Russia officially allows Bitcoin - page 5.

Jeremycoin

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Quote from: deisik on August 31, 2016, 11:24:29 AM

Quote from: Jeremycoin on August 31, 2016, 11:22:06 AM

Did I just misunderstand or they are allowing Bitcoin as a currency but they ban the way to make it (mining)?
If I'm right then IMO this is a weird decision that ever made by a government, they allow something but also ban some part of it.

You don't get it. They just can't simply denounce everything what they have been saying all these years

Oh yeah, my bad. I didn't read the "July" word in the second paragraph.

Quote from: deisik on August 31, 2016, 10:41:32 AM

In July the Russian Ministry of Finance had stated that it intended to allow citizens to buy cryptocurrency for the purpose of reselling, exchanging, and using beyond Russia. At the same time, the same proposal suggested banning Bitcoin mining since it was considered as issuance of currency. And just a month later Alexei Moiseyev, Russia’s deputy minister of finance says that the ministry (which has long tried to pass a bill to ban digital currencies altogether) denounces any direct ban of Bitcoin.

deisik

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Quote from: Jeremycoin on August 31, 2016, 11:22:06 AM

Did I just misunderstand or they are allowing Bitcoin as a currency but they ban the way to make it (mining)?
If I'm right then IMO this is a weird decision that ever made by a government, they allow something but also ban some part of it.

You don't get it. They just can't simply denounce everything what they have been saying all these years. But as I have also been saying through the same years, the threats of banning Bitcoin and sending people to prison were nothing but a bluff

Jeremycoin

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Did I just misunderstand or they are allowing Bitcoin as a currency but they ban the way to make it (mining)?
If I'm right then IMO this is a weird decision that ever made by a government, they allow something but also ban some part of it.

satmas

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It's great that Russia will allow the use of Bitcoin. Hopefully more people will use bitcoins because of this news.

goinmerry

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Quote from: deisik on August 31, 2016, 10:47:31 AM

Quote from: unamis76 on August 31, 2016, 10:44:56 AM

Interesting. Is there any source for this? I wonder why they suddenly changed their opinion regarding Bitcoin. Maybe they just don't want to waste time trying to regulate it?

There are a lot of sources both in Russian and English (for example here, here, and here). This sudden change of attitude seems to be connected with the legislative elections to the State Duma (the lower house of the Russian parliament) which are to be held in Russia on September 18, 2016...

On the other hand, this had to be expected

I am also going to ask the same thing and it is answered. Thank you for the links. This is really a great news for bitcoin users there.

Mastsetad

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Just because of some evil people or hackers many countries think that bitcoin users are criminals, without thinking that criminal activities are done under every currency but not only with bitcoin, but we cannot just say that the currency is a criminals currency but we should blame the people.
Hopefully all misunderstandings will be cleared and ever country like Russia will allow their citizens to use bitcoin without any restrictions.

yayayo

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Besides that I don't think that for the average Russian, a Bitcoin ban matters that much in practice (because it can be easily circumvented with little or no risk), I hope that Russia finally realizes that allowing Bitcoin use is not a threat, but in fact a great chance for the country's economy. Especially for countries like Russia, Iran, and China a full embrace of Bitcoin could be highly advantageous, because it would put an end to the USD reign and make transactions and trade between these countries much easier without risking the freeze of funds by US-controlled international institutions.

So Bitcoin would perfectly align with the political goals of these countries. By fully adopting Bitcoin on a state and a individual level they would gain both in power and economic prosperity. I think what might be holding back these countries from Bitcoin adoption is the fear of devaluation and capital flight from of/from their national currencies. However this problem could easily be solved, if the central banks used their fiat assets to buy significant amounts of Bitcoin now. That would be the smartest mover ever, because after their announce full endorsement of Bitcoin on a state, its valuation will skyrocket...

ya.ya.yo!

deisik

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Quote from: unamis76 on August 31, 2016, 10:44:56 AM

Interesting. Is there any source for this? I wonder why they suddenly changed their opinion regarding Bitcoin. Maybe they just don't want to waste time trying to regulate it?

There are a lot of sources both in Russian and English (for example here, here, and here). This sudden change of attitude seems to be connected with the legislative elections to the State Duma (the lower house of the Russian parliament) which are to be held in Russia on September 18, 2016...

On the other hand, this had to be expected

unamis76

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Interesting. Is there any source for this? I wonder why they suddenly changed their opinion regarding Bitcoin. Maybe they just don't want to waste time trying to regulate it?

deisik

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Russia has always been one of the most hostile regimes towards Bitcoin. There were drafts proposing to criminalize the use of Bitcoin with a penalty of up to 3-5M Russian rubles (over $50,000) or even with a term in prison. But just a few days ago the last such proposal was scrapped, and it seems that the authorities are no longer trying to turn Bitcoin users into criminals.

In July the Russian Ministry of Finance had stated that it intended to allow citizens to buy cryptocurrency for the purpose of reselling, exchanging, and using beyond Russia. At the same time, the same proposal suggested banning Bitcoin mining since it was considered as issuance of currency. And just a month later Alexei Moiseyev, Russia’s deputy minister of finance says that the ministry (which has long tried to pass a bill to ban digital currencies altogether) denounces any direct ban of Bitcoin.

So it looks like the last unassailable fortress standing between Bitcoin and its universal recognition across the world is about to collapse

Topic: Russia officially allows Bitcoin - page 5. (Read 2824 times)