Forbes - Russia Faces Internal Battle Over Bitcoin

Herbert2020

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Quote from: vadimnsk on September 10, 2017, 08:58:15 PM

Forbes - Russia Faces Internal Battle Over Bitcoin

Quote

A lot can happen in month. Russian institutions went from preparing the Moscow Stock Exchange for the legal trading in crypto-currencies like bitcoin and ether, the two most popular ones used in Russia, to coming a hair away from following in China's footsteps and banning initial coin offerings (ICO), a crypto-currency funding mechanisms for new tech companies.

it is funny how these two are mentioned together in the same place when they have nothing in common!

Russia is going to do something similar to what Japan did and make bitcoin legal for trading and possibly even for payment as a currency. and they have been talking about it from earlier this year.

China is banning scams also known as ICO and they have nothing to do with bitcoin they are using ETH to scam people.

krishnapramod

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Quote from: vadimnsk on September 10, 2017, 08:58:15 PM

Forbes - Russia Faces Internal Battle Over Bitcoin

Quote

A lot can happen in month. Russian institutions went from preparing the Moscow Stock Exchange for the legal trading in crypto-currencies like bitcoin and ether, the two most popular ones used in Russia, to coming a hair away from following in China's footsteps and banning initial coin offerings (ICO), a crypto-currency funding mechanisms for new tech companies.

Full story: https://www.forbes.com/sites/kenrapoza/2017/09/08/russia-faces-internal-battle-over-bitcoin/#4066dc57207e

It was the Russian Central Bank was against cryptocurrencies, but now it looks like Russia is working on a legal framework to legalize bitcoin and other cryptocurrencies by the end of this year.

Quote

Russia is in the midst of legitimizing cryptocurrencies. Russian Finance Minister Anton Siluanov conveyed this at a recent financial forum in Moscow. He assured Russian users of Bitcoin and other cryptocurrencies that the government will not outlaw nor penalize people who use cryptocurrencies.

“The state understands indeed that crypto-currencies are real. There is no sense in banning them, there is a need to regulate them,” the minister said.

The Russian Finance Ministry had previously balked on and considered prohibition of the use of cryptocurrencies in apartments which it deemed unsafe. Now that it has gotten backing from Putin, and the state has realized that digital currencies are part of the new economic realities, Siluanov said there is no point in outlawing them. He said the next move is to draw up a bill before year end to regulate cryptocurrencies.

https://cointelegraph.com/news/russia-is-working-on-legalizing-status-of-bitcoin-other-cryptocurrencies-rt

https://www.rt.com/business/402594-cryptocurrency-russia-regulation-law/?utm_source=rss-utm_medium%3Drss-utm_campaign%3DRSS#.WbPe-Xqhu8E.twitter

valentin68

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I'm from an Eastern European country that is neighbour to Russia.
In some aspects Russia is more capitalist than many capitalist countries from Europe. In other aspects Russia is still a communist country, not communist as in classic communism, but communist because many of its people do still believe in the old values.

This is why you could be right. Some people in Russia have accepted bitcoin from a long time ago, while many others do not know yet what a bitcoin is. They believe in the old "good" values of the communism. So let's wait and see, Russians are not stupid, many of them are progressist, sometime in the comming years they will understand the true value of the bitcoin.

illyiller

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Quote from: craZyLovE0916 on September 10, 2017, 11:19:18 PM

Bitcoin and cryptocurrencies are absolutely massive in Russia. I am surprised that Japan is the number one overall Bitcoin trader when there are so many Russians involved in the industry... you would think they would be higher up there.

This is complicated for a couple reasons. Firstly, Bitflyer (and likely other Japanese exchanges) offer zero-fee trading. That allows for a much higher level of churn (volume from the same traders). There could also be volume manipulation occurring, given that there are no fees.

Secondly, due to the unclear legal situation in Russia (with the government saying that the use of BTC was outright illegal in 2014, and banning access to many exchanges from within the country), most of their traders are on exchanges whose volume doesn't get attributed to Russia.

Kanapka

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As far I know they will put regulations into ICO's

Probably will regulate trade BTC with rubles too.

craZyLovE0916

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Bitcoin and cryptocurrencies are absolutely massive in Russia. I am surprised that Japan is the number one overall Bitcoin trader when there are so many Russians involved in the industry... you would think they would be higher up there.

vadimnsk

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Forbes - Russia Faces Internal Battle Over Bitcoin

Quote

A lot can happen in month. Russian institutions went from preparing the Moscow Stock Exchange for the legal trading in crypto-currencies like bitcoin and ether, the two most popular ones used in Russia, to coming a hair away from following in China's footsteps and banning initial coin offerings (ICO), a crypto-currency funding mechanisms for new tech companies.

Full story: https://www.forbes.com/sites/kenrapoza/2017/09/08/russia-faces-internal-battle-over-bitcoin/#4066dc57207e

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