[2018-03-06] Russian Supreme Court to Decide the Fate of Bitcoin Sites

Kemarit

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Quote from: 1Referee on March 07, 2018, 08:11:12 AM

Quote from: squatter on March 06, 2018, 07:17:21 PM

Interestingly, the Prosecutor General actually declared the use of Bitcoin illegal under existing Russian laws in 2014:

Quote

"Systems for anonymous payments and cyber currencies that have gained considerable circulation - including the most well-known, Bitcoin - are money substitutes and cannot be used by individuals or legal entities," the Russian Prosecutor General’s Office said on February 6.

It added that Russian law stipulates that the rouble is the sole official currency and that introducing any other monetary units or substitutes was illegal.

But I don't think there's ever been much enforcement. Similar to China, Russia seems more interested in restricting information about and access to cryptocurrencies.

At least China in most occasions is backing up its words with actions (although it being negative for crypto), which is something we haven't really seen happen in Russia. We have seen nothing from Russia other than small scale power play affecting certain sites here and there. It's clear that they just don't know what to do, and don't even bother taking the necessary steps against crypto like how China in a fairly short period of time cleaned house. I rather see them completely prohibit crypto in every shape and form, than seeing this ping pong show continue for plenty of more years. Realistically, I don't think much will change in Russia in the forthcoming years, especially because of the fact that the incentive just isn't there. I am even of believe that Russia may already be comfortable with how things are right now.

Exactly. That's why I don't think that Russia will really accept crypto's in general. It's been what more than a year since this back-and-forth discussions about "accepting" or "regulating" crypto's but up to now, we have seen anything concrete coming from them. And the worst part is that they keeps on contradicting themselves. Although there are a lot of influential Russian's in the cryptosphere, but I don't think that will be enough to sway the government of Putin to be friendly. Why do the Supreme Courts needs to step up and meddle with the issue by the way? Is the Russia authorities or like the censorship committee or some regulatory body cannot make the final decision here? For me the end result will be the same.

veleten

legendary

Activity: 2016

Merit: 1107

Russia has been so wishy washy when it comes to cryptocurrencies
all the information was highly unreliable,some was misleading and manipulative
like "Putin himself wants to create a Russian cryptoruble" or "Putin meets Vitalik behind closed doors and tels him to create another Etherium"
etc. most of the writers have no access to inside info and they are making assumptions on who is whos friend and who met who
it is also worth noting that russians consider their goverment and the president to be two different forces
in their eyes Putin is trying to make Russia great again,while the treacherous liberal oriented goverment is doing everything to put sand in his wheels

Roskomnadzor is one of the most hated organisations there,blocking sites under pretext of fighting crime and terrorism (sometimes legit,sometimes they overreact,to put it mildly)
hence this Supreme Court decision could put an end to the cryptocurrency sites' witchhunt and send signals to all interested parties

hatshepsut93

legendary

Activity: 3024

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Quote from: Lucius on March 07, 2018, 06:21:14 AM

It's amazing what's happening in that country when it comes to cryptocurrency,practically one day they are friendly and they make some positive measures,then other day we read that paying with cryptocurrency becomes a criminal offense and government is trying to close web site related to cryptocurrency.I think that every business in that country which is related to cryptocurrency is actually like Russian roulette,you may survive and profit or you may be dead with a single click.

I do not like how things are developing in Russia,and I do not see nothing positive in that story.They are in a way on the similar path like China-If we can have full control then crypto yes,if not then game over.You like crytpo?Then use CryptoRuble.

There are a few reasons for that.

When Russia says something positive about crypto/blockchain, it might be because they want to sound attractive for investors. There's also some genuine interest among their officials who think that it can be used to benefit their regime - like circumventing sanctions or avoiding using dollar.

But at the same time they don't want their population to get the main benefits of cryptocurrency - sovereignty and privacy, so they slam it on media, ban websites, propose to outlaw it, etc.

Qartersa

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Quote from: Donationcoin on March 06, 2018, 10:16:16 AM

The Supreme Court of Russia has taken upon itself the responsibility to decide a case that may become a precedent for the crypto sector. The highest judicial authority in the country has accepted an appeal against the blocking of a popular Russian analytical portal – Bitcoininfo.ru. Its decision will affect dozens of crypto websites with restricted access, including foreign platforms like Localbitcoins.com.

https://news.bitcoin.com/russian-supreme-court-to-decide-the-fate-of-bitcoin-sites/

Well, this puts all Bitcoin investors who live and sojourn in Russia on guard. They should know very well how their government works, especially to those who circumvent laws. Anyway since the appeal is still set to take place, there is quite a long way to go before it can totally effectuate the direct and indirect effects of Bitcoin. Surely the new jurisprudence would be prospective in application, save for those explicitly declared otherwise, in protection of the Constitutional rights of its people. The world awaits what is going to happen under the Putin government because as we all ought to know, he is not named the most powerful man for consecutive times in his reign for nothing.

Kronos21

sr. member

Activity: 434

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Quote from: MoonJeina on March 07, 2018, 08:48:54 AM

Quote from: Donationcoin on March 06, 2018, 10:16:16 AM

The Supreme Court of Russia has taken upon itself the responsibility to decide a case that may become a precedent for the crypto sector. The highest judicial authority in the country has accepted an appeal against the blocking of a popular Russian analytical portal – Bitcoininfo.ru. Its decision will affect dozens of crypto websites with restricted access, including foreign platforms like Localbitcoins.com.

https://news.bitcoin.com/russian-supreme-court-to-decide-the-fate-of-bitcoin-sites/

It is never clear what Russian government actually wants with the cryptocurrency . Every time a different aspect and news makes the headline regarding the legality of bitcoin in Russia . Sometimes it is in favor of crypto and sometimes not .
They must come up with a final decision with it instead of postponing it every time . This is definitely going to affect the market at certain level since Russia is also pretty much involved in the crypto world . The Biasedness cannot be ignored in the case of supreme court as well as they also have little knowledge about the crypto currency.

If you are from Russia, you have long had to understand that Putin legalization of bitcoin will not. Soon you will have the opportunity to choose a new President in the elections. But I think you can't change the situation and you'll vote for it. People are passive. They are waiting for them to bring and give good. But this does not happen. Bitcoin is freedom and you need to be able to fight for it.

MoonJeina

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Quote from: Donationcoin on March 06, 2018, 10:16:16 AM

The Supreme Court of Russia has taken upon itself the responsibility to decide a case that may become a precedent for the crypto sector. The highest judicial authority in the country has accepted an appeal against the blocking of a popular Russian analytical portal – Bitcoininfo.ru. Its decision will affect dozens of crypto websites with restricted access, including foreign platforms like Localbitcoins.com.

https://news.bitcoin.com/russian-supreme-court-to-decide-the-fate-of-bitcoin-sites/

It is never clear what Russian government actually wants with the cryptocurrency . Every time a different aspect and news makes the headline regarding the legality of bitcoin in Russia . Sometimes it is in favor of crypto and sometimes not .
They must come up with a final decision with it instead of postponing it every time . This is definitely going to affect the market at certain level since Russia is also pretty much involved in the crypto world . The Biasedness cannot be ignored in the case of supreme court as well as they also have little knowledge about the crypto currency.

1Referee

legendary

Activity: 2170

Merit: 1427

Quote from: squatter on March 06, 2018, 07:17:21 PM

Interestingly, the Prosecutor General actually declared the use of Bitcoin illegal under existing Russian laws in 2014:

Quote

"Systems for anonymous payments and cyber currencies that have gained considerable circulation - including the most well-known, Bitcoin - are money substitutes and cannot be used by individuals or legal entities," the Russian Prosecutor General’s Office said on February 6.

It added that Russian law stipulates that the rouble is the sole official currency and that introducing any other monetary units or substitutes was illegal.

But I don't think there's ever been much enforcement. Similar to China, Russia seems more interested in restricting information about and access to cryptocurrencies.

At least China in most occasions is backing up its words with actions (although it being negative for crypto), which is something we haven't really seen happen in Russia. We have seen nothing from Russia other than small scale power play affecting certain sites here and there. It's clear that they just don't know what to do, and don't even bother taking the necessary steps against crypto like how China in a fairly short period of time cleaned house. I rather see them completely prohibit crypto in every shape and form, than seeing this ping pong show continue for plenty of more years. Realistically, I don't think much will change in Russia in the forthcoming years, especially because of the fact that the incentive just isn't there. I am even of believe that Russia may already be comfortable with how things are right now.

Lucius

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Merit: 5637

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Quote from: BitHodler on March 06, 2018, 06:37:56 PM

Quote from: hatshepsut93 on March 06, 2018, 11:16:59 AM

Some people here are very optimistic about Russian government's adoption of cryptocurrencies when their officials were making related statements, but in reality the government has been already fightning them for years.

Russia has been unclear about almost everything related to crypto for years now. The main issue is that there is no clear trigger point known for what will cause Russia to ban certain sites, and to leave other similar sites untouched.

I think it's safe to say that the entire crypto market in Russia is ready for clear regulations allowing people and businesses to understand what can be done, and what not. Currently it's almost like Russian roulette.

If you do something crypto related, it will either be 'tolerated', or you'll be facing serious resistance from the government where you'll be forced to stop and shut down your activities entirely, which doesn't make sense.

It's amazing what's happening in that country when it comes to cryptocurrency,practically one day they are friendly and they make some positive measures,then other day we read that paying with cryptocurrency becomes a criminal offense and government is trying to close web site related to cryptocurrency.I think that every business in that country which is related to cryptocurrency is actually like Russian roulette,you may survive and profit or you may be dead with a single click.

I do not like how things are developing in Russia,and I do not see nothing positive in that story.They are in a way on the similar path like China-If we can have full control then crypto yes,if not then game over.You like crytpo?Then use CryptoRuble.

Ozero

full member

Activity: 2142

Merit: 183

Quote from: wonderful8 on March 06, 2018, 07:21:44 PM

Hopefully they will make a decision better than that of the Chinese government, this will certainly influence the future of the cryptocurrencies.

There is no hope for an adequate introduction of crypto currency in Russia at all. If China is simply looking for its way of introducing a crypto currency, the Russian government is trying to ban it and even restrict incoming information about the nature of the crypto currency, prohibiting even crypto-currency sites. They openly and openly prefer not to act. In words, they are adherents of the crypto currency, then it causes some doubt in them, then the progressiveness of the blockchein itself is noted, but in practice there is an ordinary restriction and even prohibition of its use in this country. Under the current government of the crypto currency for Russia is closed.

wonderful8

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Hopefully they will make a decision better than that of the Chinese government, this will certainly influence the future of the cryptocurrencies.

squatter

legendary

Activity: 1666

Merit: 1196

STOP SNITCHIN'

Quote from: hatshepsut93 on March 06, 2018, 11:16:59 AM

This brings to attention an interesting fact - in Russia a lot of Bitcoin and cryptocurrency sites have already been banned and their censorship organ Roskomnadzor have successfully enforced this ban for years. Some people here are very optimistic about Russian government's adoption of cryptocurrencies when their officials were making related statements, but in reality the government has been already fightning them for years.

Interestingly, the Prosecutor General actually declared the use of Bitcoin illegal under existing Russian laws in 2014:

Quote from: Donationcoin on March 06, 2018, 10:16:16 AM

The Supreme Court of Russia has taken upon itself the responsibility to decide a case that may become a precedent for the crypto sector. The highest judicial authority in the country has accepted an appeal against the blocking of a popular Russian analytical portal – Bitcoininfo.ru. Its decision will affect dozens of crypto websites with restricted access, including foreign platforms like Localbitcoins.com.

I'm not sure how much bearing this would have on exchange sites. There's a big difference between a news/forum site (informational) and a business that deals with "monetary substitutes."

Anyway, it's interesting to see the Court will hear the case. How independent is the judiciary in Russia? Is it just a kangaroo court?

BitHodler

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Quote from: hatshepsut93 on March 06, 2018, 11:16:59 AM

Some people here are very optimistic about Russian government's adoption of cryptocurrencies when their officials were making related statements, but in reality the government has been already fightning them for years.

Russia has been unclear about almost everything related to crypto for years now. The main issue is that there is no clear trigger point known for what will cause Russia to ban certain sites, and to leave other similar sites untouched.

I think it's safe to say that the entire crypto market in Russia is ready for clear regulations allowing people and businesses to understand what can be done, and what not. Currently it's almost like Russian roulette.

If you do something crypto related, it will either be 'tolerated', or you'll be facing serious resistance from the government where you'll be forced to stop and shut down your activities entirely, which doesn't make sense.

Rustamm

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Bitcoin lover!

I do not even doubt that the Supreme Court of Russia will ban the above-mentioned site, where questions about the crypto-currency are discussed. I visited the site once and even registered there. This is something reminiscent of this forum, only in a much smaller scope and possibilities. Most likely, after its prohibition, this forum will be banned for Russians, because it is similar to bitcoinfo. en. After such a step, it will be unambiguously clear that the Russian government is not going to recognize the crypto currency and allow non-circulation on its territory. As always, they say one thing and do another. I'm sorry for the Russians, they really have an authoritarian rule, where freedom of speech is completely absent.

matuson

sr. member

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A court decision is not an indicator. The Russian government is ready to restrict people's access to world content. They want to leave only the Runet. This is a terrible country. They cannot be trusted. Putin will hold on to power by all means. To do this, he needs a stupid, poor population. Bitcoin is freedom. He is an enemy to authoritarian regimes.

hatshepsut93

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Activity: 3024

Merit: 2148

This brings to attention an interesting fact - in Russia a lot of Bitcoin and cryptocurrency sites have already been banned and their censorship organ Roskomnadzor have successfully enforced this ban for years. Some people here are very optimistic about Russian government's adoption of cryptocurrencies when their officials were making related statements, but in reality the government has been already fightning them for years.

Donationcoin

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The Supreme Court of Russia has taken upon itself the responsibility to decide a case that may become a precedent for the crypto sector. The highest judicial authority in the country has accepted an appeal against the blocking of a popular Russian analytical portal – Bitcoininfo.ru. Its decision will affect dozens of crypto websites with restricted access, including foreign platforms like Localbitcoins.com.

https://news.bitcoin.com/russian-supreme-court-to-decide-the-fate-of-bitcoin-sites/

Topic: [2018-03-06] Russian Supreme Court to Decide the Fate of Bitcoin Sites (Read 194 times)