Russian Crypto drafted bill release date shifted, do not be misinformed

[_act_]

I read this thread that was created two days ago without any link, for us not to be misformed, that is why I have to post this.

This thread was created two days ago, also two days ago was this on the crypto news which you can read to understand what is going on in Russia

https://cointelegraph.com/news/clarity-pushed-back-russian-government-fails-to-forge-a-consolidated-stance-on-crypto-regulation

I have not seen Vladimir Putin againsting bitcoin and it was not than than speaking good about it in the recent past.

What is going now is between Russian Financial Ministry and Central Bank of Russia. Before, CBR even called bitcoin a ponzi scheme and other anti bitcoin criticism. BOR wished cryptocurrencies to be banned, but to just big institutions and banks but not to individuals which indicate implicit ban, but Vladimir Putin speaks good about it, and not long, the Russian financial ministry want all means bitcoin is not banned but regulated.

The government of Russia said by February 18 that the Financial Ministry and CBR will draft a bill about their opinion on the regulation of cryptocurrencies, but nothing yet happened and probably shifted to March as they have not fully come up with one opinion.

[Zlantann]

This bill might not be approved until the end of the year. There has been disagreement between the Bank of Russia and the Finance Ministry.  The Bank of Russia has proposed banning cryptocurrency trading and mining due to the threat digital currencies pose to financial stability. While, the finance ministry disagrees believing that crypto assets are here to stay and legislating the crypto-space would create an opportunities for legal business. President Vladimir Putin has called on authorities to find a consensus.

https://economictimes.indiatimes.com/markets/cryptocurrency/russian-authorities-clash-on-plans-for-crypto-regulation/articleshow/89687455.cms

[Moneyprism]

of course, the central bank of Russia must think carefully about cryptocurrency regulations, because this will be related to the financial conditions in that country.

... so it is only natural that the release date of the draft regarding cryptocurrencies changes from the predetermined schedule, because there are many factors to consider

[Marleydee]

I read this thread that was created two days ago without any link, for us not to be misformed, that is why I have to post this.

This thread was created two days ago, also two days ago was this on the crypto news which you can read to understand what is going on in Russia

https://cointelegraph.com/news/clarity-pushed-back-russian-government-fails-to-forge-a-consolidated-stance-on-crypto-regulation

I have not seen Vladimir Putin againsting bitcoin and it was not than than speaking good about it in the recent past.

What is going now is between Russian Financial Ministry and Central Bank of Russia. Before, CBR even called bitcoin a ponzi scheme and other anti bitcoin criticism. BOR wished cryptocurrencies to be banned, but to just big institutions and banks but not to individuals which indicate implicit ban, but Vladimir Putin speaks good about it, and not long, the Russian financial ministry want all means bitcoin is not banned but regulated.

The government of Russia said by February 18 that the Financial Ministry and CBR will draft a bill about their opinion on the regulation of cryptocurrencies, but nothing yet happened and probably shifted to March as they have not fully come up with one opinion.

Yes it is necessary for a legislation bill to be drafted as it will help calm the minds of individuals who heard about the supposed proposed ban.
 The BOR has classified crypto as an analogue of currencies rather than just a financial digital asset.

[lovesmayfamilis]

Do not hope for the adoption of cryptocurrencies in Russia. The Central Bank by hook or by crook will prevent this. An important requirement is that cryptocurrency cannot be anonymous.  The Ministry of Finance proposes to test citizens so that in the future they can invest more than 7-8 thousand dollars in bitcoin annually. If the test fails, then the investment must not exceed $650. Mining is a big question as it is also defined as a subject of tax avoidance as well as the environmental impact of mining. There is no coordination between the ministry of finance and the central bank.
In general, it's still very, very early to expect something logical in the adoption of cryptocurrencies in Russia. There will always be a preposition BUT, allowed, BUT.

https://www.reuters.com/markets/europe/russian-finance-ministry-consider-cbank-proposals-cryptocurrencies-2022-02-21/

[24Kt]

Do not hope for the adoption of cryptocurrencies in Russia. The Central Bank by hook or by crook will prevent this. An important requirement is that cryptocurrency cannot be anonymous.  The Ministry of Finance proposes to test citizens so that in the future they can invest more than 7-8 thousand dollars in bitcoin annually. If the test fails, then the investment must not exceed $650. Mining is a big question as it is also defined as a subject of tax avoidance as well as the environmental impact of mining. There is no coordination between the ministry of finance and the central bank.
In general, it's still very, very early to expect something logical in the adoption of cryptocurrencies in Russia. There will always be a preposition BUT, allowed, BUT.

https://www.reuters.com/markets/europe/russian-finance-ministry-consider-cbank-proposals-cryptocurrencies-2022-02-21/

This is why they need regulation. We all know that you can transact with crypto anonymously. However, with regulation for example, their local crypto-exchanges and other crypto-related businesses, will require KYC from their customers. So at that scenario, people are not transacting anonymously anymore. But they should expect that they won't get all the crypto transactions within their jurisdiction because some users won't use those regulated platforms in some of their crypto dealings. Maybe, they are realizing that it is useless if they will totally ban the crypto usage, just like a very good example is in China. So they change their stance, and look into the regulation aspect instead.

[Flexystar]

Okay this is now getting lot more tricky. There are half of the thread who states it’s being banned and half are in favour of its adoption. Let me add a vote, it’s being legalised with proper channel and there won’t be going back with this. Russia started the movement considering Putin is seeing a positive vibe through its adoption. Russians won’t stand with him if go hard on them this time. Bitcoin is already next big thing and highly searched word around the globe. So for the political reasons and also up bringing of new technology I am pretty sure Putin won’t back off this time. Though the timeline is about a year, that much indeed needed to convince the draft between CBR and rest authorities.

[Lucius]

Do not hope for the adoption of cryptocurrencies in Russia. The Central Bank by hook or by crook will prevent this. An important requirement is that cryptocurrency cannot be anonymous.
~snip~

Anyone who knows the history of Russia's relationship with Bitcoin knows that their opinion changes several times a year, and it takes much longer than most of us came to this forum. It seems to me that this is not a priority for them as a state, but there is a lot of interest and lobbying from those who still see some profit in it. It is obvious that all these interests do not coincide with each other, because they say that the level of corruption is a bit higher in Russia than in some other countries - which means that everyone wants their share of the pie, and some obviously think they get too little. 

Anonymity and decentralization are, of course, problems that make the whole thing more difficult, but it is not only a problem in Russia but also in other countries that want to keep as much control as possible when it comes to the finances and investments of ordinary people.

[fiulpro]

- They have much more things to take care of right now with the war and stuff they are focusing their energy on destruction right now how do you think this would go?

- They are going to use Bitcoins to fund for war and everything since at the end of the day, US and other nations wants to impose sanctions and am not even sure how this would work out, using bitcoins to start a new war ? Eh! Nah!

- Even if they allow mining and all it would be highly localized and at the same time they would not really let the market flourish for real, it would be focused on the government gaining profits.

[_act_]

An important requirement is that cryptocurrency cannot be anonymous.

I do not like one thing about banks, they are anti-bitcoin, they are even blind with their local currencies which were not the first real money we have like gold until countries began to exists and having their own currencies that they use to manipulate and control.

What is happening now is that the central banks just want to have control of what they created, the physical money like gold and others existing in the past are the original money, despite the governments in some countries wanted less of the real money in the past because of their local currencies, for their citizens to buy more of their local currency, decrease the price again and again. Now it is digital, but the banks are the enemies, see them calling bitcoin ponzi scheme and they are wrong.

The banks and regulated exchanges will be custodial, in that form, it is not anonymous, there is not privacy at all. But if I get it right, central bank of Russia did not against individuals to buy and sell cryptocurrencies, which means it will be an implicit ban, then it will be a means they make their citizens that do not know much about cryptocurrencies but using it susceptible to scam and other illicit activities.

I hope banks can know what they are doing and think rightly instead of their false ways they are seeing cryptocurrencies.

[el kaka22]

I cannot believe that Russia is even discussing something like this right now. The whole world is expecting them to attack a nation, can you imagine how weird that is? We are in 2022 and there are still nations who would like to get some lands from other nations. That should be gone and forgotten thing by now. I cannot believe that they are still doing it and even if they are, at least just stop other things and discussions meanwhile.

To talk about legality of crypto during a period of war or at least potential of war is a weird thing. I can't really say that I am shocked since they are a bit more paperwork gods over at Russia so they may do it, but it is still useless to put it on right now.

[Wexnident]

Okay this is now getting lot more tricky. There are half of the thread who states it’s being banned and half are in favour of its adoption. Let me add a vote, it’s being legalised with proper channel and there won’t be going back with this. Russia started the movement considering Putin is seeing a positive vibe through its adoption. Russians won’t stand with him if go hard on them this time. Bitcoin is already next big thing and highly searched word around the globe. So for the political reasons and also up bringing of new technology I am pretty sure Putin won’t back off this time. Though the timeline is about a year, that much indeed needed to convince the draft between CBR and rest authorities.

It's not really tricky though, a little bit of looking up would let you know that the current state of what is happening is that they're still in talks about what to do with crypto. Both sides are trying to draft their own bills with regards to it afaik, time would be the only issue here really. Still, as others have said, Russia has much more major issues to actually tackle right now, and not this. I'd believe we'd get more news about this probably after the current issue with Russia and Ukraine is over.

[stompix]

Do not hope for the adoption of cryptocurrencies in Russia. The Central Bank by hook or by crook will prevent this. An important requirement is that cryptocurrency cannot be anonymous.  The Ministry of Finance proposes to test citizens so that in the future they can invest more than 7-8 thousand dollars in bitcoin annually. If the test fails, then the investment must not exceed $650.

When I read "test" I was sure it was a typo but reading the article I'm wtf!!!

Other proposals include foreign cryptocurrency exchanges having to obtain a licence in Russia, and introducing financial literacy tests that determine how much individuals are permitted to invest. Citizens who successfully pass the tests would be permitted to invest up to 600,000 roubles ($7,853) in digital currencies each year, the finance ministry said. Those who fail would have an investment limit set at 50,000 roubles annually.

Financial test? Seriously? No offense for poeple living in Russia but in a country where you can buy almost anything with or rather everything comes with a bribe you put tests as requirements?  Who the hell will take that for real?
Plus the limit is ridiculous $8000 the limit? Oh my bad $7,853, oh, check the exchange rate 7.583   By the time the bill is drafted it would be 700, this is just bs.

Pretty sure only exchanges that are licensed in Russia, only exchanges that share your details with the authorities and you're only going to be allowed to withdraw to state-controlled custodial wallets, not that it's a new thing.
If this is regulation then you're better of without it.

[paxmao]

There seems to be a little of a yes, but no, but maybe, but not yet, but already in all this. I guess they want to get it right, which is really what you need to do to inspire confidence and create a healthy ecosystem. The moment Russia makes the regulation people will start making their decisions and then there is much more impact to any change. It is the same for digital USD and digital Euro. Anyway, Russia seems a bit busy now shelling and manoeuvring around to pay excessive attention to this.

https://bitcointalk.org/index.php?topic=5386322.0

[beerlover]

There seems to be a little of a yes, but no, but maybe, but not yet, but already in all this. I guess they want to get it right, which is really what you need to do to inspire confidence and create a healthy ecosystem. The moment Russia makes the regulation people will start making their decisions and then there is much more impact to any change. It is the same for digital USD and digital Euro. Anyway, Russia seems a bit busy now shelling and manoeuvring around to pay excessive attention to this.

https://bitcointalk.org/index.php?topic=5386322.0

That is exactly what crypto is like in most places as well. There is nothing that could be done about the current situation that could be changed without Putin, he is the almighty for Russia and right now he is not really caring about crypto at all.

You may think that crypto could help them a lot but he really can't just be bothered by it. Dude is willing to do something that is literally against everyone around the world, there is only just a few nations that would be supporting them and this is why I ended up guessing Putin just ignores it and then we are going to just see them basically be on this way or that way for a long time.