasabus]

There are positive and negative impacts of emerging crypto regulations in Russia

The positive impact is that crypto owners are safer because they are legally protected, and the government can minimize dirty transactions using crypto

but the negative effect is that the privacy of crypto users there will certainly no longer exist, everything is visible and tracked by the government

No I won't think so that it has such negative effect in that privacy will be revealed. As much it has been legalized it means that the status is no longer illegal and people are free to transact freely and claim to have bitcoin or show wallet but it doesn't restrict that it will be revealed the privacy of owner, bitcoin in Russia is still decentralised. If you talking about privacy revealed that can be when the government is establishing a bitcoin payment portal and outlet that require to pay in through the bitcoin or cryptocurrency maybe they require KYC. If exchange too is asking to do KYC.

This is always good to know that the negative status has been removed and the made it legal .I was almost sure that they will not able to ban it even restrict it cause the huge amount of user will lost their asset and the way of how they were earning regularly .Now the question has come once again if the gov. want to reveal the user how they will really do it cause the user always want to avoid the KYC system for their privacy.I think we need to wait for the clear regulation if really the want to get the information of the user .Let's see how everything will happen in next .

I think KYC in the latter part will still be required in the long run. Although it could ruin the anonymity factor for bitcoin users, but for me it does not imply negativity. Since starting now, our trading accounts will be more safe since all exchanges are protected by the government and that rest assured that we will no longer fall into fake exchanges. Well, having exchanges with KYC does not really mean to expose our full identity, we are still anonymous provided that we are still the ones who take responsibility for the safety of our own account and password.

[fullhdpixel]

It is not "gives in", it is realizes the potential profit of it. I mean Russia is about to wage a war, or maybe they won't , we really do not know. However money is something they will always need and if they just accept exchanges and they tax them, there are a ton of taxes to be made from it. Russia is heavily crypto loving nation from the citizens, and if the politicians realize this then they will realize that they will be making a lot of money.

All of those people will use the exchanges and they would end up with paying the trading fees as well and when they do the exchanges will make a lot of money and when they make a lot of money then they will end up paying a lot of taxes and that helps Russia overall.

Acceptance of cryptocurrency in Russia means more income for their government. The news have it that Russia is in the top spot of countries that has the most Bitcoin mining share. Now, imagine how much they would be able to make by taxing all those? And apart from how much this would benefit the government, we all also know that this will benefit the citizens, and will in turn benefit the economy of the country.

So it’s not bad, it’s really a good thing that they realised that it was a good opportunity, and banning it in the country would have been a huge mistake for them. Lastly exchanges would also be more  income, as they pay taxes.

[Rengga Jati]

Has this new regulation really been passed into regulation under the law?
If not, then who knows, it will change again for one reason or another.
Sometimes these countries are difficult to understand because they often make arbitrary statements. 

But at least, from this news, we can take the positive value of how the jurney of Bitcoin in this country.
This maybe true:

Now, they realized the saying, "if you can't beat them, join them".

Within or without any hidden interest and willingness behind, because of some hidden and secret reasons maybe.
At least, we have a little bit of good news about Bitcoin again this time. Although we don't exactly know whether this good news will help Bitcoin makret to recover or not.

[dezoel]

Better for them. If they banned Bitcoin it is not going to make the millions of people who are already Bitcoin investors there to stop buying and selling Bitcoin. People would still continue as long as they have started. I know a few where the government banned Bitcoin all of a sudden and people quickly decided that it was best for them to switch to peer-to-peer exchanges.

So, the government’s are just wasting their time with banning Bitcoin, because it never works. The smart ones would not ban Bitcoin, rather they would legalize it and welcome crypto companies and exchanges into their country, and use that as an opportunity to benefit from cryptocurrency.