Crypto Pay Could ‘Destroy the Financial System’ - page 2.

davis196

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Quote from: dothebeats on August 15, 2020, 10:37:49 AM

Was actually not surprised that the Russians are back at it again with their anti-crypto stance. They wanted to be as Ruble-centric as possible and do not want foreign or other currencies to be used by their people for better tracking and for stimulating the growth of their own currency. Honestly, crypto-payments amount to only a small percentage of their economy, and I do not see it as a threat on its own against the Ruble. In fact, this might even stimulate the playing ground on Russia and attract services and companies to start their own outlet in the Russian side of things.

The opinion of one guy doesn't mean that all the Russians are anti-crypto or pro-crypto.
However,I assume that most of the politicians and government clerks in Russia share the same opinions.
"Crypto is bad for the economy and financial system of Russia,but it might come handy for avoiding international sanctions".This means that cryptocurrencies will never be fully adopted in Russia,but all the government controlled Russian banks and companies might use cryptocurrencies to trade overseas(which isn't that bad).

ampu

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Bitcoin should be seen as an asset and should not be paid for it will obscure the role and value of fiat money. Not to mention that the volatile bitcoin's exchange rate can be detrimental to both the owner and the buyer.
Every country has a central bank, and the government won't let crypto try to replace fiat money.

el kaka22

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Obviously people who love the financial system and take advantage of it would say that crypto would destroy it, in reality crypto is not destroying anybody or anyone's money, it is actually making you richer by making sure that wealthy people could not bribe their way into making more money. When a dude has 1 billion and you have 100k, even if government prints out money they give you 600 dollars while giving him 10 million dollars, the more you have the more you get, in bitcoin things do not work that way and that is why wealthy and poor are all the same to blockchain.

This means people who are taking advantage of this current financial system will say that crypto will destroy the way we are right now, well there are so many people poor and starving, maybe the financial system should be destroyed all along?

Harlot

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You should take note that there new law about holding crypto is about that alone only they are also planning to have a different law with regards to mining crypto as well as trading it in an exchange which they have said on a previous statement. This might just mean that they are really planning to have a less crypto friendly law when it comes to the crypto industry country. Even if it is something bad I still think this kind of adjustment from the Russian government to officially allow crypto in the country is a huge improvement and there is still a chance that these laws they will introduce will change overtime.

Salauddin1994

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Crypto pay can ‘destroy’ the financial system because it does not allow transactions everywhere. That is why many traders are financially disadvantaged. if crypto allows cash payments Crypto Pay Could will improve a lot financially. Many countries around the world do not legalize crypto so traders may be exploited in various ways for it not to be legally effective. I think as the demand for crypto increases, so will the speed of cash transactions.

Lucius

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Quote from: imstillthebest on August 18, 2020, 06:55:10 AM

i salute you and the pizza guy because you both are two of the few people that uses thier btc for paying or spending . if not because of the pizzza guy , btc will struggle to gain value .

One of the most important features that Bitcoin has is that anyone in the world can use it to pay for goods and services, no matter what country it is - and that no permission is required for this. The greater the application in everyday life, the more sellers will accept Bitcoin as a means of payment, which actually gives it increasing credibility and an incentive for others to say, "Why wouldn't I offer such a payment option?"

I am happy to have the opportunity to buy practically all electronic goods with BTC in my country, but that there is even a hair salon that accepts cryptocurrencies. I have always been convinced that BTC should be used as a means of payment, but also as a store of value - because if it becomes digital gold that will be traded by speculators, then what will be left for us small users?

arwin100

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The question is why? digital payments is not new and cryptocurrency is new to the scene so by this I don't really think it could destroy the financial system since we already have a online payments and other things but still it didn't hurt the system. The crypto pay could make the life easier of the people since they will have so many options regarding on payments especially if they want to transact online.

verita1

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Russia's legislators are looking to protect their hard currency, the Ruble. This bill will know the response of the Russian community as of January 1st, 2021, which will come into effect. The law also aims to stimulate businesses to create their own digital assets (stablecoins).

But not as an additional means of payment to the ruble, the law is very limited. Although I think a good path is being created for the Russians
take advantage of technology to solve problems in their financial system.

Spaffin

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Quote from: DoublerHunter on August 18, 2020, 10:45:15 AM

Quote from: kolbalish on August 15, 2020, 09:47:15 AM

Russian Lawmaker: Crypto Pay Could ‘Destroy the Financial System’

^ Is Russia in recession at the moment? if, it is maybe they think that Investors would rather choose cryptocurrency. However, they might not consider legalizing crypto payments since Crypto asset has a bigger value than their fiat, and anytime can change a value, doubled or tripled only in a certain amount of time. they hold the power in their fiat "ruble" they can think a way on how to circulate the growth for check and balance Accounting Purposes.
Moreover, Russia is one of the biggest country and Cryptocurrency could be their greatest asset if they think about the positive side.

The legislative initiative of the Russian Federation is proceeding in such a way that it is very difficult to explain it, especially if we take examples of what is happening from other countries, then in Russia everything happens quite the opposite. Today, the Russian government does not intend to legalize cryptocurrency, and the only thing that can happen is a complete ban on cryptocurrency for use by citizens, but the government can fully use cryptocurrency for its own purposes. one of the main whole, not to allow cryptocurrency for citizens of russia, is to control the finances of their citizens, and to prevent the financial independence of people.

DoublerHunter

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Quote from: kolbalish on August 15, 2020, 09:47:15 AM

Russian Lawmaker: Crypto Pay Could ‘Destroy the Financial System’

^ Is Russia in recession at the moment? if, it is maybe they think that Investors would rather choose cryptocurrency. However, they might not consider legalizing crypto payments since Crypto asset has a bigger value than their fiat, and anytime can change a value, doubled or tripled only in a certain amount of time. they hold the power in their fiat "ruble" they can think a way on how to circulate the growth for check and balance Accounting Purposes.
Moreover, Russia is one of the biggest country and Cryptocurrency could be their greatest asset if they think about the positive side.

imstillthebest

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Quote from: Lucius on August 18, 2020, 05:41:23 AM

Quote from: giammangiato on August 18, 2020, 04:14:58 AM

At the moment i don't like to spend my btc, probably only after a pump but in a bear season I will never spend my crypto! Could be as stupid as the guy that spend his btc for 2 pizzas

I personally don't think it's stupid to use cryptocurrencies as a means of payment, BTC was originally intended for just that, but over time it turned into something else. I understand that most are in this game after all for profit, but I like to pay with BTC regardless of its value relative to fiat.

That guy is become legend, despite probably paying for the most expensive pizza in the world - but has shown people that BTC can be used effectively as a payment currency, not just as a store of value. I just feel good when I pay something with BTC because not everyone has the privilege of being their own bank Wink

it only becomes stupid if you bought btc for investment and then you willingly spend it when the price dumped hard because you just killed the sense of investing that way but if we started to buy a btc for purchase use or for pay we wont care on its price . i salute you and the pizza guy because you both are two of the few people that uses thier btc for paying or spending . if not because of the pizzza guy , btc will struggle to gain value .

Ucy

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Well, as long as people from the country are not penalized for using cryptocurrency in the right or moral way. The government can decide not to accept/promote cryptocurrency, but shouldn't stop people from using the good ones, even for "trading". That'll be dangerous to "freedom to do what is right", I think.

I think governments should be more concerned about making sure citizens & others do what is right/good, and not restricting people's freedom to what is right.
You can't insist that people use something if that thing is bad for them.
What if cryptocurrency/decentralized tech would help make societies better for everyone? Would it still be avoided?

The government could even have its own decentralized crypto developed and get people from around the world use it, if the currency is good. You can also use existing decentralized cryptocurrencies (& the new ones) in ways that it contribute alot to your economies.

Lucius

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Quote from: giammangiato on August 18, 2020, 04:14:58 AM

At the moment i don't like to spend my btc, probably only after a pump but in a bear season I will never spend my crypto! Could be as stupid as the guy that spend his btc for 2 pizzas

I personally don't think it's stupid to use cryptocurrencies as a means of payment, BTC was originally intended for just that, but over time it turned into something else. I understand that most are in this game after all for profit, but I like to pay with BTC regardless of its value relative to fiat.

That guy is become legend, despite probably paying for the most expensive pizza in the world - but has shown people that BTC can be used effectively as a payment currency, not just as a store of value. I just feel good when I pay something with BTC because not everyone has the privilege of being their own bank Wink

giammangiato

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Not right at the 100%. They can coexist and pay with crypto or pay with fiat could be a personal choice. At the moment i don't like to spend my btc, probably only after a pump but in a bear season I will never spend my crypto! Could be as stupid as the guy that spend his btc for 2 pizzas

cryptoaddictchie

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Quote from: CarnagexD on August 17, 2020, 04:22:58 PM

The problem with crypto is that it separates the citizen to its government in terms of finance monitoring, government would have a hard time tracking illegal movements when we use cryptocurrencies, on the other hand most of us just wanted to have a convenient in transaction which the government clearly sees, but still the threat of using cryptocurrencies is not a joke to for them to just set aside.

Specifically the citizens that do crimes. They are the one who are actually worried about this. Well if ever, just in case crypto has been embraced by most. Financial system would widen, but Im kinda thinking how Government could remedy the issue on tax with this. Many financial instituion believe on crypto efficiency and probably will be adopted by many. Why not both just adjust and set aside the money profiting right? This is what Im thinking, countries are too afraid that their economic growth which does not relies on crypto would suffer.

bits4books

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Lol well, what did you expect? What will the current Russian government decide to allow cryptocurrencies? I beg you this is not even funny but just wildly naive.
Just remember that any successful IT project in Russia or any successful private business suddenly begins to interest the authorities (because successful and private = dangerous) and all ends up with the assets of companies passing into the right hands. Remember Chichvarkin, or Durov. Read what is happening with Yandex now and what has become with mail.ru.
Yes, the same Slavic Wargaming in their homeland in Belarus had better things-but they also transported almost everything that can be to Cyprus. Do not expect something like this from Russia and then you will not get disappointed.

abhiseshakana

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Quote from: Naida_BR on August 17, 2020, 12:20:00 PM

Crypto payments can destroy the financial system, indeed.
However, in order to be able to make cryptocurrency payments financial system should allow this. Currently, they are not opt to do so. Having said that, if this is going to happen we need to pass a lot of time and let the financial system 'absorb' those payments.

If cryptocurrency comes into contact with the real economy, it can disrupt national financial stability in the event of a bubble burst. The movement of money from fiat to cryptocurrency is a form of capital flight for a country and will cause a decline in the value of the national currency.

But if the state is reluctant to adopt financial technology and ignores cryptocurrency it will be detrimental in the long term because algorithmic-based financial technology is a picture of the economy in the industrial revolution, so the sooner a country prepares a legal basis for cryptocurrency, the more accelerating economic development and growth.

CarnagexD

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Quote from: sana54210 on August 16, 2020, 06:20:49 AM

I do not understand, if just allowing crypto to be used in some trading cripples all of your economy, I think your economy should cripple anyway, you are very weak and you can't handle even a slight bit of competition.

That little competition could turn to a bigger one, once people sees the worthiness of crypto they might just jump all in on that which most of the government does not want to happen. It is understandable how every country has its own government that has a different stance on things, it shows the diversity of how every one of us think. Crypto is small, still, but the potential that lies within is huge.

Quote from: sana54210 on August 16, 2020, 06:20:49 AM

Crypto is far superior to any fiat in the world but it is not superior enough to actually destroy the financial system as a whole, it is just an alternative and that is it. Until you can put your crypto into bank, have a crypto card, pay everything with crypto and just remove fiat totally out of your life without ever using it again and fiat cash becomes a novelty, I think it can't destroy financial system. And for that to happen we need at least few decades of crypto surge constantly and I feel like that is not going to be stopped this way neither.

The problem with crypto is that it separates the citizen to its government in terms of finance monitoring, government would have a hard time tracking illegal movements when we use cryptocurrencies, on the other hand most of us just wanted to have a convenient in transaction which the government clearly sees, but still the threat of using cryptocurrencies is not a joke to for them to just set aside. It cannot destroy the financial system but it can weakens the financial system, hence crypto is always on talks with the possibilities.

mu_enrico

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Obviously, cryptocurrency can destroy the financial system in term of control and surveillance. That's why government pushed MLD5/AML regulations. The battle will start soon I think (I read about many services including BitMex now mandatory to do KYC), It's time to grab the popcorn.

Naida_BR

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Crypto payments can destroy the financial system, indeed.
However, in order to be able to make cryptocurrency payments financial system should allow this. Currently, they are not opt to do so. Having said that, if this is going to happen we need to pass a lot of time and let the financial system 'absorb' those payments.

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