[2015-10-28] CD: Russian Minister Confirms Plans to Ban Bitcoin-to-Fiat Conversi

harrymmmm

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Quote from: tiggytomb on October 29, 2015, 10:56:21 AM

Yeah looks like those that are looking to convert will just need to go the long way round via the € but then that would add extra fees surely wouldn't it.

Sign up on a zero fee chinese exchange?
Anyway, I doubt 1% extra would stop many people.

Maybe it's an attempt to stamp out localbitcoins? Those guys would need to carry around pockets full of euros and rubles at face to face meetings.
Or just ignore the law. Lol.

tiggytomb

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Yeah looks like those that are looking to convert will just need to go the long way round via the € but then that would add extra fees surely wouldn't it.

harrymmmm

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Quote from: RustyNomad on October 29, 2015, 10:40:22 AM

It seems like you will be able to hold cryptocurrencies and mine them. You are just not allowed to exchange it to Ruble...

Quote

Moiseev went on to say that, under the proposed law, people would not be penalised for mining cryptocurrencies or converting one cryptocurrency to another.

So its not an outright ban of all cryptocurrencies which might be a good thing, under circumstances. With an outright ban bitcoin would have been pushed to the 'backstreets' so to speak. With it being legal to own it will allow for the word to spread and this might just lead to it eventually being allowed if there is enough pressure from the public.

The way I read his statement was that they want to criminalize the conversion between bitcoin and ruble (specifically).
That sounds absurd to me. People would run exchanges doing conversions to euros then to rubles separately.

Assuming he meant bitcoin to all fiat makes more sense, but it looked like he specifically ruled that oit.

RustyNomad

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It seems like you will be able to hold cryptocurrencies and mine them. You are just not allowed to exchange it to Ruble...

Quote

Moiseev went on to say that, under the proposed law, people would not be penalised for mining cryptocurrencies or converting one cryptocurrency to another.

So its not an outright ban of all cryptocurrencies which might be a good thing, under circumstances. With an outright ban bitcoin would have been pushed to the 'backstreets' so to speak. With it being legal to own it will allow for the word to spread and this might just lead to it eventually being allowed if there is enough pressure from the public.

harrymmmm

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King Canute ordering the tide to recede comes to mind.
These guys haven't yet realized that bitcoin is designed to either fail completely, or to become a perfect unstoppable storm. Since the former option is looking unlikely, well ...

LiteCoinGuy

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In Satoshi I Trust

Russian Minister Confirms Plans to Ban Bitcoin-to-Fiat Conversions

Russia's Deputy Finance Minister has confirmed the country's plans to penalise the conversion of cryptocurrencies such as bitcoin into the ruble.

http://www.coindesk.com/russian-minister-confirms-plans-to-ban-bitcoin-to-fiat-conversions/

Angry

Topic: [2015-10-28] CD: Russian Minister Confirms Plans to Ban Bitcoin-to-Fiat Conversi (Read 332 times)