The more governments try to drive it underground, the more it starts to have boot leg value in those countries. Given the mechanisms are there for those citizens to hold BTC with impunity, they WILL hedge against their own inflation riddled currencies and find a way to buy. Meanwhile, here in the civilized world, we only need one or two countries to formally accept it (Germany already has, US seems likely to) for it's future to as certain as anything can be in this life.
The comparison with old soviet countries and black market dollars is apt.
Topic: Bitcoin ILLEGAL in Russia (Read 1097 times)
Here is an official statement by the Central Bank of the Russian Federation: http://cbr.ru/press/PR.aspx?file=27012014_1825052.htm
Translation: http://translate.google.com/translate?sl=auto&tl=en&js=n&prev=_t&hl=en&ie=UTF-8&u=http%3A%2F%2Fcbr.ru%2Fpress%2FPR.aspx%3Ffile%3D27012014_1825052.htm
If the translation is correct it states that use and exchange is somewhat prohibited. But owning?
Also I found this: http://genproc.gov.ru/smi/news/genproc/news-86432/
Translation: http://translate.google.com/translate?hl=en&sl=ru&tl=en&u=http%3A%2F%2Fgenproc.gov.ru%2Fsmi%2Fnews%2Fgenproc%2Fnews-86432%2F&sandbox=1
Quote
In accordance with Art. 27 of the Federal Law "On the Central Bank of the Russian Federation", "the official currency (currency) of the Russian Federation is the ruble. Introduction on the territory of Russia and other monetary units issue money substitutes is prohibited. ".
As I understand this, it would apply to the Euro and Dollar as well. Is owning Dollars or Euros in Russia illegal? Also it says on the "territory of Russia", so using and owning Bitcoins abroad seems not impacted by that definition.
Do you have a link to article 27 of the Federal Law?
If you own BTC in Russia, you are a criminal.
Can you refer to some law, that prohibits that? Thanks.
http://www.theverge.com/2014/2/9/5395050/russia-bans-bitcoin
http://www.foxnews.com/tech/2014/02/07/russia-bans-bitcoin/
Exact quotes from the press release:
“Bitcoin is a money substitute and cannot be used by citizens and legal entities,”
"The official currency of the Russian Federation is the ruble. Introduction of other monetary units and money substitutes is prohibited,"
Russia's official stance is, any currency other than the ruble is considered illegal for use in Russia. So banning Bitcoin is not really news. If anything its positive. It means they recognize it as a currency
don't know about "positive"
Bitcoin was always going to be banned in places like Russia. It challenges their currency and their entire monetary system. If bitcoin is big enough to warrant this attention it means they fear it. It means bitcoin is working.
If you own BTC in Russia, you are a criminal.
Can you refer to some law, that prohibits that? Thanks.
http://www.theverge.com/2014/2/9/5395050/russia-bans-bitcoin
http://www.foxnews.com/tech/2014/02/07/russia-bans-bitcoin/
Exact quotes from the press release:
“Bitcoin is a money substitute and cannot be used by citizens and legal entities,”
"The official currency of the Russian Federation is the ruble. Introduction of other monetary units and money substitutes is prohibited,"
Russia's official stance is, any currency other than the ruble is considered illegal for use in Russia. So banning Bitcoin is not really news. If anything its positive. It means they recognize it as a currency
don't know about "positive"
Bitcoin was always going to be banned in places like Russia. It challenges their currency and their entire monetary system. If bitcoin is big enough to warrant this attention it means they fear it. It means bitcoin is working.
If you own BTC in Russia, you are a criminal.
Can you refer to some law, that prohibits that? Thanks.
http://www.theverge.com/2014/2/9/5395050/russia-bans-bitcoin
http://www.foxnews.com/tech/2014/02/07/russia-bans-bitcoin/
Exact quotes from the press release:
“Bitcoin is a money substitute and cannot be used by citizens and legal entities,”
"The official currency of the Russian Federation is the ruble. Introduction of other monetary units and money substitutes is prohibited,"
Russia's official stance is, any currency other than the ruble is considered illegal for use in Russia. So banning Bitcoin is not really news. If anything its positive. It means they recognize it as a currency
don't know about "positive"
If you own BTC in Russia, you are a criminal.
Can you refer to some law, that prohibits that? Thanks.
Use chrome to auto translate.
Its really not a big deal. Russia is also trying to ban the US dollar: http://www.washingtontimes.com/news/2013/nov/13/bill-would-outlaw-us-dollar-russia/
It just means you aren't going to see store front retail stores accepting bitcoin in Russia. Private users will be unaffected.
It just means you aren't going to see store front retail stores accepting bitcoin in Russia. Private users will be unaffected.
Right, but a substantial value in bitcoin is merchant adoption. This will cause a huge bottleneck, and it would suck to see other countries follow China and Russia.
If you own BTC in Russia, you are a criminal.
Can you refer to some law, that prohibits that? Thanks.
http://www.theverge.com/2014/2/9/5395050/russia-bans-bitcoin
http://www.foxnews.com/tech/2014/02/07/russia-bans-bitcoin/
Exact quotes from the press release:
“Bitcoin is a money substitute and cannot be used by citizens and legal entities,”
"The official currency of the Russian Federation is the ruble. Introduction of other monetary units and money substitutes is prohibited,"
Russia's official stance is, any currency other than the ruble is considered illegal for use in Russia. So banning Bitcoin is not really news. If anything its positive. It means they recognize it as a currency
They can not.
And this is the best part.
I am wondering what the exchanges would do. Like btc-e -> registered in Russia. And this is the best part.
If you own BTC in Russia, you are a criminal.
Can you refer to some law, that prohibits that? Thanks.
Its really not a big deal. Russia is also trying to ban the US dollar: http://www.washingtontimes.com/news/2013/nov/13/bill-would-outlaw-us-dollar-russia/
It just means you aren't going to see store front retail stores accepting bitcoin in Russia. Private users will be unaffected.
It just means you aren't going to see store front retail stores accepting bitcoin in Russia. Private users will be unaffected.
They can not.
And this is the best part.
And this is the best part.
If you own BTC in Russia, you are a criminal.
Here is the kick though: How would any government know who owns BTC? Sure, they can look at the block chain, but that only shows a series of encrypted keys, and no names.
You think the exchanges will ban any users registered in Russia? What will happen when other countries follow?
Here is the kick though: How would any government know who owns BTC? Sure, they can look at the block chain, but that only shows a series of encrypted keys, and no names.
You think the exchanges will ban any users registered in Russia? What will happen when other countries follow?
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