Proposed Cryptocurrency ban in Russia

[Kakmakr]

Russia, one of the global bodies who practice and engage the use of crypto currency has proposed a ban on it, stating fears as it(crypto) being a threat to digital currencies and also poses a threat to financial stability.
  Vladimir Putin, president of Russia has decided that the  proposed ban will be necessary as it will be able to curb financial insecurities. Mean while, Anton Siluanov, Finance Minister, is hoping there can be ways to iron out disagreements and that a bill be passed into law regulating cryptocurrency.
  He is also of the opinion that should arguments ensue over the proposed bill, arrangements for it will be prolonged but is still hopeful that the President will agree to a consensus.

I think OP are referring to this article that was released a couple of days ago ==> https://economictimes.indiatimes.com/markets/cryptocurrency/russian-authorities-clash-on-plans-for-crypto-regulation/articleshow/89687455.cms

I quote : " MOSCOW -A simmering dispute over cryptocurrency regulation in Russia heated up on Friday as the finance ministry submitted legislative proposals that clashed with the central bank's demand for a blanket ban. " <== Take note, they clash against the Banks!

They are obviously not sharing the same ideas when it comes to Crypto currencies, but it will all change when strict sanctions are implemented, if they invade the Ukraine. (Then Bitcoin will be used to bypass payment restrictions that will be in place)  

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[arwin100]

Russia, one of the global bodies who practice and engage the use of crypto currency has proposed a ban on it, stating fears as it(crypto) being a threat to digital currencies and also poses a threat to financial stability.
  Vladimir Putin, president of Russia has decided that the  proposed ban will be necessary as it will be able to curb financial insecurities. Mean while, Anton Siluanov, Finance Minister, is hoping there can be ways to iron out disagreements and that a bill be passed into law regulating cryptocurrency.
  He is also of the opinion that should arguments ensue over the proposed bill, arrangements for it will be prolonged but is still hopeful that the President will agree to a consensus.

Well in terms of bitcoin or cryptocurrency adoption it will take long discussions before we can see proper regulation since there are so many things to consider and other people who are afraid on new things will be skeptical about new adoptions. So I guess this will matter unto them if they impose proper regulation or banning it since for sure if they decide to take this out temporarily in their country then for sure they lose the opportunity which can help more their economy.

[fullhdpixel]

Russia, one of the global bodies who practice and engage the use of crypto currency has proposed a ban on it, stating fears as it(crypto) being a threat to digital currencies and also poses a threat to financial stability.
  Vladimir Putin, president of Russia has decided that the  proposed ban will be necessary as it will be able to curb financial insecurities. Mean while, Anton Siluanov, Finance Minister, is hoping there can be ways to iron out disagreements and that a bill be passed into law regulating cryptocurrency.
  He is also of the opinion that should arguments ensue over the proposed bill, arrangements for it will be prolonged but is still hopeful that the President will agree to a consensus.

I thought this country have just legalized crypto recently and then they will ban it few moments later? lol Did Russia have their digital currencies already? And why they are more concerned of it than the local currency? But they should avoid this kind of mentality, they are not kids anymore. How many times it explained to us that cryptos are not the enemy of the other currencies and cryptos are not going to rule the whole world because that's just crazy lol.

Okay cryptos may not be stable but what can we do? That's how make them unique and attractive but most of all that can be beneficial if they will only learn it. Better if they observe things first if cryptos are really bad for them or not and not by doing immediate actions.

[Hydrogen]

Russia's stance on bitcoin has shifted over time.

Initially russia was pro bitcoin and proposed mining crypto with electricity generated by nuclear power plants. Years in the future, russia seemed to support a crackdown down on bitcoin when the russian exchange BTC-E was shutdown by the united states.

Fast forward more years, we've seen many proposals from banks to ban russia from the SWIFT banking financial network. Proposals of economic sanctions on russia, with additional proposals for harsher sanctions.

Russia's central bank may initially have proposed anti bitcoin and anti crypto regulation for russia's economy. It appears that russia has decided to retaliate against economic sanctions and proposals to sever russia from banking networks by implementing the opposite of what their central bank recommends. I don't its a secret that banks push anti crypto regulation, and perhaps russia has decided to do the opposite to spite them.

[Agbe]

It is not a new thing in the world. Most countries in the world have banned Crypto-Currency and later accept it again.

Russian government can only propose but the implementation of it is an another issue. Most of the youths in the country are using the currency

[boyptc]

What is really happening there?

The most recent is that they're already good with cryptocurrencies and there's no ban that will happen. @OP what's the source of this and if it's possible please include.

Sometimes, there a need to verify the information that we want to share with the others because it is confusing and shouldn't mixed with what's the actual news that has been positive.

There’s a lot of confusions here actually, because like China they also keep on changing their decisions towards cryptocurrency so we don’t really know what’s real here not unless they make a law legalizing cryptocurrency. Well, there’s an on going big issues on Russia so I don’t think they still have time to focus on cryptocurrency but hopefully, they can have a good decision with regards on supporting crypto.

Yeah, they're like China that changes their decision anytime that they want.

About the news of this shift, I'm sure that there's a different branch of their government that's dealing with this crypto related discussion and there's also the other branch that's focusing on their attack and tension with Ukraine.

If it's their central bank that's doing the job, we have to wait to the clearer picture of what really it's all about.

[Lanatsa]

Russia, one of the global bodies who practice and engage the use of crypto currency has proposed a ban on it, stating fears as it(crypto) being a threat to digital currencies and also poses a threat to financial stability.
  Vladimir Putin, president of Russia has decided that the  proposed ban will be necessary as it will be able to curb financial insecurities. Mean while, Anton Siluanov, Finance Minister, is hoping there can be ways to iron out disagreements and that a bill be passed into law regulating cryptocurrency.
  He is also of the opinion that should arguments ensue over the proposed bill, arrangements for it will be prolonged but is still hopeful that the President will agree to a consensus.

Well in terms of bitcoin or cryptocurrency adoption it will take long discussions before we can see proper regulation since there are so many things to consider and other people who are afraid on new things will be skeptical about new adoptions. So I guess this will matter unto them if they impose proper regulation or banning it since for sure if they decide to take this out temporarily in their country then for sure they lose the opportunity which can help more their economy.

Temporary or permanent it would really be mattering on their own jurisdiction and decisions about such manner because not all countries would really be ending up on the same view towards crypto.

Most of them would be definitely be focusing on its cons rather than into its benefits which it isn't something new or we can say that government does have that kind of common reaction.
Neither they would banned it or not then expect that they would really be having lots of factors to consider first if ever they would decide to adopt it.

[coolcoinz]

They won't ban it. There are two opposing opinions one of the bankers who are afraid of bitcoin and one of officials who want to regulate and tax it. It comes down to the fact that central bankers don't make the laws, they can only try to persuade politicians and have the money to do it, but they don't decide anything. Bankers are stupid because regulating bitcoin will not stop people from using the national currency. People will hold bitcoin as a reserve and still continue to spend fiat money like they did last year and the year before. Regulating brings only benefits while banning it will not stop people from holding it only make it impossible to run a legal business and pay taxes.

[Argoo]

I don't think Russia is planning to ban cryptocurrency, what I heard was they are planning to regulate cryptocurrency in the country. Regulating cryptocurrency is not as bad as banning it because people will still be free to use it with policies backing it up. Russia is a powerful country and I don't think they are ready to ban bitcoin when their counterpart never stand against it.

Maybe OP needs to do some research before trying to pass a wrong info to people who are not aware of the regulation of crypto in Russian.

The situation in Russia is constantly changing, as is the opinion of its politicians and senior officials. Yesterday Russia recognized the existence of two independent republics on the territory of Ukraine and has already openly sent its troops there. It's practically an open war. And Europe and the United States in this case pledged to introduce hellish sanctions against Russia, which have never been introduced before. In particular, Russia will be cut off from being able to use the dollar and the euro. Therefore, now is the time for Russia to use bitcoin and other cryptocurrencies.

[fiulpro]

Now their threat to financial stability is long gone isn't it ? Since they are already planning to invade Ukraine therefore they need something to back them up and to have policies in place that would support them in such state. I do think that even if Russia does not plan to ban cryptocurrencies it would not be a good idea for them to use something like bitcoins for starting a world war 3. They want to regulate mining by setting up areas which would be controlled by the government, certain permissable areas. Which I do think is quite a lot happening. Bitcoins is powerful therefore it scares me that a country can actually use it to back up war.

[Obito]

It is not a new thing in the world. Most countries in the world have banned Crypto-Currency and later accept it again.

Russian government can only propose but the implementation of it is an another issue. Most of the youths in the country are using the currency

That's the current status quo I guess, big countries banning crypto and then not implementing the ban and thus end up with another wasteful laws and they only wasted their time and the taxes of the people. Hopefully we would see these countries having a push and pull end up deciding where they stand because the people are the one that's suffering the most.

[DrBeer]

After another violation of international law by Russia, potentially imposed sanctions against the Russian Federation, namely the work with the US dollar and the euro, with a certain probability may also affect the crypto market. These restrictions may also affect, for example, the withdrawal of funds from exchanges in the specified currencies. Well, plus absolutely contradictory views on the cryptocurrency of different branches of power (from allowing it in a controlled manner to a complete ban) give reason to assume that the future of the Russian crypto market is rather vague.

[dezoel]

I guess that what you saw was the old news. Indeed there was a time that they proposed to ban bitcoin, but that was around earlier this year, and they have later changed their mind. With the recent news about the position of cryptocurrency in the country, they have decided that it is best for them to regulate it, which is definitely the best thing that they would do now.

There are already lots of miners in this country, so I think that if they really went ahead to ban cryptocurrency in their country, it really would have affected the market a bit, although it wouldn’t be anything serious as the market would still catch up very soon. Currently Russia holds a top position in bitcoin mining.