Some bad news for a change: Russia's total ban on bitcoin

[fsb4000]

They are clearly afraid that Ruskies will panic dump their rubles for BTC. The Ruble has been the worst performing major fiat currency this year.

So stupid  
Actually there is deflation now in Russia  
For example:

January 2014  1kW*h = $0.1
Now 1kW*h = $0.09

January 2014 1 liter of milk = $0.74
Now 1 liter of milk = $0.71

January 2014 cost Internet per month = $11.81
Now cost Internet per month = $10.5

And every other goods are cheaper now  

[Dalmar]

They are clearly afraid that Ruskies will panic dump their rubles for BTC. The Ruble has been the worst performing major fiat currency this year.

So stupid  
Actually there is deflation now in Russia  
For example:

January 2014  1kW*h = $0.1
Now 1kW*h = $0.09

January 2014 1 liter of milk = $0.74
Now 1 liter of milk = $0.71

January 2014 cost Internet per month = $11.81
Now cost Internet per month = $10.5

And every other goods are cheaper now  

The Ruble is losing value rapidly relative to the USD:

http://www.xe.com/currencycharts/?from=RUB&to=USD&view=1Y

[z12]

Am i the only one who is worried about what happens to btc-e?
The prices on btc-e may shoot up by people converting their usd to coins and withdrawing them..

[fairglu]

The Ruble is losing value rapidly relative to the USD:

http://www.xe.com/currencycharts/?from=RUB&to=USD&view=1Y

Indeed, and Russia's economy is in a downturn, so it will get worse before it can get better

http://www.nasdaq.com/article/imf-slashes-russias-2015-growth-forecast-20141001-00682

Russia banning Bitcoin would be grasping at straws, or finding a scapegoat, whichever your prefer.

[blatchcorn]

The Ruble is losing value rapidly relative to the USD:

http://www.xe.com/currencycharts/?from=RUB&to=USD&view=1Y

Indeed, and Russia's economy is in a downturn, so it will get worse before it can get better

http://www.nasdaq.com/article/imf-slashes-russias-2015-growth-forecast-20141001-00682

Russia banning Bitcoin would be grasping at straws, or finding a scapegoat, whichever your prefer.

Yup history is repeating itself - just like the commies blaming 'counter-revolutionaries'

[fsb4000]

The Ruble is losing value rapidly relative to the USD:

http://www.xe.com/currencycharts/?from=RUB&to=USD&view=1Y

And?
In Russia most people have savings in USD and EURO.(after default 1998)
USD goes up to Ruble.
Every goods are cheaper because prices in Rubles have changed little.
So most Russian citizens become richer 
That's cool 

Indeed, and Russia's economy is in a downturn, so it will get worse before it can get better

http://www.nasdaq.com/article/imf-slashes-russias-2015-growth-forecast-20141001-00682

Haha, determine the status of industry by forecast of speculators
Nice joke 

[CaMeRoNy]

If all countries banned BTC i think bitcoin will dead.
Russian, maybe China and so on

[Robert Paulson]

and how will they enforce such a ban?
nothing stops two people trading bitcoin for goods in the black market.

[zeroday]

In Russia most people have savings in USD and EURO.(after default 1998)
USD goes up to Ruble.
Every goods are cheaper because prices in Rubles have changed little.

May be vodka, milk and bread are cheaper, but, I heard that Russia has banned import of many western goods. I suppose that the most of high quality wares are now being delivered by smuggling and that makes it more expensive.

BTW, if international transfers in Russia are restricted by capital controls, bitcoin will be the best way to buy things from abroad. This is probably why russian govt hates it.

[fairglu]

and how will they enforce such a ban?
nothing stops two people trading bitcoin for goods in the black market.

Nothing stops two people trading anything on the black market, they want to stop the official market, which is the one that matters in terms of volume... And saving face.

Next stop will be price fixing and severe restrictions on exchanging ruble to gold, usd, euro and other foreign currencies which will hold value when the ruble won't.

If they're taking action now, it means they must be convinced of an upcoming bank run, and are trying to minimize it. Clamping down on foreign currencies exchange can happen overnight (at least in terms of massive volume). They don't care about thousandths of usd you could buy on the black market, they're worried about the millions and billions.

[iCEBREAKER]

and how will they enforce such a ban?
nothing stops two people trading bitcoin for goods in the black market.

Nothing stops two people trading anything on the black market, they want to stop the official market, which is the one that matters in terms of volume... And saving face.

Next stop will be price fixing and severe restrictions on exchanging ruble to gold, usd, euro and other foreign currencies which will hold value when the ruble won't.

If they're taking action now, it means they must be convinced of an upcoming bank run, and are trying to minimize it. Clamping down on foreign currencies exchange can happen overnight (at least in terms of massive volume). They don't care about thousandths of usd you could buy on the black market, they're worried about the millions and billions.

The huge role of the black market (IE free market) in bringing about the downfall of the USSR has not been forgotten by old KGB apparatchik Vlad Putin, or his shadowy backers in the nomenklatura. 

They fear economic freedom because it is an existential threat to their power.

[fsb4000]

In Russia most people have savings in USD and EURO.(after default 1998)
USD goes up to Ruble.
Every goods are cheaper because prices in Rubles have changed little.

May be vodka, milk and bread are cheaper, but, I heard that Russia has banned import of many western goods. I suppose that the most of high quality wares are now being delivered by smuggling and that makes it more expensive.

BTW, if international transfers in Russia are restricted by capital controls, bitcoin will be the best way to buy things from abroad. This is probably why russian govt hates it.

International transfers in Russia are no restricted. Surprise 
Even Bitcoin and other crypto currencies are not prohibited. Surprise №2 

It is just a suggestion of such a law bill.
1)now there is a public debate about the law bill (about ~30 days)
2)Then there will be a discussion of the law bill in the State Duma.
3)if they want to make changes in this law bill then go to 1)
4)if Duma adopted the law bill then the law bill go to The Federation Council
5)if more than half voted for the adoption of the law bill then law bill goes to
President of the Russian Federation.
6)if President of the Russian Federation adopt the law bill then law bill becomes law

So there is still at least six months before "the ban Bitcoin". And maybe even the bill will not be accepted

I hope you learned at least something and now you will not be so uneducated 

[Amph]

they can't ban shit, they will ban trading on exchange, unless they plans to eradicate every pc in their country, and this is beyond retarded

only one thing can kill bitcoin, his value

[piramida]

International transfers in Russia are no restricted. Surprise  
Even Bitcoin and other crypto currencies are not prohibited. Surprise №2  

It is just a suggestion of such a law bill.
1)now there is a public debate about the law bill (about ~30 days)
2)Then there will be a discussion of the law bill in the State Duma.
3)if they want to make changes in this law bill then go to 1)
4)if Duma adopted the law bill then the law bill go to The Federation Council
5)if more than half voted for the adoption of the law bill then law bill goes to
President of the Russian Federation.
6)if President of the Russian Federation adopt the law bill then law bill becomes law

So there is still at least six months before "the ban Bitcoin". And maybe even the bill will not be accepted

I hope you learned at least something and now you will not be so uneducated  

International transfers in Russia are restricted, in fact prohibited, only allowed between your own accounts if your foreign account had first been registered in a tax authority.

1. there is no public debate about anything
2. discussion by monkeys at a zoo would have more sense
3. monkeys will have more knowledge about the subject to make educated changes
4. highly paid monkeys who do as commanded, too, and have no actual say in the process
5. ^
6. if he didn't want to adopt the bill, there'd been no bill project now

I hope you learned at least something about the country you live in and now you will not be so naive. All legislative branches are controlled from the top, there is no control by citizens in any matter. Only Putin decides what is voted and accepted. Take off your silly TV glasses

[GangkisKhan]

Seem like all BRICS countries are going to totally ban bitcoin if not already done so.

They perceived the usage of btc will benefit US rather than help their own exporters.

[Hunyadi]

I heard there is a scandal in Russia. Something like 8 people died to amphetamine(?) which they bought by using bitcoin... I could be wrong.

[piramida]

Seem like all BRICS countries are going to totally ban bitcoin if not already done so.

They perceived the usage of btc will benefit US rather than help their own exporters.

Brazil is still pretty relaxed; others yes, seems they are afraid that they will not be able to control and regulate cryptos, and considering how strong black markets and money laundering are in these countries, it might be a real threat. What they fail to understand, though, is that it is pretty damn impossible to ban that idea already, so they'd better spend their energy on attempting to understand and regulate; they will get left far behind if they spend much time on losing this hopeless battle.

I heard there is a scandal in Russia. Something like 8 people died to amphetamine(?) which they bought by using bitcoin... I could be wrong.

No, people died in fact buying absolutely legal "synthesized THC" which is sold and advertised everywhere, while govt stupidly fights against an actual cannabis, which does hundreds of times less harm comparing to that psychoactive shit.

[fairglu]

Seem like all BRICS countries are going to totally ban bitcoin if not already done so.

They perceived the usage of btc will benefit US rather than help their own exporters.

While theoretically bitcoin should be preferable to usd for them, too much of the bitcoin infrastructure is US based, so one can understand their fears. China is a significant bitcoin player already, and could completely reverse that perception, but the Chinese lawmakers are too afraid of losing control over their currency (and the political/economical power it gives them) to allow bitcoin to flourish as it could in China.

So yes, in many ways brics have good reason to consider bitcoin as being a Trojan horse of free economy. Terrorists are or should be afraid of bitcoin for similar reasons.

IMHO Bitcoin is to currency what the BBC world news is to information: it empowers people and weakens dictatorships. Like the BBC it has it's own agenda, and it won't be enough to change the world or topple bad governments on its own, but it's a step.

[jacktheking]

Hmm.. I dont understand the article since it is in Russian language. Anyway, I dont think it is a 'smart' move to ban Bitcoin. Additionally, I felt that Bitcoin rate will not drop, in fact, it will be even higher.

[fsb4000]

International transfers in Russia are restricted, in fact prohibited, only allowed between your own accounts if your foreign account had first been registered in a tax authority.

1. there is no public debate about anything
2. discussion by monkeys at a zoo would have more sense
3. monkeys will have more knowledge about the subject to make educated changes
4. highly paid monkeys who do as commanded, too, and have no actual say in the process
5. ^
6. if he didn't want to adopt the bill, there'd been no bill project now

I hope you learned at least something about the country you live in and now you will not be so naive. All legislative branches are controlled from the top, there is no control by citizens in any matter. Only Putin decides what is voted and accepted. Take off your silly TV glasses

Yes, you should registered your account in a tax authority. This does not negate the fact that we can send money and receive money abroad....

Here public discussion about the bill http://regulation.gov.ru/project/17205.html?point=view_project&stage=2&stage_id=13089
As you can see "Until the end of the public discussion remains: 28 days 10 hours."
You can also read reviews of people about the bill...

We'll see. While I use the currencies and I'm not in jail  . I do not believe that there will be a ban.