Russia's Ministry of Economic Development criticises bitcoin ban

[pawel7777]

Change of heart in Russia?

Is it possible they re-thinking their approach to cryptos and will eventually allow them?

Russia's Ministry of Economic Development has criticised a proposed ban on "cash equivalents", according to a report.

The ministry said that legislation aimed at banning cash equivalents, including digital currencies like bitcoin, could have negative effects on retailers, telecom operators and banks.

Specifically, some provisions of the bill could create excessive restrictions and obligations, creating unreasonable costs for businesses, it said. The ministry therefore asked that the bill be reworked and resubmitted for further consideration.

The bill in question was drafted earlier this year by the Russian Ministry of Finance, and would prevent the issuance of digital currencies and all operations involving digital currencies – effectively placing a ban on the fledgling technology.

http://www.coindesk.com/russian-ministry-criticises-draft-bill-banning-bitcoin/

Also:

https://www.cryptocoinsnews.com/russia-reconsidering-bitcoin-ban-2015/

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[coa032]

Would be good if they changed their mind. We really need some official positive news from Russian gov about digital currencies.

[newIndia]

After China and India, is it turn for Russia ?

Looks like the wheel is moving...

[bitcoinmining]

It's time for Russia to think about it. They have a huge potential; it's not just economical potential, also they have technical potential for next generation Bitcoin technologies.

[pawel7777]

Would be good if they changed their mind. We really need some official positive news from Russian gov about digital currencies.

It actually may happen. I don't think that any Russian ministry would just jump out and go against official government's stance. Seems like they're preparing the field for the government to re-consider the ban.

Maybe they figured out that cryptos can have positive effect on their economy and/or help stabilise Rubble.

Hope I'm not over-optimistic here.

[H.W.Z]

I don't think it is easy! Their currency is high inflation! All of ppl there are looking for the way of storing value. If they allow bitcoin, probably the rupee will further clash. No regulators there want to see this happen!

[BIT-Sharon]

The Rupee is so low now that bitcoin is still the value it is. I think it is a good way to keep bitcoin in Russia. Russia always support bitcoin, for someone says that the creator of bitcoin comes from Russia, but not Japan.

[pawel7777]

I don't think it is easy! Their currency is high inflation! All of ppl there are looking for the way of storing value. If they allow bitcoin, probably the rupee will further clash. No regulators there want to see this happen!

It's Ruble not Rupee.

And technically, if they created friendly regulations, allowed exchanges, mining and all the other BTC accepting businesses, it could result in net money inflow to Russia.

[yrask]

Hope that Russia will change its decision about Bitcoin and approve this in way to change the Bitcoin economy that now is so much boring (too many low volume).

[BTCXE]

not exactly sure whether it's because they want to reconsider Cryptocurrencies, or because the initial wording of the legislation was so daft and vague that it covered anything from vouchers, giftcards and coupons. My guess is given the russian government's preference for tight control is that Bitcoin supporters shouldnt get their hopes up

[ticoti]

so, who did ban bitcoin in russia? its president?

If ministry of economic wants bitcoin, shouldn't be he the one who unban it?

[bitllionaire]

I hope they stop banning it soon

it is like setting doors in the open field

[Guido]

not exactly sure whether it's because they want to reconsider Cryptocurrencies, or because the initial wording of the legislation was so daft and vague that it covered anything from vouchers, giftcards and coupons. My guess is given the russian government's preference for tight control is that Bitcoin supporters shouldnt get their hopes up

yes, that's how I read it

all countries cock-up when they introduce legislation without thinking it through properly and slam people who question it as liberals.

how's the patriot act working out for ordinary americans?
how's your constitution?

[botany]

not exactly sure whether it's because they want to reconsider Cryptocurrencies, or because the initial wording of the legislation was so daft and vague that it covered anything from vouchers, giftcards and coupons. My guess is given the russian government's preference for tight control is that Bitcoin supporters shouldnt get their hopes up

Yes, the reason given for opposing the ban is its impact on Russian companies. So I guess it will be redrafted to exclude vouchers and coupons.

[Garriah]

RT.com and Russia today regularly promote bitcoin on their international english langauage news channels - it seems they have a different stance to it in their own country.

[cyberpinoy]

The bill in question was drafted earlier this year by the Russian Ministry of Finance, and would prevent the issuance of digital currencies and all operations involving digital currencies – effectively placing a ban on the fledgling technology.

I think this would impede on a lot of online activities. Gaming that uses any kind of in game currency that can be purchased using cash or credit card. Those new Amazon coins would be prohibited here. A lot of gambling sites that use "Chips" where the chips are purchased using cash or credit card. Facebook would be illegal there because of thier Face Book Credit system they use. There would be a lot of things that when you break it down the site and business operate using a form of virtual currency ( not necessary a crypto coin).