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

[Vaskiy]

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.

The finance minister is very like minded, than his willing he is much concerned about the war situation. Right now it is helping it's citizens. This seems to be the reason why he's much into legalizing of bitcoin. From just a technology it has been transforming with its different varied usage and has been transforming lives into a new space.

[retreat]

nothing new with what the Russian finance minister said, people who have been in bitcoin for a long time, have realized that first. Bitcoin has spread to become unstoppable, those who say bitcoin can be banned are just saying fantasy.

[freedomgo]

nothing new with what the Russian finance minister said, people who have been in bitcoin for a long time, have realized that first. Bitcoin has spread to become unstoppable, those who say bitcoin can be banned are just saying fantasy.

Some countries have decide to ban bitcoin in their places but they always come unsuccessful. Because you cannot ban a certain once it has already become inevitable. So in case of bitcoin, banning would be very impossible, its better to regulate it.

"The solution lies in regulating, not banning, Anton Siluanov told officials at the central bank. This would not only protect investors, it would also ensure that the country doesn’t lose out on millions in taxes from the burgeoning industry," he believes. Source: https://coingeek.com/russia-finance-chief-banning-bitcoin-is-like-banning-the-internet/

[lalabotax]

So far, banning Bitcoin may be easy by creating certain regulations. But it doesn't mean it is able to stop the Bitcoin movement and adoption even in the country itself. Many people can still access and do activities with Bitcoin, doing trading, investing, using as payment and other things related to Bitcoin. Because Bitcoin is decentralized. ALthough it may be risky, many people or citizen are still involved in Bitcoin.
That may be what actually that government exerince. That is why currently Russia is planning to accept Bitcoin. Or is it because of the war conflict?

[Oceat]

In today's world it is not easy to shut down Bitcoin and the Internet.I have heard before that the internet system will be shut down Where they have not been able to stop so far. It's so easy to say but not so easy to stop.And Bitcoin is 13 years old today but no country has been able to stop it. But think about how Russia will stop Bitcoin.In fact, over the ages, those who have tried to stop such thinking have failed.

Yeah, if they ban the internet before I don't think we all have come this far? Internet is one of the greatest invention in human kind history, it allows us to gather information around the world in just a second. Internet is used for everyday life in order to evolve and look how far our technology evolving these days? Smartphones aren't a thing in the past but once it was invented look at it now how a video feed, voice feed and internet at the same time in just a single smartphone.

The same with Bitcoin and since Bitcoin is decentralized they can't completely ban it and all they could do is to release a bunch of rules and regulations.

[hatshepsut93]

I think there  is some  risk that if Russia will try to adopt bitcoin on a large scale, it would result  in serious  regulation or even ban in the western countries. The situation is very hot right now, so let's hope Bitcoin won't get caught in a crossfire.

[ChiBitCTy]

Thanks for sharing this. My favorite quote “ The Central Bank wants to take and ban crypto-assets, cryptocurrencies, arguing that this creates risks, primarily for citizens, can “infect” financial institutions, banks, and create an opaque settlement market. This is the same as banning the Internet, which is impossible. – The minister argued”.

As much as I hate Putin it’s nice seeing this, that he’s willing to be open to listing to others with more expertise.

[serjent05]

He’s not wrong, these nations who decide to exclude themselves from the future of finance will regret it. They can’t really ban bitcoin, anybody who knows about Tor, VPN’s, P2P trading can work around it. They can only exclude themselves which is a big mistake.

Definitely agree 100%.  Those who failed to adopt and adapt always suffer. It is the law of nature whenever there is a new path towards the future, those who failed to take it, perish at worst.  Though I am a pro-Bitcoin, countries can just copy the technology behind cryptocurrency, improve and develop it and can't regret anything since they are still on the path of "future finance".  I believe countries can't simply adopt technology that they don't have full control that is why there is always conflicting and resisting acceptance towards Bitcoin. But the good thing with Bitcoin is that it is not bound to any country and everyone can possibly access it just like the internet.

I think there  is some  risk that if Russia will try to adopt bitcoin on a large scale, it would result  in serious  regulation or even ban in the western countries. The situation is very hot right now, so let's hope Bitcoin won't get caught in a crossfire.

I don't think western country's acceptance of Bitcoin will be affected when Russia adopts it.  The only thing that will be affected is the Bitcoin-related services stationed or created by Russia.

[romero121]

With the usage of cryptocurrency once after the war between Ukraine and Russia Economist Alex Kruger Warns Russia Using Crypto To Escape Sanctions. In his statement he mentioned

“Russia using crypto to bypass sanctions would be dreadfully bearish.

Don’t expect it to happen.

But be careful what you wish for.

US regulators would be pushed to crush the industry as a matter of national security.”

The usage of cryptocurrency on sanctions would affect the cryptocurrency market negatively. This is same for stocks and cryptocurrency. The precious metals were gonna turn high. Does this impact can be experienced on the market.

Alex Kruger Warns Russia Using Crypto To Escape Sanctions

[NoorulHuda]

I think he is right and saying well because the Bitcoin and other cryptocurrencies have a good impact on the nations and mostly are relying on it. So I think this is not a good thing to ban Bitcoin.

[retreat]

nothing new with what the Russian finance minister said, people who have been in bitcoin for a long time, have realized that first. Bitcoin has spread to become unstoppable, those who say bitcoin can be banned are just saying fantasy.

Some countries have decide to ban bitcoin in their places but they always come unsuccessful. Because you cannot ban a certain once it has already become inevitable. So in case of bitcoin, banning would be very impossible, its better to regulate it.

"The solution lies in regulating, not banning, Anton Siluanov told officials at the central bank. This would not only protect investors, it would also ensure that the country doesn’t lose out on millions in taxes from the burgeoning industry," he believes. Source: https://coingeek.com/russia-finance-chief-banning-bitcoin-is-like-banning-the-internet/

agree, regulating bitcoin is a wise thing a country can do instead of banning it. I believe many crypto businesses are willing to pay big taxes and contribute to the country if their bitcoin assets are legally safe. the more countries that regulate bitcoin, the more we will see the economies of these countries increase drastically.

[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.

The finance minister is very like minded, than his willing he is much concerned about the war situation. Right now it is helping it's citizens. This seems to be the reason why he's much into legalizing of bitcoin. From just a technology it has been transforming with its different varied usage and has been transforming lives into a new space.

It's economical and timely that they should do legalize bitcoin as soon as possible. SWIFT has banned them and they're already blocked which means that bitcoin is going to play a big role for their transfers. Bitcoin is more than a technology on these times and on their situation, it's really going to help not just them but as well as Ukraine. Oh well, this war thing is making everyone exhausted despite all of the good news that's related to cryptocurrencies, we can't ignore the bigger factor about war.

[Marvell1]

I think there  is some  risk that if Russia will try to adopt bitcoin on a large scale, it would result  in serious  regulation or even ban in the western countries. The situation is very hot right now, so let's hope Bitcoin won't get caught in a crossfire.

The situation is very unfavorable for us. Today, the US and Western decide to remove some Russian banks from the SWIFT payment system. They also have some plans to tighten their grip on crypto if Russia uses crypto to circumvent the law to avoid sanctions. If this happens then we will face a terrible downtrend.

[stepwilli]

I think he is right and saying well because the Bitcoin and other cryptocurrencies have a good impact on the nations and mostly are relying on it. So I think this is not a good thing to ban Bitcoin.

Just like the internet where lots of people rely on it daily because it's useful. You can connect to the people and get pieces of information, the same thing with bitcoin where lots of people rely on it because they can earn an income with it if they use it for asset use. People can also buy or pay without borders if they use it as a currency.

Bitcoin is coined as the money of internet or online money. If they ban it, there will be no internet currency. The internet won't be completed without it. Banning BTC is worse than regulating it because once they ban it, no one can use it while if they only regulate, there are people that are still willing to use it.

[swogerino]

I think there  is some  risk that if Russia will try to adopt bitcoin on a large scale, it would result  in serious  regulation or even ban in the western countries. The situation is very hot right now, so let's hope Bitcoin won't get caught in a crossfire.

The situation is very unfavorable for us. Today, the US and Western decide to remove some Russian banks from the SWIFT payment system. They also have some plans to tighten their grip on crypto if Russia uses crypto to circumvent the law to avoid sanctions. If this happens then we will face a terrible downtrend.

I know most of Russian people do not support Putin and they have nothing to do with the war,those who support war are very few and I guess they are brainwashed.Unfortunately you cannot do nothing to stop sanctions and the removal from the SWIFT international payment linking a lot of countries,also Russian economy will go soon bankrupt,unfortunately Russia has not realized this yet.The only thing you can do is to stand up against this idiot Putin who lives in 1989 again and want to reestablish the great Soviet Union,this is not going to happen.

I am sorry that the consequences of a mad man like Putin will be beard by the innocent people of Russia.

[CaVO32]

I think there  is some  risk that if Russia will try to adopt bitcoin on a large scale, it would result  in serious  regulation or even ban in the western countries. The situation is very hot right now, so let's hope Bitcoin won't get caught in a crossfire.

The situation is very unfavorable for us. Today, the US and Western decide to remove some Russian banks from the SWIFT payment system. They also have some plans to tighten their grip on crypto if Russia uses crypto to circumvent the law to avoid sanctions. If this happens then we will face a terrible downtrend.

I know most of Russian people do not support Putin and they have nothing to do with the war,those who support war are very few and I guess they are brainwashed.Unfortunately you cannot do nothing to stop sanctions and the removal from the SWIFT international payment linking a lot of countries,also Russian economy will go soon bankrupt,unfortunately Russia has not realized this yet.The only thing you can do is to stand up against this idiot Putin who lives in 1989 again and want to reestablish the great Soviet Union,this is not going to happen.

I am sorry that the consequences of a mad man like Putin will be beard by the innocent people of Russia.

Right now, Putin has not felt yet the impact of what he is doing. But I believe, he is ready for whatever possible consequences of his actions. If most of the world will cut off Russia, can they survive? I believe they can. But its people won't like that. This is why a lot of Russians are protesting this move. Aside from the reason that they don't want more blood to sacrifice on this senseless war. A month from now, we will see the aftermath of this war. So hopefully, by then, it has already stopped and both leaders have come to some resolution. But I don't think Putin will just let Ukraine govern on their own.

But at the moment, we are seeing that there are crypto donations going to the Ukraine government, which we can see, as a good side of crypto during this crisis. I don't think US and other EU territories will ban bitcoin or crypto, because as the heading already states, it is like banning the internet. They can only regulate this industry for the benefit of people.

[stadus]

I think there  is some  risk that if Russia will try to adopt bitcoin on a large scale, it would result  in serious  regulation or even ban in the western countries. The situation is very hot right now, so let's hope Bitcoin won't get caught in a crossfire.

The situation is very unfavorable for us. Today, the US and Western decide to remove some Russian banks from the SWIFT payment system. They also have some plans to tighten their grip on crypto if Russia uses crypto to circumvent the law to avoid sanctions. If this happens then we will face a terrible downtrend.

I know most of Russian people do not support Putin and they have nothing to do with the war,those who support war are very few and I guess they are brainwashed.Unfortunately you cannot do nothing to stop sanctions and the removal from the SWIFT international payment linking a lot of countries,also Russian economy will go soon bankrupt,unfortunately Russia has not realized this yet.The only thing you can do is to stand up against this idiot Putin who lives in 1989 again and want to reestablish the great Soviet Union,this is not going to happen.

I am sorry that the consequences of a mad man like Putin will be beard by the innocent people of Russia.

Right now, Putin has not felt yet the impact of what he is doing. But I believe, he is ready for whatever possible consequences of his actions. If most of the world will cut off Russia, can they survive? I believe they can. But its people won't like that. This is why a lot of Russians are protesting this move. Aside from the reason that they don't want more blood to sacrifice on this senseless war. A month from now, we will see the aftermath of this war. So hopefully, by then, it has already stopped and both leaders have come to some resolution. But I don't think Putin will just let Ukraine govern on their own.

But at the moment, we are seeing that there are crypto donations going to the Ukraine government, which we can see, as a good side of crypto during this crisis. I don't think US and other EU territories will ban bitcoin or crypto, because as the heading already states, it is like banning the internet. They can only regulate this industry for the benefit of people.

Crypto has becoming more beneficial these days as its real value as already tested from this war. For Ukraine government, it serves a lot of potentials. But for Russia, Putin is somewhat skeptical having it as a currency but i think he recognized it as a currency way back last year in his interview. But the idea of banning it this time could mean a very impossible move since bitcoin has started to take its break. However, regulating it on the other hand can bring a lot of benefits not just for the citizens in Russia but it could also help the country itself to create more progress.

[Luqman]

This will be very difficult or impossible to do then, won't it? Bitcoin is global, not only based on one country so the government may be difficult to control and manage Bitcoin itself. Moreover, the characteristic is digital. We may catch or punish people who may be related to Bitcoin. But not with Bitcoin where it has no physics. In this case, we can see how Bitcoin is actually difficult to be banned. But some countries always make it worse with the bad news and information, dismisinformation actually. ANd I am sure enough that I agree with Rusia that it is difficult to do baning on bitcoin so far.

[Hypnosis00]

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.

Indeed, they are now accepting Bitcoin. It certainly change their minds knowing the fact that Bitcoin is not a threat to the economy but it was a helping tool to grow instead. The people from Russia have been so hopeful to have this and seeing the support from the government will eventually boost their courage and go for adoption.

Just like many countries, Bitcoin somehow helps people's lives, giving them hope to improve their living, and Banning Bitcoin is really not a helpful decision but it only makes people hate the government.

[South Park]

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.

Indeed, they are now accepting Bitcoin. It certainly change their minds knowing the fact that Bitcoin is not a threat to the economy but it was a helping tool to grow instead. The people from Russia have been so hopeful to have this and seeing the support from the government will eventually boost their courage and go for adoption.

Just like many countries, Bitcoin somehow helps people's lives, giving them hope to improve their living, and Banning Bitcoin is really not a helpful decision but it only makes people hate the government.

Politicians sell themselves as idealist, however they are for the most part incredibly pragmatic, basically if something works against their interests they are going to be against it, and if it works in their favor then they will embrace it, with all the sanctions Russia is facing then they need an alternative and while without a doubt they did their homework and prepared themselves for the harsh economic sanctions they received, they are now seeing if they can use bitcoin for their benefit, so I am not surprised they are embracing it at all.