Banning Bitcoin is Like Banning the Internet, Says Russia’s Finance Minister

[kryptqnick]

I think this comparison between Bitcoin and the Internet isn't very good. The Internet is considered to be largely centralized, and blackouts in Kazakhstan recently showed how it's actually very possible to block the Internet (so, with enough political will, I think it's possible to make it stay banned), not to mention the North Korea where the vast majority have zero access to the Internet. I guess comparing Bitcoin to torrents is more precise. But, that being said, Bitcoin is effectively out if Bitcoin is banned. In any case, it's a weird comparison because it probably meant that both can't be effectively banned, but it's not true (not for authoritarian regimes anyway). Speaking of Bitcoin, there are other ways of making it effectively banned: make a huge punishment for using it, and the majority will abandon it.

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[slaman29]

It's a great point and I think it's the total and hard truth. But aren't Russia and China among those who try their best to ban the internet? Of course not entirely but both countries frequently use censorship and for example in Kazakhstan Russian elements were there jamming wifi signals and all that.

So they know they can't ban the internet but they try anyway. Who says they won't try with Bitcoin?

[goldkingcoiner]

It is generally known that the Russian Central Bank’s stance is to ban crypto-assets, cryptocurrencies, arguing that they creates risks, primarily for citizens, and financial institutions, banks, and create an obscure settlement market.

But, Anton Siluanov (Russia’s Financial Minister) believes that banning cryptocurrencies is like banning the internet. He argued that although the risks the Central Bank is raising are understandable, but he once again reiterated that banning the sector is considerably worse than regulating it.
 
There are still debates on this issue and President Putin have encouraged the two financial bodies to find a solution to the deadlock.

https://cryptopotato.com/banning-bitcoin-is-like-banning-the-internet-says-russias-finance-minister/

I don't believe that I am the only one who understood what the Russian finance minister meant by "banning Bitcoin is Like banning the Internet". Obviously, to me, it means as much as "its impossible to ban Bitcoin just like it is as impossible to ban Bitcoin". So anyone talking about banning Bitcoin is just proclaiming something that they cannot follow up on and never had the ability to ban it in the first place.

Its all just a bunch of talk.

Thats just my take on it.

But I am glad that someone as important as Russia's finance minister is backing Bitcoin

[fiulpro]

I have seen numerous posts from people all based on Russia and bitcoins on the forum lately. Basically they know they cannot ban bitcoins because people always find a way to use it according to their own needs.

- They can't control it
- They have their own needs that they have to put through first, they have to actually secure a position in case the banks collapse admist sanctions
- Cryptocurrencies are the new step in the world's revolution and the IT sector is literally not going too far without them.

Wait till they announce their own digital currency.

[stompix]

So, they have experience when it comes to it:

Russia 'successfully tests' its unplugged internet
https://www.bbc.com/news/technology-50902496

Shutting down the internet is not that hard if you really want to, just cut a few cables and there it goes, on a phone call to the ISP and everything goes dark, good luck trying o get 150 million poeple to use a few satellite connections of having goTenna network span all over Russia. For a single country to stop the internet is impossible, for a country to stop the internet for its citizens, then it's pretty simple we have numerous examples in the past from all over the world.


 

[marilynmanson21]

prohibiting the use, owning bitcoin is actually not as easy as forbidding citizens to stop playing the internet, if the internet simply disconnects the internet/telephone network that provides internet installation,
different from decentralized bitcoin so it is difficult to limit it where no one knows the people who own bitcoins, except for people / individuals who talk to people around

[Imran232]

As usual, polemical games and polemical statements. This is not only about Russia; this is the problem of the world. Every country's central bank head always gives a negative response because of the stock market because they have control over the stock market and in crypto they have nothing. Although I have a positive attitude toward Russia because of their technological prowess. And they always make some sort of announcement about bitcoin and crypto, no matter how positive or negative the country is. They always keep bitcoin in the news. And I believe, as a tech expert, they will again make bitcoin legal and available in their country because they have that much courage to do that.

[Mpamaegbu]

It really beats dictators hallow when they're incapacitated in controlling the masses. This is what Bitcoin offers. They aren't ever going to be happy for that. But there's nothing they can do to change the situation. If it were possible they would've done that and crippled Bitcoin long time ago. Russian should go ask China what she gained by banning Bitcoin; nothing! Again, anything that affects the internet will be like taking humanity decades back. Just imagine a world without telephones first before imagining a world without the internet. Bitcoin has come to stay. The earlier they know that, the better for their peace of mind.

[Finestream]

It really beats dictators hallow when they're incapacitated in controlling the masses. This is what Bitcoin offers. They aren't ever going to be happy for that. But there's nothing they can do to change the situation. If it were possible they would've done that and crippled Bitcoin long time ago. Russian should go ask China what she gained by banning Bitcoin; nothing! Again, anything that affects the internet will be like taking humanity decades back. Just imagine a world without telephones first before imagining a world without the internet. Bitcoin has come to stay. The earlier they know that, the better for their peace of mind.

If they can't ban bitcoin, then its better to stay away from bitcoin. Just like China did. But i think its even more impossible as bitcoin has become mainstream already in all parts of the world. Its either they chose to adopt this new technology with bitcoin, or being left out when it comes to countries who are eyeing on adopting blockchain technology. However, there is no final stand on whether Russia will ban bitcoin or not, but banning bitcoin for sure will only make their economy worse from the high inflation that has become inevitable.

[tygeade]

It really beats dictators hallow when they're incapacitated in controlling the masses. This is what Bitcoin offers. They aren't ever going to be happy for that. But there's nothing they can do to change the situation. If it were possible they would've done that and crippled Bitcoin long time ago. Russian should go ask China what she gained by banning Bitcoin; nothing! Again, anything that affects the internet will be like taking humanity decades back. Just imagine a world without telephones first before imagining a world without the internet. Bitcoin has come to stay. The earlier they know that, the better for their peace of mind.

If they can't ban bitcoin, then its better to stay away from bitcoin. Just like China did. But i think its even more impossible as bitcoin has become mainstream already in all parts of the world. Its either they chose to adopt this new technology with bitcoin, or being left out when it comes to countries who are eyeing on adopting blockchain technology. However, there is no final stand on whether Russia will ban bitcoin or not, but banning bitcoin for sure will only make their economy worse from the high inflation that has become inevitable.

There isn’t any difference between banning Bitcoin and staying away from it, unless what you mean by them staying away, is that you’re actually referring to their government staying away and allowing people to make use of it.

The decision they have made now is best for them, they chosen to legalize Bitcoin and start to regulate it in their country, that would be far much better for them. If they chose to ban it, then that would have been quite a loss for them; just like their financial minister have said, if they ban bitcoin, it’s just like them banning the internet; if you should ban the internet entirely, then where exactly would you belong?

[PX-Z]

Why banning it if they can regulate it or somewhat control it? Monitoring or somewhat controlling both crypto and internet in an specific area is somewhat feasible, so why not do it in that way instead of getting rid of it since it's impossible to ban it in the first place.
Hearing such statement is good to hear than "we will ban bitcoin because it is used for criminals and to launder money", blabla. This statement is mostly comes from an old government guy who only knows fiat and old stuff.

[teosanru]

It is generally known that the Russian Central Bank’s stance is to ban crypto-assets, cryptocurrencies, arguing that they creates risks, primarily for citizens, and financial institutions, banks, and create an obscure settlement market.

But, Anton Siluanov (Russia’s Financial Minister) believes that banning cryptocurrencies is like banning the internet. He argued that although the risks the Central Bank is raising are understandable, but he once again reiterated that banning the sector is considerably worse than regulating it.
 
There are still debates on this issue and President Putin have encouraged the two financial bodies to find a solution to the deadlock.

https://cryptopotato.com/banning-bitcoin-is-like-banning-the-internet-says-russias-finance-minister/

Very interesting that this is coming from a country that is amidst war and is about to invade a very pro-bitcoin country in terms of adoption. Yesterday price of bitcoin fell like Russia will destroy bitcoin in Ukraine but magically pumped up at night, maybe after some internal sources might have come to know about this statement that he was about to make. I think what he is saying is absolutely accurate, there is absolutely no way you can ban bitcoin without banning the internet, what most of the countries have been able to do is ban crypto exchanges operating in their country but eventually main bitcoin is on private key and there is no way you can ban it.

[South Park]

It is generally known that the Russian Central Bank’s stance is to ban crypto-assets, cryptocurrencies, arguing that they creates risks, primarily for citizens, and financial institutions, banks, and create an obscure settlement market.

But, Anton Siluanov (Russia’s Financial Minister) believes that banning cryptocurrencies is like banning the internet. He argued that although the risks the Central Bank is raising are understandable, but he once again reiterated that banning the sector is considerably worse than regulating it.
 
There are still debates on this issue and President Putin have encouraged the two financial bodies to find a solution to the deadlock.

https://cryptopotato.com/banning-bitcoin-is-like-banning-the-internet-says-russias-finance-minister/

I think it is even more difficult than that, once regular people got access to cryptography there were some countries that we are against it and tried to prevent this, but they failed as according to the verdict banning cryptography was the same as trying to ban mathematics, and I think they were right with their comparison, and since bitcoin makes heavy use of cryptography then banning bitcoin is the same as trying to ban mathematics, an industry can be banned but you cannot ban some of the most basic but at the same time profound fields of knowledge of humankind.

[qwertyup23]

I doubt that by prohibiting BTC, it will stop the dominance that it effects produced on the market nowadays.

With a currency that can be transacted without the need of any third-party consensus, it is obvious but to see that cryptocurrencies will soon dominate the era of conventional and traditional currencies. People would soon migrate to this kind of transaction where everything is reflected in a public ledger in which no one can even alter or change.

I really do think that BTC is the future of payments whether countries prohibit or ban it or not. Regardless of what countries see it, slowly, its legalization and utilization is felt throughout the world.

[Fortify]

It is generally known that the Russian Central Bank’s stance is to ban crypto-assets, cryptocurrencies, arguing that they creates risks, primarily for citizens, and financial institutions, banks, and create an obscure settlement market.

But, Anton Siluanov (Russia’s Financial Minister) believes that banning cryptocurrencies is like banning the internet. He argued that although the risks the Central Bank is raising are understandable, but he once again reiterated that banning the sector is considerably worse than regulating it.
 
There are still debates on this issue and President Putin have encouraged the two financial bodies to find a solution to the deadlock.

https://cryptopotato.com/banning-bitcoin-is-like-banning-the-internet-says-russias-finance-minister/

How else will state sponsored Russian hackers and blackmailers get their money out? The Finance minister is right, if not a bit of a hypocrite, as Russia heavily monitors and censors the internet (increasing in recent years). No good comes from banning cryptocurrency because there are so many routes to ownership for someone who seriously wants it and it is much safer than the internet in that respect, it's almost an effort in futility in trying to ban it. However, in the meantime, expect to see Russia allowing it as they look for any sources of income and they will be willing to use the dirtiest fuel if it earns them money. It's kind of bad for the whole movement if Russia does not decide to ban it because they have such low standards when it comes to environmental protection.

[dataispower]

It is not all government executive that knows the important of bitcoin, and not everyone in government house wants to scribe cryptocurrency away, according op Russian minister of finance have seen the important of bitcoin from his own ways and know that bitcoin adds values to human resources, some countries don't have cryptocurrency that is why they are interested to abolish Bitcoin in their country, it's good statement by Russian minister of finance, banning Bitcoin is like banning internet, because season most of the things that make people to be busy online is because of digital currency and Bitcoin mostly

[Sled]

The debates will likely be ended up positive and it favors Bitcoin adoption than banning it. I see no reason why Russia will close a deal over Bitcoin as they know, the Presidents knows what seems best for their citizen, it was the internet that gives life now and this Bitcoin gives more.

If they are into concern about economic improvement, the existence of Bitcoin and cryptocurrencies have more to add. We can see a lot of people change their lives after investing in Bitcoin and that could prove the value of Bitcoin today and in the future.

[asus09]

In the first place, there's no reason to ban the internet because it connects us, it gives information that we can share even for free and it makes us smart because we make ourselves informed of the latest news and stories.

Bitcoin, on the other hand, is considered a digital currency, it should not be compared to the internet because bitcoin as a currency can be used for illegal activities and therefore needs to be regulated or banned if cannot be regulated. In the end, it still depends on our government but we see that some governments are pro-bitcoin, so bitcoin will certainly exist even if other countries will ban it.

I also really agree with your review there is no reason for any government to ban the internet, and cut off the internet, because the internet has become a part of our lives, but if there are countries that prohibit bitcoin, it is their government's decision, we can't ban it either, but I also totally agree with your review, even though one country prohibits bitcoin, there will definitely be other countries that accept bitcoin..

[perfect999]

It is generally known that the Russian Central Bank’s stance is to ban crypto-assets, cryptocurrencies, arguing that they creates risks, primarily for citizens, and financial institutions, banks, and create an obscure settlement market.

But, Anton Siluanov (Russia’s Financial Minister) believes that banning cryptocurrencies is like banning the internet. He argued that although the risks the Central Bank is raising are understandable, but he once again reiterated that banning the sector is considerably worse than regulating it.
 
There are still debates on this issue and President Putin have encouraged the two financial bodies to find a solution to the deadlock.

If that the Russia government and central bank went ahead to ban bitcoin, there wouldn’t be much that they would be able to do to affect the cryptocurrency market, the only thing that would is that they will cut off  the transactions between users banks and the cryptocurrency exchanges (the centralized exchanges, to be specific).

Although that might have a little effect on the market for sometime, for the fact that a lot of people makes use of centralized exchanges as a way to make things easier for themselves when trading cryptocurrency, so they will be able to easily encash their money. But within a short time, a lot of people will switch to P2P.

[tabas]

At least there's someone like this finance minister who's very like-minded and understands the potential of bitcoin. The central bank can tell its implications to him but we're sure that he's not gonna change his mind with what he see with bitcoin. It may still take time since Russia is doing something that's more important than it. As what the finance minister has said, I think I've read that from someone already through the forum that has said the same thing. It is an inevitable technology and not just a technology but also plays a big role to the online and finance economy which is sharing more than $700M in market cap but has reached $1B during its ATH.