Russia legalizing Bitcoin and cryptos but not allowed as payment method?

Pamadar

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Quote from: Shasha80 on September 13, 2020, 07:58:43 PM

Not all countries that legalize Bitcoin, mean that they will accept Bitcoin as payment. So what Russia is doing is also being done
several other countries. This is only natural, because the government is afraid Bitcoin will be more popular than fiat and replace fiat.
So usually countries that legalize Bitcoin, only accept Bitcoin as a digital asset.

Good point! the chance that bitcoin might be more use than regular fiat is still in debate from those countries who
legalized this cryptocurrency / asset.

They are considering possibilities and the fact that they've given this rules, the better chances that it will soon be accepted as how it should be in the first place.

We have to honor their take for now and wait for more updates to this decisions.

Shasha80

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Not all countries that legalize Bitcoin, mean that they will accept Bitcoin as payment. So what Russia is doing is also being done
several other countries. This is only natural, because the government is afraid Bitcoin will be more popular than fiat and replace fiat.
So usually countries that legalize Bitcoin, only accept Bitcoin as a digital asset.

Zionatin

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Quote from: davis196 on July 24, 2020, 01:38:50 AM

Quote from: cheezcarls on July 24, 2020, 12:52:58 AM

Okay so months ago, we thought that they're all set to lay down the axe on Bitcoin and cryptocurrencies in Russia. But right now, lawmakers have passed a bill to legalize cryptocurrencies in their country.

However, there's one section of the bill states that Bitcoin cannot be used as payment method. They do legalize cryptocurrency trading though, but not sure when it comes to crowdfunding, ICOs, etc.

Source: https://cointelegraph.com/news/russian-lawmakers-finally-pass-countrys-major-crypto-bill

Any reactions so far guys?

I'm very cautious when it comes to cryptocurrency related news regarding Russia.Those news might be fake.
It this news is true,I get where they are going with not allowing crowdfunding and ICO.Most crypto crowdfunding projects and ICOs were scams,so banning such activities isn't a wrong move.
However,not allowing crypto payments for goods and services is kinda stupid.
Maybe the Russian legislators think that the non-reversible cryptocurrency transactions provide a "scammer-friendly" environment,where the customers will pay using crypto and get nothing in return.
Anyway,it would be nice,if cryptocurrencies get completely legalized in Russia.

I never take anything I read seriously unless it sounds like it makes sense and I can see it coming from different sources and people and then I like to see the counter-argument if there is one. You must look at it from all angles before you decide. They should allow crowdfunding and ICO. Is it our fault investors are too greedy and stupid to see a scam? You can only blame scammers up to a certain point. Not allowing crypto as a payment method just isn't going to work. How will they even enforce such a ridiculous law? I am very sure law enforcement has better things to do like look after the people from criminals and theft. It's not like the law hsa infinite time to just sit around. Their time is limited and wasting it on this sort of thing is counter productive. Would you rather your goverment focus on murder, theft abuse etc or they rather they messing around running after pointless crypto transactions?

"Maybe the Russian legislators think that the non-reversible cryptocurrency transactions provide a "scammer-friendly" environment"
What if it is the other way around?

Expecto

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Russia was at the beginnings of the list that includes the countries oppose Bitcoin. I am surprised to see that Russia decided to legalize Bitcoin. But it is interesting that Russia won't allow Bitcoin as a payment method. Maybe, the government thought that there could be a sharp increase in the number of people who start to prefer Bitcoin instead of ruble as a payment method.

dimastegar

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Just like in my country Indonesia, the Government prohibits the sale and purchase of goods using Bitcoin. However, the government still allows cryptocurrency to fiat trading transactions. At least here, we can easily make crypto trading transactions without any special rules. And after I researched it, interest in cryptocurrency in our country increased rapidly after the government put it on lockdown due to the Covid-19 disease.

Ozero

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Quote from: XEsseKasper on August 10, 2020, 04:52:26 PM

I see this as a perfectly normal step of one Government. You need to have legal background to fight against fraudulent activities and money laundering, while on the other side, you cannot allow these asset to interfere into your monetary system without control.

The easiest way is to prohibit everything new. This is done in all states where the rights of citizens are not respected. Russia, unfortunately, belongs to such states. Moreover, it is interesting that the Russian government does not deny the novelty and advantages of cryptocurrency in relation to conventional currency. It helps other states implement their digitized currencies, such as Venezuela. However, they decided to ban their use for their citizens.
Civilized states fight against money laundering and other abuses using cryptocurrency by regulating their circulation, rather than completely banning them.

pawanjain

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Nothing lasts forever

So Russia is accepting bitcoin but not as payment method but as a trading asset.
On top of that we don't know how Russia will tax the crypto earnings from trading.
Bitcoin is becoming more of a speculative asset than what it is meant for i.e a payment method.
If all the countries start treating bitcoin as an asset and don't accept it as a payment method then I am afraid Satoshi's vision will be vanished.

Eugenar

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Quote from: mk4 on July 24, 2020, 02:39:48 AM

That just means that you won't be able to use bitcoin to pay directly on stores. While that's not good, I don't think it's like super bad either. As for now we're mostly stuck with selling bitcoin for fiat or using bitcoin debit cards(which should be allowed because you're not directly paying with bitcoin/crypto) in most countries anyway, so for now this isn't that much of a big deal.

This is also the way how I understood the news regarding the "legalization" of cryptos in russia. If this is what is really meant, then this won't be unlikely of other countrie wherein it is neutral in a way that people are free to invest into cryptos but local stores and services do not acknowledge it as a mode of payment unless the company says so. This is not a bad thing indeed, but is a good start. Chances are, eventually, adaptation will be observed wherein more companies will acknowledge cryptos as a digital currency.

We cannot also blame those governments who are atill not fully giving their trusts in this industry because that is their policy and tbey are having studied basis which is morelikely in accordance with avoiding the risk for people. Cryptos are having inconsistent market price which gives risk from investing into it. Using it as a mode of payment depends on the private companies, in countries wherein it is "neutral".

harryCain

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Russian lawmakers have passed a bill that gives legal status to cryptocurrencies such as bitcoin – but bans them from being used to pay for goods and services. The new law recognizes digital assets “as an aggregate of electronic data capable of being accepted as the payment means but cannot be used at the same time to pay for any goods and services.”

kotajikikox

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Quote from: Mumbeeptind1963 on August 12, 2020, 11:00:37 AM

Quote from: tipvote on August 11, 2020, 03:33:30 PM

they will inevitably allow crypto as payment when most of the world does so. They can only hold out so long.

And maybe they aren't still allowed bitcoin as a mode of payment because the population of the those people who uses bitcoin are lesser than those who do not know bitcoin itself or how does it works. And we all know that the bitcoin are still a lot of features to improve and there are still advantages that the fiat can do but the bitcoin can't do.

Maybe Yes or maybe there are reasons that they are seeing into why they made this decision.

We don't know what the real reason behind this ruling and how they get this resolutions,
legalizing it but not to allow it as payment method.

Very possible that they are avoiding people to use this cryptocurrency for payment
to avoid confusions as the value of bitcoin is volatile and those merchants owners
who are not fully aware might lose their money in case the value falls deeply.

bonjouros

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It is a good news already as they didn't banned bitcoin or crypto currencies in their country. And once they cannot find any problems with their decision then there is a
big chance that in the future, they will likely to allow bitcoin and cryptos as one of their payment methods.

The same with crowdfunding, ICOs, IEOs and etc. so let's just hope that they will not encounter any severe problems in bitcoin or cryptos that will force them to banned or prohibit
the usage of bitcoin and cryptos in their country.

Mumbeeptind1963

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Quote from: tipvote on August 11, 2020, 03:33:30 PM

they will inevitably allow crypto as payment when most of the world does so. They can only hold out so long.

And maybe they aren't still allowed bitcoin as a mode of payment because the population of the those people who uses bitcoin are lesser than those who do not know bitcoin itself or how does it works. And we all know that the bitcoin are still a lot of features to improve and there are still advantages that the fiat can do but the bitcoin can't do.

tipvote

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they will inevitably allow crypto as payment when most of the world does so. They can only hold out so long.

XEsseKasper

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I see this as a perfectly normal step of one Government. You need to have legal background to fight against fraudulent activities and money laundering, while on the other side, you cannot allow these asset to interfere into your monetary system without control.

peter0425

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Quote from: Argoo on August 06, 2020, 04:14:59 PM

Quote from: 7788bitcoin on August 05, 2020, 07:42:51 PM

Quote from: online73 on August 05, 2020, 04:14:48 PM

Yes, I remember the resentment that reigned among crypto enthusiasts before the law was passed. Many generally wanted to emigrate from the country. But, I believe, nothing terrible happened. There is a hope that the legislators in Russia are not as stupid as we imagine them to be.

There will be resentment and i do not think that Putin will head to those and will go on with his actions as he literally controls the entire country but even with that i think he is a brilliant master mind and if they can survive with all the sanctions imposed upon them then he is doing something that is holding the country and about migrating if there is a law against bitcoin can be done only by millionaires and not for casual investors.

Putin is aging, he is gradually losing popularity in his country and it will be more and more difficult for him to stay in power. Due to the need to solve many more important problems, the issue of strict regulation of cryptocurrency will gradually recede into the background.
If the attitude of other states to cryptocurrency is positive, then over time it will inevitably change for the better on the part of the Russian authorities. However, this is a matter of time and time.

Only time will tell what will be the next chapter of this rules.

With lots of things to address the government will be concern with much important things,
Just like what you have said this topic will be discuss behind the scene.

Argoo

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Quote from: 7788bitcoin on August 05, 2020, 07:42:51 PM

Quote from: online73 on August 05, 2020, 04:14:48 PM

Yes, I remember the resentment that reigned among crypto enthusiasts before the law was passed. Many generally wanted to emigrate from the country. But, I believe, nothing terrible happened. There is a hope that the legislators in Russia are not as stupid as we imagine them to be.

There will be resentment and i do not think that Putin will head to those and will go on with his actions as he literally controls the entire country but even with that i think he is a brilliant master mind and if they can survive with all the sanctions imposed upon them then he is doing something that is holding the country and about migrating if there is a law against bitcoin can be done only by millionaires and not for casual investors.

Putin is aging, he is gradually losing popularity in his country and it will be more and more difficult for him to stay in power. Due to the need to solve many more important problems, the issue of strict regulation of cryptocurrency will gradually recede into the background.
If the attitude of other states to cryptocurrency is positive, then over time it will inevitably change for the better on the part of the Russian authorities. However, this is a matter of time and time.

20kevin20

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Quote from: michellee on August 04, 2020, 11:55:13 PM

Although they can not control bitcoin, they should see the other benefits of bitcoin, which can give their people to have another source to make money. I think the government can still control bitcoin by releasing the regulations for the banks, the exchanges, and the store, but still, they can not control the bitcoin price. Maybe right now, they will have another problem, but in the future, after they can know how to live with bitcoin, they will handle everything, including using bitcoin as the payment system.

Actually, it's exactly the opposite. It's way easier to control Bitcoin's price than anything else. They'll know how to live with Bitcoin their way, not ours. And as authorities are heavily supporting control and the flawed system, I don't see it how that could go positive at all.

7788bitcoin

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Quote from: online73 on August 05, 2020, 04:14:48 PM

Yes, I remember the resentment that reigned among crypto enthusiasts before the law was passed. Many generally wanted to emigrate from the country. But, I believe, nothing terrible happened. There is a hope that the legislators in Russia are not as stupid as we imagine them to be.

There will be resentment and i do not think that Putin will head to those and will go on with his actions as he literally controls the entire country but even with that i think he is a brilliant master mind and if they can survive with all the sanctions imposed upon them then he is doing something that is holding the country and about migrating if there is a law against bitcoin can be done only by millionaires and not for casual investors.

online73

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Hello to all. Yes, I remember the resentment that reigned among crypto enthusiasts before the law was passed. Many generally wanted to emigrate from the country. But, I believe, nothing terrible happened. There is a hope that the legislators in Russia are not as stupid as we imagine them to be. It seems all the same someone told them that it is not possible to prohibit the cryptocurrency. Of course, there are still some suspicions that when the final package of laws is adopted there will be some kind of "bomb" of delayed action, but in Russia there have always been craftsmen to bypass idiotic laws. All the same, over time, a new, more advanced generation of legislators will come, who will understand that there is a future in the cryptoindustry. At least I really hope so

Lorence.xD

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Quote from: ?? on ??

I think in Russia the attitude to crypto will be the same as in India. First they allow it, then they ban it. Then repeat.

You can't blame them, they have a huge populace and they are just being careful to the decision that they will finalize. Remember that cryptocurrency attracts all kinds of people and we all know that not all of them have a good intention, I actually envy their country because atleast they care about the status of the cryptocurrency in their state unlike many other third world where most politicians are corrupt that they forgot to do their job. In my country, cryptocurrency is still in the gray area of things albeit many people are using it, it is still not enough for the government to notice.

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