Russia and central Bank agreed to legalize cryptocurrency as a form of currency

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Quote from: Ozero on February 13, 2022, 12:47:00 PM

All these statements from Russia regarding the possible legalization of cryptocurrency, although encouraging, are still only words. And we have already heard a lot of contradictory words from Russian officials of various kinds about cryptocurrency in recent years. They think one thing, say another, and do a third. Therefore, it is necessary to wait for the adoption of specific laws. And the laws regarding cryptocurrency in Russia are still among the worst in the world.

They probably studying and see now the impact of cryptocurrencies and how they can benefit from it thru tax as well convenience in making transactions. Now that many coubtries like USA, Japan and Singapore allows it and implemented it there possibly ways that they can gain more by using it. Russia is smart enough to implement it with ways they know their government will benefit.

This is another source of income to their government if they adopt it and this is really smart move made by them knowing how huge they can possible collected om their citizens. The one we need to see right now is how huge the percentage they take to their citizen since if they follow what India did maybe this one will not give them positive result and this could create confusion about why they implement that rulings.

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Quote from: The Cryptovator on February 13, 2022, 11:40:01 PM

Don't think Russia will ban Bitcoin or cryptocurrency where the USA allows it. Russia always tries to stay more advanced than USA and USA wants to do the same as well. So I believe Russia isn't stupid like China. If they ban cryptocurrency then Russia won't be stronger than the USA in the crypto economy. So I believe the decision will come positively which will allow citizens to use cryptocurrency legally.

According to various estimates, out of 145 million people in Russia, about 20 million people use or have used cryptocurrencies. If a law comes out that forbids this, then this will be another law that no one will fulfill.The population does not trust banks and keeps their savings in dollars. Cryptocurrency in Russia will be very popular.

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Knowing how the government system works in Russia, I would not be happy that Russia is passing a law to regulate cryptocurrencies. It is likely to cause a lot of problems with taxes and banks. And most importantly, at the moment, cryptocurrencies do not belong to any asset category at all. So it is not clear what they are going to regulate? Russia and the laws are sad humour.

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Quote from: The Cryptovator on February 13, 2022, 11:40:01 PM

Don't think Russia will ban Bitcoin or cryptocurrency where the USA allows it. Russia always tries to stay more advanced than USA and USA wants to do the same as well. So I believe Russia isn't stupid like China. If they ban cryptocurrency then Russia won't be stronger than the USA in the crypto economy. So I believe the decision will come positively which will allow citizens to use cryptocurrency legally.

agree on that , Russia is also supporting crypto for years now though they are not adopting this as their legal tender yet they won't act like that for the process, and also Russian people are one of the biggest supporter of crypto so there will never be banning to happen.

The Cryptovator

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Don't think Russia will ban Bitcoin or cryptocurrency where the USA allows it. Russia always tries to stay more advanced than USA and USA wants to do the same as well. So I believe Russia isn't stupid like China. If they ban cryptocurrency then Russia won't be stronger than the USA in the crypto economy. So I believe the decision will come positively which will allow citizens to use cryptocurrency legally.

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Quote from: Hamaber on February 10, 2022, 12:26:49 AM

But for the transactions more than 600,000 rubles which is around $8000, there will be tax

https://www.coindesk.com/policy/2022/02/09/russia-to-license-crypto-exchanges-tax-large-transactions/

It is normal that taxation will be implemented with that amount because that's big enough for a single transaction.

But advance congratulations for the Russian crypto community because if this will be implemented surely they will Benefits in High hopes.

While many of us are still looking for this chance as our government are still not having this kind of adoption till now.

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It is remarkable that Russia takes this type of descioines, because Putin knows very well what the price and value of BTC is, he knows that he cannot go against the tide, also in Russia people usually have a great intellect and I am sure that the majority of the population knows and knows about BTC, with this that was approved it can not only increase liquidity in the country, but a great demand will enter the market progressively, causing the price of BTC to rise a little more , something that is very necessary at the moment.

Hamaber

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Quote from: seoincorporation on February 13, 2022, 06:17:34 PM

The intention of this is to get tax revenue from the large transactions. But it will be complex for the gov to verify if the transactions were made by Russians or in a Russian exchange.

The intention is good, I mean, any gov wants to get their taxes but the technical problems will come when the Russians use an exchange from another country, I think it will be a complex task to trace all the bitcoin users on Rusia and keep an eye on each of their transactions.

You are right it may be complex for the government but as we know now most of the exchanges ask for KYC so the government can ask the details if these external exchanges are operating their service in Russia. The people will also not hide after using these exchanges because they will know that there will be a penalty if they break the rule of government.

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The intention of this is to get tax revenue from the large transactions. But it will be complex for the gov to verify if the transactions were made by Russians or in a Russian exchange.

The intention is good, I mean, any gov wants to get their taxes but the technical problems will come when the Russians use an exchange from another country, I think it will be a complex task to trace all the bitcoin users on Rusia and keep an eye on each of their transactions.

Hamaber

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Quote from: oHnK on February 13, 2022, 12:18:21 PM

Quote from: Sanitough on February 10, 2022, 05:58:29 PM

Not just for China alone but for all countries who have been eyeing bitcoin since El Salvador adopted it as a legal tender. The plan to legalize crypto is supported by the Central bank of Russia so they are now lifting the ban on crypto mining and trading. Russia was more encouraged too because they have seen India on legalizing the tax for digital assets, and from here, we can expect for a wider adoption for crypto in the next couple of months.

Personally I find it difficult to implement if all countries legalize Btc as a legal tender and only allow it to be traded like a commodity. Crypto is currently regulated by Whales, if the state legalizes BTC as a legal tender then its stability is in the hands of Whales, I also don't really agree to fully use BTC.

It is the matter of time when the whales have the control or it may also be not like that which you think. But it is sure that if all the countries will accept bitcoin as their legal currency to be used in the country then a day will come when it will be fully decentralized and not a single person or a small group will control it.

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Quote from: Ozero on February 13, 2022, 12:47:00 PM

All these statements from Russia regarding the possible legalization of cryptocurrency, although encouraging, are still only words. And we have already heard a lot of contradictory words from Russian officials of various kinds about cryptocurrency in recent years. They think one thing, say another, and do a third. Therefore, it is necessary to wait for the adoption of specific laws. And the laws regarding cryptocurrency in Russia are still among the worst in the world.

Yeah i heard the good and bad news from russia since 2017 and it's just the news to make the impact the market price but the realization or the follow up of the news is never happen.
News are spreading within seconds right now, and media is the best tools to manipulate the market so becareful of being fudded and just trust your own analysis and hold the coin that you know it's worth the price

Ozero

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All these statements from Russia regarding the possible legalization of cryptocurrency, although encouraging, are still only words. And we have already heard a lot of contradictory words from Russian officials of various kinds about cryptocurrency in recent years. They think one thing, say another, and do a third. Therefore, it is necessary to wait for the adoption of specific laws. And the laws regarding cryptocurrency in Russia are still among the worst in the world.

oHnK

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Quote from: Sanitough on February 10, 2022, 05:58:29 PM

Not just for China alone but for all countries who have been eyeing bitcoin since El Salvador adopted it as a legal tender. The plan to legalize crypto is supported by the Central bank of Russia so they are now lifting the ban on crypto mining and trading. Russia was more encouraged too because they have seen India on legalizing the tax for digital assets, and from here, we can expect for a wider adoption for crypto in the next couple of months.

Personally I find it difficult to implement if all countries legalize Btc as a legal tender and only allow it to be traded like a commodity. Crypto is currently regulated by Whales, if the state legalizes BTC as a legal tender then its stability is in the hands of Whales, I also don't really agree to fully use BTC.

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Quote from: Japinat on February 11, 2022, 04:27:00 PM

Quote from: ven7net on February 11, 2022, 03:36:48 PM

Quote from: Hamaber on February 10, 2022, 12:26:49 AM

Another great new in 2022 for the crypto users. I am telling it good because it is good than a full ban about which central bank was thinking.

There was a worry from the central ban who called for a ban on bitcoin in Russia in the previous month but on Tuesday in their announcement they along with the Russian government agreed to legalize and regulate the cryptocurrency as a currency for the country. On 18th Feb they will launch a draft for that step

It means that now this community will be increased much more and the crypto field will see more development and seeing this other countries will also accept crypto as their currency.

Their attempt of this step is to handle the usage of bitcoin and other coins in the country because they government do not want to ban it and central bank asked for a ban on it.

But for the transactions more than 600,000 rubles which is around $8000, there will be tax

https://www.coindesk.com/policy/2022/02/09/russia-to-license-crypto-exchanges-tax-large-transactions/

I believe that this information once again shows that everything is far from what they say about Russia, as well as about the correctness of its decisions. It is certainly clear that the Central Bank of Russia is a body that does not work for the benefit of the country itself, but is trying to introduce the desire of some forces from outside. But it’s good that the President of Russia intervened in this issue and put an end to this issue with one of his phrases about mining. Yes, it’s absolutely true that there will be cryptocurrencies in Russia, albeit through regulation, but still this is a very good signal and it will probably speed up the development of the crypto industry and the adoption of crypto in the world.

If the President itself has believed crypto that it will be good for their country, i think he is serious on that. Since Russia is the last year's third biggest crypto miner, then bitcoin could be a great tool in making it the first this year. It was noted that Russia has banned crypto mining and trading a while ago, but when the President sees crypto as good to improve the country, the Central Bank of Russia later agreed to it. Now, the banned has been lifted. Hopefully, the incoming success of Russia will influence other countries to adopt bitcoin too and legalize it as a currency.

yes they banned on it in the previous years but after that due to some issues they started it again in the country and I remember when there were international games then they allowed people to rent hotels and get other facilities with the payment of crypto in Russia.

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Quote from: ven7net on February 11, 2022, 03:36:48 PM

Quote from: Hamaber on February 10, 2022, 12:26:49 AM

Another great new in 2022 for the crypto users. I am telling it good because it is good than a full ban about which central bank was thinking.

There was a worry from the central ban who called for a ban on bitcoin in Russia in the previous month but on Tuesday in their announcement they along with the Russian government agreed to legalize and regulate the cryptocurrency as a currency for the country. On 18th Feb they will launch a draft for that step

It means that now this community will be increased much more and the crypto field will see more development and seeing this other countries will also accept crypto as their currency.

Their attempt of this step is to handle the usage of bitcoin and other coins in the country because they government do not want to ban it and central bank asked for a ban on it.

But for the transactions more than 600,000 rubles which is around $8000, there will be tax

https://www.coindesk.com/policy/2022/02/09/russia-to-license-crypto-exchanges-tax-large-transactions/

I believe that this information once again shows that everything is far from what they say about Russia, as well as about the correctness of its decisions. It is certainly clear that the Central Bank of Russia is a body that does not work for the benefit of the country itself, but is trying to introduce the desire of some forces from outside. But it’s good that the President of Russia intervened in this issue and put an end to this issue with one of his phrases about mining. Yes, it’s absolutely true that there will be cryptocurrencies in Russia, albeit through regulation, but still this is a very good signal and it will probably speed up the development of the crypto industry and the adoption of crypto in the world.

If the President itself has believed crypto that it will be good for their country, i think he is serious on that. Since Russia is the last year's third biggest crypto miner, then bitcoin could be a great tool in making it the first this year. It was noted that Russia has banned crypto mining and trading a while ago, but when the President sees crypto as good to improve the country, the Central Bank of Russia later agreed to it. Now, the banned has been lifted. Hopefully, the incoming success of Russia will influence other countries to adopt bitcoin too and legalize it as a currency.

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Quote from: lixer on February 11, 2022, 03:14:40 PM

Quote from: Hamaber on February 10, 2022, 12:26:49 AM

Another great new in 2022 for the crypto users. I am telling it good because it is good than a full ban about which central bank was thinking.

How can a full ban be good? But, ban is the worst thing that can happen in crypto. This news was good because it talks about the legalization on crypto in Russia. The start of 2022 is gloomy but finally we are now seeing some light as good news starting to appear slowly.

This might be the reason why we are seeing an improvement in the market? People gets motivated again to go back or to continue buying more because they know that more and more countries are soon to support cryptos. Normally a country can legalize crypto in the form of asset but this one in Russia is different as they legalize crypto in the form of currency. Is this the next El Salvador? hmm...

russia has the same policies as china but in the case of russia the situation gets worse, they are enemies of the USA, they have paranoia with the USA and the rest of the world, they are suspicious of everything, for them bitoin is something that can have been created by the americans and that's why i doubt russia will accept to be using bitoin without creating problems and barriers against bitcoin

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Quote from: macson on February 11, 2022, 11:24:31 AM

Quote from: Hamaber on February 10, 2022, 12:26:49 AM

Another great new in 2022 for the crypto users. I am telling it good because it is good than a full ban about which central bank was thinking.

There was a worry from the central ban who called for a ban on bitcoin in Russia in the previous month but on Tuesday in their announcement they along with the Russian government agreed to legalize and regulate the cryptocurrency as a currency for the country. On 18th Feb they will launch a draft for that step

It means that now this community will be increased much more and the crypto field will see more development and seeing this other countries will also accept crypto as their currency.

Their attempt of this step is to handle the usage of bitcoin and other coins in the country because they government do not want to ban it and central bank asked for a ban on it.

But for the transactions more than 600,000 rubles which is around $8000, there will be tax

https://www.coindesk.com/policy/2022/02/09/russia-to-license-crypto-exchanges-tax-large-transactions/

To be honest, this is one of the most shocking news in the crypto world. Russia is one of the most respected countries in the world as well as one of the communist countries, i believe with this decision China and other communist countries will rearrange the laws against crypto in their countries.

Yes China rulers need to meet up Putin to seek that what benefits are there in crypto for a crypto.

Quote from: lixer on February 11, 2022, 03:14:40 PM

Quote from: Hamaber on February 10, 2022, 12:26:49 AM

Another great new in 2022 for the crypto users. I am telling it good because it is good than a full ban about which central bank was thinking.

How can a full ban be good? But, ban is the worst thing that can happen in crypto. This news was good because it talks about the legalization on crypto in Russia. The start of 2022 is gloomy but finally we are now seeing some light as good news starting to appear slowly.

This might be the reason why we are seeing an improvement in the market? People gets motivated again to go back or to continue buying more because they know that more and more countries are soon to support cryptos. Normally a country can legalize crypto in the form of asset but this one in Russia is different as they legalize crypto in the form of currency. Is this the next El Salvador? hmm...

Actually I wrote "it is good than a full ban", means that the current progress of Russia for adopting crypto is good than a full ban.

ven7net

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Quote from: Hamaber on February 10, 2022, 12:26:49 AM

Another great new in 2022 for the crypto users. I am telling it good because it is good than a full ban about which central bank was thinking.

There was a worry from the central ban who called for a ban on bitcoin in Russia in the previous month but on Tuesday in their announcement they along with the Russian government agreed to legalize and regulate the cryptocurrency as a currency for the country. On 18th Feb they will launch a draft for that step

It means that now this community will be increased much more and the crypto field will see more development and seeing this other countries will also accept crypto as their currency.

Their attempt of this step is to handle the usage of bitcoin and other coins in the country because they government do not want to ban it and central bank asked for a ban on it.

But for the transactions more than 600,000 rubles which is around $8000, there will be tax

https://www.coindesk.com/policy/2022/02/09/russia-to-license-crypto-exchanges-tax-large-transactions/

I believe that this information once again shows that everything is far from what they say about Russia, as well as about the correctness of its decisions. It is certainly clear that the Central Bank of Russia is a body that does not work for the benefit of the country itself, but is trying to introduce the desire of some forces from outside. But it’s good that the President of Russia intervened in this issue and put an end to this issue with one of his phrases about mining. Yes, it’s absolutely true that there will be cryptocurrencies in Russia, albeit through regulation, but still this is a very good signal and it will probably speed up the development of the crypto industry and the adoption of crypto in the world.

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Quote from: Hamaber on February 10, 2022, 12:26:49 AM

Another great new in 2022 for the crypto users. I am telling it good because it is good than a full ban about which central bank was thinking.

How can a full ban be good? But, ban is the worst thing that can happen in crypto. This news was good because it talks about the legalization on crypto in Russia. The start of 2022 is gloomy but finally we are now seeing some light as good news starting to appear slowly.

This might be the reason why we are seeing an improvement in the market? People gets motivated again to go back or to continue buying more because they know that more and more countries are soon to support cryptos. Normally a country can legalize crypto in the form of asset but this one in Russia is different as they legalize crypto in the form of currency. Is this the next El Salvador? hmm...

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Well come to think of it Russia has all the benefit especially because Vitalik is Russian.
The story was that a bank from Russia announced they are going to ban crypto transaction and then Putin himself push back that plan. It really should be true that Putin knows a lot about Bitcoin and crypto. So instead of banning they legalize and regulated.

Not a very expect news from someone whom we thought to be an authoritarian person.

Topic: Russia and central Bank agreed to legalize cryptocurrency as a form of currency (Read 496 times)