Topic: Russia legalizing Bitcoin and cryptos but not allowed as payment method? - page 3. (Read 908 times)

How are they going to conttrol Bitcoin? If a person sends sats from one wallet to another one, how will the government investigate it?

this is what is expected of a country where the president has been on power for years and his people are watching this horrible movie and they do nothing to change it. What I don't understand is because in the article it says something like:

"Russian Lawmakers Finally Pass Country’s Major Crypto Bill"

expected a different result from russia?

Duma is dominated by United Russia who also dominate everything, I ask again: did they expect different?

http://www.consultant.ru/cons/cgi/online.cgi?req=doc&base=PRJ&n=197492#012803141487968284
http://publication.pravo.gov.ru/Document/View/0001202007310056?index=106&rangeSize=1
The Federal law was signed and will take effect on January 1, 2021.

Cryptocurrencies are prohibited as a means of payment, but this does not prevent them from being exchanged for rubles and other currencies. The dollar is also prohibited in Russia as a means of payment and it is forbidden to specify prices in dollars, but many payments are made in dollars.

I think there will be many more amendments to be adopted regarding miners and individuals.

But experts say that the procedure for issuing tokens is very complicated and incomprehensible, it is much easier to work in those jurisdictions, where the practice and legislation have already been formed.

Fomer USSR power house at it again. Today they speak of ban, tomorrow it's debuked and this time they are bullishly pro bitcoin and cryptocurrency. Some politicians are just playing some game and nothing more. All is fine as regrads cryptocurrency in Russia.

Their government must have considered this fact, a week ago I've read a news that russian hackers are trying to steal the documents of corona vaccine development, just yesterday Europe sanctioned Chinese and Russian hackers for cyberattacks which the Russia denied ( we don't really know ) and I think the russian government knows all about this potential fatality with the crypto on their country once being promoted as payment method, you can trade but you can't pay using it. Quite fair enough for me tho.

Nations have their own understanding on crypto and its technology, they are not reliant on those big country they re just studying it, if they want it they will have it.

On July 24, 2020, Russia's Duma (parliament) finally passed the new "Financial Assets Law". The law overrides the criminalization related to crypto assets, which is expected by some industry observers, gives legal status to crypto assets, but prohibits their use as a means of payment.

Did they really legalize bitcoin? I think it's just words and nothing more.

Cryptocurrencies are simply now legally described, and Russian citizens can only own and use them only in those external jurisdictions where this is legally allowed. In Russia itself, no turnover of cryptocurrencies under this law is permissible: it is forbidden to create, sell, pay, create crypto-exchanges, etc. Now cryptocurrencies are de facto considered by the Russian authorities to be monetary surrogates that are prohibited from circulation. You can just own.

Russia with a large number of hackers fear for the cryptocurrency usage. This is just a thought of mine, years back itself Russian government endorsed the blockchain technology and suggested using it into the financial system. For some reason they ignored the usage of cryptocurrencies, now it is time to accept.

The delay will cause other small nations to be above them in terms of technology adoption. This is the stand India too took, it provided the usage access for bitcoin and ignored it as a payment source.

It is okay that they have at least accepted and legalize Bitcoin and other cryptocurrencies so that people residing in Russia can now freely make use of having Bitcoin and other cryptocurrencies on their possession. It is just that they can't directly make use of it as a payment method. It is more likely the same thing here in our country but the difference is that we are not classified that our government have already legalized usage of Bitcoin and other cryptocurrencies. It is just that they are making us free to use it on our own risk and they have clarified that they do not really up into supporting cryptocurrency usage and do not encourage people to get engage into it.

We have wallet where we can accept and make use of our cryptocurrencies but it still rely on our national currency so if ever we want to make use of it, we still do have to convert it before we can use it digitally or withdraw it as a physical money.

The action done by Russia is already a good indication of allowing cryptocurrencies in their country. Maybe it is just that they are still observing and making thorough research about it before they allow to use it as a payment method. Well at least for now they have done the first step which is legalization, it will just take time maybe for them to totally allow all transactions to be done using cryptocurrencies.

This premise would've been possible if Russian government actually cared about its citizens a bit. But literally everything they do is made to support corruption without interference

It could be a step to limit fraudulent activities with cryptocurrencies. With bitcoin and crypto available for trading, it will help their people to grow personally without transferring their funds to anyone thus, restricting people to be tempted to scam other by transferring to random wallet address they own. Or maybe, one of the reason why they allow this is because they own a portion of mining facilities that couldn't just shutted down just because they don't want bitcoin.

If it does i think this is good news for crypto lovers and i think gradually they will open all sections of cryptocurrency as US bank make custody BTC service. I think like US govt, worlds all best economic countries will gradually accept this as they realize the acceptance of digital currency in this pandemic situation. On the other hand there is also a pressure from crypto users to government. So finally i will say we are in little far from globally acceptance of crypto.

thanks.

There is one thing to keep in mind :

The Russian Government understood the fact that Bitcoins is going to stay here for a long time and if they keep doing this , ignoring the existence and banning it for the long run , at the end of the day they will be two steps backward from everyone else.

Therefore they legalised the cryptocurrencies. First they weren't even sure about legalizing it , give them time. Given the right opportunities I do think soon enough the people will privately try using Bitcoins as a payment and grow their business in the shadows and Government might display fine or even KYC .

It is a good news for the time being.

ICO's and startups needs a good platform this it's very essential that they try and think about the impact it will have on people , the opportunities they will get therefore let's wait and see how it turns out.

Let's see the timeline:

https://www.crypto-news-flash.com/russia-new-law-foresees-total-ban-of-bitcoin-and-cryptocurrencies/

https://news.bitcoin.com/russian-ministry-slams-bill-to-ban-crypto-easy-to-bypass-creates-black-market/

https://news.bitcoin.com/russia-law-criminalizes-buying-bitcoin-7-years-jail/

Russian way to legalize bitcoin seems very complicated to me to fully comprehend what it is all about, what goals they are trying to pursue, everything is obscured and the whole situation is uncertain. What is legalized bitcoin means to government if citizens cannot buy it legally with state money - ruble? More than that, it is not allowed to even talk about bitcoin on the widely known cryptocurrency forums such as Bitcointalk? I must remind you that this fotum is officially blocked by Roscomnadzor. Read this thread for more information, the situation has not changed since then https://bitcointalksearch.org/topic/bitcointalk-has-been-blocked-in-russia-because-of-gambling-advertisement-5235546

Should this be considered adoption of bitcoin if bitcoin resources are constantly being blocked in Russia?

Russia is a country that often changes rules related to cryptocurrency, really disappointing Bitcoin and crypto is prohibited as a payment
method in Russia. This could be detrimental to the development of Bitcoin and cryptocurrency, which was Satoshi Nakamoto's initial goal
creating Bitcoin is indeed planned as an alternative payment from fiat currency. Now Russia has not allowed it, which is not profitable for
Bitcoin and cryptocurrency.

I guess they will end up like China, where Bitcoin is not allowed for payments and trading between fiat cash and cryptocurrency is not allowed. I wasn't expecting much anyway, because it will be too much to expect if we want Russia to have laws similar to Japan or South Korea regarding cryptocurrency. But then, if Bitcoin becomes 100% legal in Russia, then I hope that it will being much relief for the cryptocurrency users, who face a lot of uncertainty regarding the tax issues.

most probably never.
a lot of countries have already made their decisions a long time ago and banned ICOs and any other form of scams that may take place under a different name to disguise the fact that it is an ICO.
considering the fact that the main use case of ICOs is for illegal activities including scamming newbies, it is a reasonable move too.

Waiting step by step how bitcoin will got legalizing in some country, I think is enough for early step for bitcoin as legal although not for payment method, just waiting several months later will get positive respond from Russian government to make bitcoin not only legal as investing but could be legalizing as payment currency.

This is the same as in my country. Bitcoin and other cryptocurrencies are legal as the digital asset. But they are not legalized as the payment method. It means that every transaction that uses the crypto is still considered illegal and it breaks the rule. therefore, in my country, there is still no shop or eCommerce or service that pays with crypto.

I think it is not a problem. This is a good beginning that Btc has been legal. I think that it may need more time about the crypto to be accepted fully in every country. So, be patient for it and never think negatively about what the government does.