Russia Eyes Summer Deadline for New Cryptocurrency Laws

Aramazdi

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Quote from: Proton2233 on March 01, 2018, 08:36:44 AM

The motivation that Russian citizens can not assess the risk of investing in cryptocurrencies is absurd. In fact, the Central Bank fears that Russian citizens will invest money in cryptocurrencies because of distrust of the ruble. This can create big problems for Russia's underdeveloped economy.

maybe the Russians are still trying to protect the value of their currency, but the world has changed.

The government cannot regulate businesses to use conventional currencies in buying and selling goods, the government must be able to anticipate market players in using digital currency, the governing party must provide full support for cryptocurrency if you do not want to be left by western countries who have used digital currency in their buying and selling systems.

Argoo

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Quote from: USDOLLAR on July 20, 2018, 10:54:22 AM

They accept good quality laws, which citizens are waiting for. The law will clearly define all terms related to the crypto market. This is very important now for more long-term oriented discussion has been a start, which will be benefitted in future.countries that want to keep their wealth and power, need to take best of the crypto. They can't ignore it anymore now Russians also hoping to pass long-discussed new cryptocurrency legislation by July 1, There are two draft laws on cryptocurrencies have been proposed. The effort to allow fund-raising activities to continue in a regulated environment both bills will be submitted to his chamber this month for consideration.

Summer has already passed, in a week. autumn will come, but no laws have been passed in Russia on the regulation of crypto currency. I doubt that good laws will be adopted in this country, allowing people to freely own and dispose of the crypto currency. In Russia, the government has become too authoritarian. The bill to establish criminal liability for using crypto currency as a means of payment is more in line with the spirit of this government.

USDOLLAR

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They accept good quality laws, which citizens are waiting for. The law will clearly define all terms related to the crypto market. This is very important now for more long-term oriented discussion has been a start, which will be benefitted in future.countries that want to keep their wealth and power, need to take best of the crypto. They can't ignore it anymore now Russians also hoping to pass long-discussed new cryptocurrency legislation by July 1, There are two draft laws on cryptocurrencies have been proposed. The effort to allow fund-raising activities to continue in a regulated environment both bills will be submitted to his chamber this month for consideration.

Ozero

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The first of July has already passed, and no adopted laws in Russia on the crypto currency have not yet been heard. In Russia there are too many people talking about crypto currency, but they do very little. Of course, you can prohibit websites, social networks, they can quickly, but accept good quality laws, which citizens are waiting for, the mind is not enough, or the hands do not reach.

Arkyo

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Market reaction will depend on how tight this regulation is. As for Russia, the law will clearly define all terms related to the crypto market. Accordingly, it is necessary to pay taxes and this activity will be legalized. I think that the market will react risштп the price of bitcoin and other crypto currencies.

Basmic

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Quote from: Kemarit on April 14, 2018, 07:10:55 AM

Quote from: marielbeckham on April 11, 2018, 07:02:48 AM

It looks like those two draft laws on cryptocurrencies that have been proposed will be declined and everything will stay the same.

Just like a have said many times before, Russia will not accept bitcoin or crypto as a whole because its doesn't give them enough benefits but problems. But to satisfy his constituents, Putin has crypto rubble, but look at how much they put tax on it. They say they are going to establish a bitcoin mining farm, because it really suited their environment, but I haven't heard any news about it. Also they keep on contradicting themselves, that's a clear sign that they themselves doesn't agree with anything related to crypto. I wouldn't be surprised if those law on crypto will be rejected and that is another validity that they won't be crypto friendly after all.

Do you think Putin is interested in the opinion of voters? Lol. He always gets as many votes as he needs. Russian opinion does not interest anyone. I do not believe that Putin will allow citizens to use cryptocurrency. Even if mining farms will exist in Russia, they will be illegal and only bring income to a narrow circle of corrupt officials.

Kemarit

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Quote from: marielbeckham on April 11, 2018, 07:02:48 AM

It looks like those two draft laws on cryptocurrencies that have been proposed will be declined and everything will stay the same.

Just like a have said many times before, Russia will not accept bitcoin or crypto as a whole because its doesn't give them enough benefits but problems. But to satisfy his constituents, Putin has crypto rubble, but look at how much they put tax on it. They say they are going to establish a bitcoin mining farm, because it really suited their environment, but I haven't heard any news about it. Also they keep on contradicting themselves, that's a clear sign that they themselves doesn't agree with anything related to crypto. I wouldn't be surprised if those law on crypto will be rejected and that is another validity that they won't be crypto friendly after all.

marielbeckham

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It looks like those two draft laws on cryptocurrencies that have been proposed will be declined and everything will stay the same.

CryptoProphet

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Any state regulation of the crypto currency will either negatively or indirectly affect the market. Initially, the Crypto currency was completely free, it was not needed to be approved, and any regulation would affect and price go down .

TianaStam

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Quote from: Proton2233 on March 01, 2018, 08:36:44 AM

The motivation that Russian citizens can not assess the risk of investing in cryptocurrencies is absurd. In fact, the Central Bank fears that Russian citizens will invest money in cryptocurrencies because of distrust of the ruble. This can create big problems for Russia's underdeveloped economy.

As I heard Russia plan to set limits of investments into crypto currencies. I think it's smart, because of all crypto projects are still not hold fulfill responsibility infront of the law, so in the case of unsuccess people simply have a place to complain.

Spaffin

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As always, bankers are against the legal use of crypto-currency, fearing losing their customers and profits. However, they can not say this directly and cover themselves with care for their citizens. Therefore, the Central Bank of Russia, justifying its position with regard to the complete prohibition of the crypto currency, points out that in case of its legalization, citizens can actively invest in the crypto currency, forgetting about possible risks. Such care for citizens, well, the bank here acts as a human rights organization. However, apart from hypocrisy and the desire to keep their profits, there is nothing here.
In general, the approach to the crypto currency in Russia is so contradictory that it is difficult to say which of the proposed bills will eventually be adopted as a law.

palle11

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It is doubting, believing Russia to be upright in this adoption. Russia has not been known to be friendly and protective in business environment to their patronisers both their citizens and friends. The most abysmal ponzi scheme originated from Russia without no remorse to "losers". They are not prepared for legitimate business. Roll Eyes

Irvine Scottish

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Quote from: Coffee135 on April 07, 2018, 12:35:52 PM

Quote from: Glenn Techincs on April 07, 2018, 12:22:36 PM

Russia as well as Belarus are taking some steps towards crypto, this is very important now. Hope the rest of the world will join this movement

I don't believe in an optimistic scenario. Russia and Belarus are under sanctions. International capital will not open business in these countries because it is risky and the Russians themselves also want to open business in a more stable Europe or offshore. The countries of the former USSR have never been an example.

agree. at least some steps towards they've already done, but the question is will it positevly affect Russia and Belarus or not

Glenn Techincs

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Quote from: Coffee135 on April 07, 2018, 12:35:52 PM

Quote from: Glenn Techincs on April 07, 2018, 12:22:36 PM

Russia as well as Belarus are taking some steps towards crypto, this is very important now. Hope the rest of the world will join this movement

I don't believe in an optimistic scenario. Russia and Belarus are under sanctions. International capital will not open business in these countries because it is risky and the Russians themselves also want to open business in a more stable Europe or offshore. The countries of the former USSR have never been an example.

Those sanctions won't last forever, I think. Current situation doesn't look ideal for opening business, but it's more a long-term oriented decision, which will be profitable in some time

Coffee135

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Quote from: Glenn Techincs on April 07, 2018, 12:22:36 PM

Russia as well as Belarus are taking some steps towards crypto, this is very important now. Hope the rest of the world will join this movement

I don't believe in an optimistic scenario. Russia and Belarus are under sanctions. International capital will not open business in these countries because it is risky and the Russians themselves also want to open business in a more stable Europe or offshore. The countries of the former USSR have never been an example.

Glenn Techincs

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Russia as well as Belarus are taking some steps towards crypto, this is very important now. Hope the rest of the world will join this movement

Proton2233

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Quote from: Irvinn on March 17, 2018, 05:41:09 AM

Quote from: Proton2233 on March 01, 2018, 08:36:44 AM

The motivation that Russian citizens can not assess the risk of investing in cryptocurrencies is absurd. In fact, the Central Bank fears that Russian citizens will invest money in cryptocurrencies because of distrust of the ruble. This can create big problems for Russia's underdeveloped economy.

Yes, this is the main reason why the leadership of the National Bank of Russia is trying to prevent the use of crypto currency as a means of payment on the territory of Russia. As always, they allegedly worry about the interests of their citizens and as always do not ask in themselves. In fact, they are worried that citizens will switch to the use of crypto currency and profits from banks will drop sharply. They think about themselves, however, as always, they hide behind the interests of citizens.
However, by the summer everything will really be decided. Who in this case will win - common sense or tightly stuffed purses of bankers, let's see.

You can even not to doubt that will win desire to earn money. Do you really think that Russia has common sense? All power in Russia rests on a giant propaganda machine. People are brainwashed since childhood. They are not able to claim from the authorities the adoption of smart solutions. They can't even choose the normal politicians. But if it is fair to say that normal politicians do not exist. All people always choose the best of the worst.

Irvinn

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Quote from: Proton2233 on March 01, 2018, 08:36:44 AM

The motivation that Russian citizens can not assess the risk of investing in cryptocurrencies is absurd. In fact, the Central Bank fears that Russian citizens will invest money in cryptocurrencies because of distrust of the ruble. This can create big problems for Russia's underdeveloped economy.

Yes, this is the main reason why the leadership of the National Bank of Russia is trying to prevent the use of crypto currency as a means of payment on the territory of Russia. As always, they allegedly worry about the interests of their citizens and as always do not ask in themselves. In fact, they are worried that citizens will switch to the use of crypto currency and profits from banks will drop sharply. They think about themselves, however, as always, they hide behind the interests of citizens.
However, by the summer everything will really be decided. Who in this case will win - common sense or tightly stuffed purses of bankers, let's see.

gentlemand

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Welt Am Draht

I will believe it when I see it.

Russia appears to be in love with issuing an endless stream of threats and then contradicting them within a ten minute window. Does anyone there have a clue what's going on?

Possibly because of this Russia is a crypto nothing and likely always will be.

The one I'm really interested in watching is Belarus which has gone full crypto friendly. They're also Russia's irritating little brother so I wonder if they'll buckle if Russia decides to actually follow through on their menacing willy waving.

Benkortan

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Quote from: Sithara007 on March 02, 2018, 12:23:44 AM

Russia has already lost a good number of years, due to the opposition of the authorities towards crypto. This is tragic, because many of the best crypto developers are Russians and many of them had to emigrate to other countries during the past few years. Many of the crypto ventures also had to shift their operations outside Russia.

This is the truth. They didn't recognize it in the early phase, look Buterin and other examples.
But other countries missed the early phase too. Russia will catch up if they do things aggressively.

Theb

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I don't even know how the market will react to this. If Russia officially makes Bitcoin as an acceptable payment method I don't think it will have a positive or a negative effect on the market. I mean look at our current situation now were almost the majority think that China has banned Bitcoin when the truth is that it is accepted as a payment method in their country, even that FUD still prevails and has cloud the truth from us making the majority think that China a big global power has banned Bitcoin in their country. I hope in the future it will be clear to all of us.

tweetbit

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Central banks stands on this draft is common now and not surprising at all. In the end if the Russian government will regulate cryptocurrency in they’re country is beyond our concern, let see what summer comes to the bitcoin or crypto users who will be affected on any negative or positive outcome to they’re own citizens. Let judge the crooks in time, when it pass but until it isn’t just observe and be hopeful.

Sithara007

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Leading Crypto Sports Betting & Casino Platform

Russia has already lost a good number of years, due to the opposition of the authorities towards crypto. This is tragic, because many of the best crypto developers are Russians and many of them had to emigrate to other countries during the past few years. Many of the crypto ventures also had to shift their operations outside Russia.

Coffee135

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Quote from: DerekGT on March 01, 2018, 01:26:23 PM

Well countries that are weakened economically and countries that want to keep their wealth and power which is almost all of them, need to take best of the crypto. They can't ignore it anymore and it remains what to do to exploit the current situation. Banks can say whatever they want, but if governments decide to accept they will follow and take some moves to get their piece of wealth.

You're wrong. Governments have an interest in maintaining poverty among people. Poor people are easy to manage. Many government officials secretly own bitcoin accounts. They know what it is and will never allow people to a fair economy. Russia is a totalitarian country. It is more interested in the poverty of its citizens than in democratic countries.

richardsNY

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Yeah, let the Russian troll show continue.... I seriously wouldn't be surprised to see this result in absolutely nothing, just like their planned actions and whatnot resulted in absolutely nothing throughout the last years. It would suit them to finally back up all this unnecessary back and forward talking with actions, to take away the uncertainties and to allow crypto to develop further within the legal set of rules it has to abide by. People are ready for it, and the economical entities being part of this ecosystem are ready for it, so they should quit this nonsense and start doing something to make it happen. Time will tell what's going to happen, but don't get your hopes up....

DerekGT

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Well countries that are weakened economically and countries that want to keep their wealth and power which is almost all of them, need to take best of the crypto. They can't ignore it anymore and it remains what to do to exploit the current situation. Banks can say whatever they want, but if governments decide to accept they will follow and take some moves to get their piece of wealth.

Proton2233

sr. member

Activity: 434

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The motivation that Russian citizens can not assess the risk of investing in cryptocurrencies is absurd. In fact, the Central Bank fears that Russian citizens will invest money in cryptocurrencies because of distrust of the ruble. This can create big problems for Russia's underdeveloped economy.

jseverson

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Interesting how their Central Bank is openly advocating the crypto ban. It's funny how they keep using the excuse that it's risky; let your citizens make their own decision. It's a revolutionary technology which has plenty of upsides and it just so happens that some of their features overlap with banks'.

There also seems to be a lot of violent crypto thefts in Russia, so I wonder if that issue will come up and become a deciding factor.

The market reaction for Russia's case specifically should be somewhat subdued, given their rather small trading volume. I'm not expecting a massive jump for positive news nor a massive slide for negative news. It would still be better for all of us for them to reach a favorable conclusion though.

danilogmachado

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Russia is reportedly hoping to pass long-discussed new cryptocurrency legislation by this summer.

Published today, a report from Russia's Parliament Newspaper, the official publication of the state's legislative body, says that the schedule for a date of July 1 has been ordered by Russia's president Vladimir Putin.

Currently, two draft laws on cryptocurrencies have been proposed from the Ministry of Finance and the Central Bank of Russia, the report indicates.

While the majority of the two drafts have reached a consensus regarding crowd-funding using cryptocurrencies, they still reportedly take contradictory stances on the status of cryptocurrency exchange operations.

As reported by CoinDesk, Russia's Ministry of Finance released a draft of its legislation last month, which seeks to put thresholds on initial coin offerings (ICOs) in an effort to allow fund-raising activities to continue in a regulated environment.

However, the report indicates that the central bank does not wish to give domestic investors legal exposure to cryptocurrency trading.

"The Central Bank is against the legalization of this type of digital currency (that can be exchanged), since in this case, citizens can start actively investing in cryptocurrencies, not taking into account possible risks," said Anatoly Aksakov, chair of the State Duma Committee for the Financial Market.

Aksakov said that both bills will be submitted to his chamber this month for consideration.

https://www.coindesk.com/russia-eyes-summer-deadline-new-cryptocurrency-laws/

This year should be the year of crypto regulation in major countries, which do you think will be the market reaction?

Topic: Russia Eyes Summer Deadline for New Cryptocurrency Laws (Read 313 times)