Bill prohibiting crypto currency as means of payment on review.

[CryptSafe]

It is no new thing about the clampdown on Crypto currency and assets globally. Many countries have tagged crypto currency's illegal and therefore prohibit their banks and other financial institutions from transacting or dealing on Crypto. As we all know, Russians are major stakeholders in crypto and of lately, the Russian parliament are reviewing a bill to prohibit payments via crypto currency.  As a matter of fact, taking this into consideration that crypto currencies are volatile, Russians role in the blockchain industry and the current bear market. Will this continue to mount pressure on the crypto market if this bill scales through after the review and vote. Your thoughts and contributions are welcomed.


https://news.bitcoin.com/russian-parliament-to-review-bill-prohibiting-crypto-payments/

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[Upgrade00]

It is no new thing about the clampdown on Crypto currency and assets globally. Many countries have tagged crypto currency's illegal and therefore prohibit their banks and other financial institutions from transacting or dealing on Crypto.

A government can restrict banks from mediating in cryptocurrency transactions, but this does not mean crypto is illegal there; Those are two different concepts.
About the number, of the top of my head, I'll estimate that Bitcoin is legal in far more nations than where it is illegal. This does not of course mean that countries are generally welcoming to cryptocurrencies or Bitcoin in particular, we still see baseless attacks against the network and governments creating more stringent regulations for exchanges and other platforms used to interact with digital currencies.

About the proposal in Russia to ban payments with crypto, this is a case of the country trying to regulate the use of cryptocurrencies so as to maintain control over the flow of finances.

[avikz]

 Cryptocurrency is a bad payment method. The kind of fees we have to pay for every transaction and the time it takes to get at least 3 confirmations, makes it a bad choice for transactions unless LN is used. So if a country or multiple countries ban cryptocurrency as a payment method, won't make much impact on the crypto itself. Because cryptos are mostly used as an investment almost everywhere in the world.

However, if the government decides to ban crypto completely and gives an upper hand to the banks to curb its usage, then we may see a severe impact as the circulation and buying demand will be stalled. That will put an extra pressure on the cryptos. But if the crypto is just barred from being a payment method but if citizens are allowed to hold it as an investment, it should be fine!

[Wexnident]

To be fair, even if crypto payments were to be banned nothing would exactly change since payments done in crypto is very minimal, only a small percent of crypto owners have probably tried it. Not to mention that said scenarios are probably online payments where time isn't really an issue since, well, it's online. Compare that to scenarios such as paying in restaurants, grocery stores, or small stores. I won't even deny them of doing this, crypto as a payment seems impossible due to volatility and the time issue right now. But hey, time will tell if it would be able to become one later on (and by later I mean really later).

[Poker Player]

Those who have made this bill do not understand it. Prohibiting only gives wings to Bitcoin, what really stifles it is to allow it by regulating it extremely, forcing AML/KYC protocols to the maximum and measures like blacklisting, because in the end you help an industry to flourish in a very different way from the original idea of P2P and you end up directing it to centralized systems and censorship which is what suits you.

The many bans on Bitcoin since its inception have not prevented its exponential growth, but the latest legislation and the reduction of privacy mean that the enemy is at home.

[NotATether]

This bill is not going to change much in Russia, because all of the crypto payment gateways have banned Russian merchants anyway during the international sanctions fallout.

Probably it will cause the gateways to geoblock Russian users from their websites, but that's about it (psst: use Tor).

[kotajikikox]

It is no new thing about the clampdown on Crypto currency and assets globally. Many countries have tagged crypto currency's illegal and therefore prohibit their banks and other financial institutions from transacting or dealing on Crypto. As we all know, Russians are major stakeholders in crypto and of lately, the Russian parliament are reviewing a bill to prohibit payments via crypto currency.  As a matter of fact, taking this into consideration that crypto currencies are volatile, Russians role in the blockchain industry and the current bear market. Will this continue to mount pressure on the crypto market if this bill scales through after the review and vote. Your thoughts and contributions are welcomed.


https://news.bitcoin.com/russian-parliament-to-review-bill-prohibiting-crypto-payments/

months ago , Russian Government is in headline of adopting crypto specifically Bitcoin , but now here we are new trend coming and the are prohibiting the payments using crypto.
Of course they can do anything but is this really worth a Bill? and will the  whole pack will vote for this?
I think this si another exaggerating news and soon will fade like others .

[wxa7115]

Those who have made this bill do not understand it. Prohibiting only gives wings to Bitcoin, what really stifles it is to allow it by regulating it extremely, forcing AML/KYC protocols to the maximum and measures like blacklisting, because in the end you help an industry to flourish in a very different way from the original idea of P2P and you end up directing it to centralized systems and censorship which is what suits you.

The many bans on Bitcoin since its inception have not prevented its exponential growth, but the latest legislation and the reduction of privacy mean that the enemy is at home.

Regulations are really where the governments have a chance to distort what this market is about, a ban of any kind will not change the way people approach bitcoin and a great deal of holders will simply ignore the ban and keep dealing with bitcoin as usual.

But with regulations they can change the overall attitude people have towards bitcoin, and what better example than exchanges, now people are submitting all their personal information to buy bitcoin as this is more convenient, according to them obviously, rather than to do a peer to peer transaction, so by allowing centralized exchanges to prosper now they know how much fiat you had, how much bitcoin you have, when you bought it and what you are doing with it, something they would have never gotten with a ban.

[Pelana vreo]

https://www.google.com/amp/s/www.bbc.com/news/business-60870100.amp
When I read the news article above, I was surprised whether Bitcoin would be used for oil and gas payments, but after seeing the latest news about the Cryptocurrency Bill in Russia, I think every country has almost the same rules regarding payment systems, namely legal payment systems using Fiat, legal means of payment in Russia today is using the ruble, the new law on payments using crypto seems to be still in progress and from the past there has been no progress on accepting crypto for payments, there is nothing to worry about from the news above, because cryptocurrencies do not require government approval to can develop up to now.

[TastyChillySauce00]

No problem rusia was nothing. It's not a crypto house. There are bunch of better countries that may legalize the crypto soon. I guess if this is just a common thing. I do know the contribution of crypto to help this country to funding its war but banning crypto is nothing new from rusia and this country has been doing it so many times. Just ignore it. This country is a joke for crypto. They can't even release the actual statement about crypto.

[TravelMug]

I don't think this is a big issue, the government has been 'banning' it for the longest time and yet it continue to thrive. And it will take a lot of their resources to track down which individual is using it as payment isn't it?

So I don't think this will succeed in the long term. Again, this is not new and we've seen that crypto is unstoppable. Not saying that this move is bad, but it's not going to be effective.

[X-ray]

This country is always having a big trouble with crypto. So many times banning crypto and they will be creating another statement in the upcoming days if they were not banning crypto and this is not good. Just try to abandon this country. I think that this problem will not be a serious problem. People know the real behavior of this country that is not competent when taking a decision about crypto. Ignore this.

[blue Snow]

https://www.google.com/amp/s/www.bbc.com/news/business-60870100.amp
When I read the news article above, I was surprised whether Bitcoin would be used for oil and gas payments, but after seeing the latest news about the Cryptocurrency Bill in Russia, I think every country has almost the same rules regarding payment systems, namely legal payment systems using Fiat, legal means of payment in Russia today is using the ruble, the new law on payments using crypto seems to be still in progress and from the past there has been no progress on accepting crypto for payments, there is nothing to worry about from the news above, because cryptocurrencies do not require government approval to can develop up to now.

crypto will continue to grow with or without the hand of the government. it's been a decade as we can see, growing up every day even not follow the price. Now, even only 1 country (El Salvador) uses it without anyone forcing it. If Russia didn't use it, everyone doesn't care about it, because so far, nothing has been heard if that country is the center of crypto, and with or without them, crypto still exists until now.

[vv181]

Russia has nothing to do with the current blockchain industries and bear markets. The current market downturn is way beyond the single entity that causes it, but in the bigger picture does Russia has something to do with it, well yes, but not directly. We know that the war affects the world as a whole.

The fact that Russia proposed a bill that doesn't accept cryptocurrencies as way means of payment or legal tender, I believe it won't do anything much to the market condition.

[EmmaGod]

I really don't see any big deal with countries prohibiting their banks from dealing and transacting with cryptocurrency. It's basically because most countries and government lack the ability to grasp the flow and as such find it impossible to monitor. Most banks don't even understand how cryptocurrency works and may find it impossible to deal with.

[bittraffic]

Its a way to prevent the adoption of cryptocurrency in the country not just in Russia. Putin's reason may also be the reason of other countries which they want to have a real platform on how to maintain their hold in having the control over the finances in the country.

Its good to see bipartisan platforms being discussed in the senate which I think over time, when they is nothing else to FUD and they have regulations concluded, the means to transact anything with cryptocurrency will be welcomed.

[bittick]

Rusia is always doing the same thing over and over again. I can't even count how many times this country is stating to ban crypto. Crypto didn't need this country. The bad news from this countri is not affecting crypto anymore. That's enough for crypto. I think that whole of crypto users must abandon any news that came from there. I never seen good statement was coming from there. There are bunch of FUD.
Even the russian citizen were actively using crypto

[$anounimus$]

In my opinion, the Russians are trying to ensure that their investment in mining and production of cryptocurrencies is not in vain by banning these assets for payments and transactions. They also prevent their bank from getting involved with any part of crypto transactions. whether for some time or there are further developments afterward.

However, keep in mind that blockchain technology is not going anywhere anytime soon. However, these recent developments and restrictions on digital assets may have an impact on the digital/cryptocurrency market in the short term in the future. It also appears that this could continue to increase the pressure on the bearish cryptocurrency market in the short term.

[Ojengonggu]

Rusia is always doing the same thing over and over again. I can't even count how many times this country is stating to ban crypto. Crypto didn't need this country. The bad news from this countri is not affecting crypto anymore. That's enough for crypto. I think that whole of crypto users must abandon any news that came from there. I never seen good statement was coming from there. There are bunch of FUD.
Even the russian citizen were actively using crypto

That's why the Russian state always takes positive things even though there are many hot issues out there that act to create bad reputations for bitcoin because they want to see people leaving bitcoin.
I myself am also not too concerned about the hot news or other news about their country, I think it's normal but their mentality to use bitcoin is strong enough with all the risks.

[traderethereum]

Rusia is always doing the same thing over and over again. I can't even count how many times this country is stating to ban crypto. Crypto didn't need this country. The bad news from this countri is not affecting crypto anymore. That's enough for crypto. I think that whole of crypto users must abandon any news that came from there. I never seen good statement was coming from there. There are bunch of FUD.
Even the russian citizen were actively using crypto

That's why the Russian state always takes positive things even though there are many hot issues out there that act to create bad reputations for bitcoin because they want to see people leaving bitcoin.
I myself am also not too concerned about the hot news or other news about their country, I think it's normal but their mentality to use bitcoin is strong enough with all the risks.

Even if the Russian state continues to do so, it will not stop bitcoin from growing, even in Russia itself because bitcoin is not just for Russia.
Hot news or other news will always be there and it is our job to filter out true and fake news so that the news does not influence us.
But someday, the Russian state will turn in favour of crypto, where more Russian people will use crypto.
Let them talk about crypto, let alone spread fake news about crypto.