Russia Set to Legalize Bitcoin by 2018, Track Every Transaction - page 2.

ekoice

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Quote from: OmegaStarScream on April 11, 2017, 12:41:05 PM

Only a year ago Russia’s Finance Ministry was threatening jail time to anyone using digital currencies.

In a major U-turn, it’s now edging closer to their acceptance as a legitimate financial instrument to open a new line of attack on money laundering.

The authorities hope to recognize bitcoin and other cryptocurrencies in 2018 as they seek to enforce rules against illegal transfers, Deputy Finance Minister Alexey Moiseev said in an interview. The central bank is developing a joint position together with the government on digital currencies, according to its press service.

https://www.bloomberg.com/news/articles/2017-04-10/russia-caves-in-on-bitcoin-to-open-new-front-on-money-laundering

I'm not sure If I should be happy or sad since they are planning to Legalize bitcoin but in the same time, tracking transactions. I'm not entirely sure on how they plan to do it though and how It could be possible unless they are planning to run their own exchanges. I believe that Russians will need TumbleBit whenever this will happen.

They have realized that bitcoin is unstoppable.so they just now want to regulate bitcoin rather than banning it.They are now following the foot path of china.They dont want to lose the income which could be got from bitcoin earnings by levying taxes.

Dorky

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Remember this...

When the time comes, all major countries will be like donald trump...

When the time comes, all major countries will take a U-turn and adopt bitcoin.

Herbert2020

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the funny thing about news from Russia and bitcoin is that it has always been weird and wrong for the most part! i remember this news which was flying around for a long time saying bitcoin is banned/illegal/or whatever in Russia and all sorts of negative thing about it.

and while this news was out, they were holding the biggest bitcoin gathering (symposium or whatever it is called in English) in their capital (Moscow). and it was a huge thing.

this is why i never put any faith i read from foreign news unless someone from that country comes an translates a proper news to English so we can understand.

DoublerHunter

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Quote from: ?? on ??

I guess Russian bitcoiner will avoid using legal Russia exchanger, centralized wallet, service that require personal identity and they will use mixer to prevent government from tracking them Roll Eyes

Even so, it's good to see another big country legalize bitcoin rather than ban bitcoin even with regulation/no anonymity.

They will not avoid using legal Russian exchangers or even those centralized wallet because if they do then they are using bitcoin illegal because you can see that the main thing that the government of russia want is to track every transaction and also monitor the users so they can prevent being abused of the criminals and because of that, bitcoin will be more organized in their country.

iCan

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All what's makes in Russia is for legalised some government crime. So if they will do it, the reason is, they found out how to steal our taxes using BTC system

bitcoinisbest

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I think its fair for every government to regularize it because if they do not then their is higher chance of getting it misuse. So if the technology is viable and can be used even by government then for citizens also its helpful and tracking also help them to know about movement of funds.

Pursuer

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Where is my ring of blades...

tracking transaction has always been possible to some extent since bitcoin has always been the same open ledger, legalizing it doesn't change anything about this part. you are still going to have your transactions written out there and viewable and follow-able by everyone.

regulation and legalization however makes bitcoin legit and will help its adoption greatly. more people will find out about bitcoin and more businesses will feel safer to add bitcoin option or even start a new business only based on bitcoin alone. and that's what matters most.

Betwrong

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Quote from: OmegaStarScream on April 11, 2017, 12:41:05 PM

Only a year ago Russia’s Finance Ministry was threatening jail time to anyone using digital currencies.

In a major U-turn, it’s now edging closer to their acceptance as a legitimate financial instrument to open a new line of attack on money laundering.

The authorities hope to recognize bitcoin and other cryptocurrencies in 2018 as they seek to enforce rules against illegal transfers, Deputy Finance Minister Alexey Moiseev said in an interview. The central bank is developing a joint position together with the government on digital currencies, according to its press service.

https://www.bloomberg.com/news/articles/2017-04-10/russia-caves-in-on-bitcoin-to-open-new-front-on-money-laundering

I'm not sure If I should be happy or sad since they are planning to Legalize bitcoin but in the same time, tracking transactions. I'm not entirely sure on how they plan to do it though and how It could be possible unless they are planning to run their own exchanges. I believe that Russians will need TumbleBit whenever this will happen.

It's a good thing Russian government is planning to recognize Bitcoin full scale (btw it never was illegal to use Bitcoin in Russia). And I don't think they will manage to track all transactions. Yes, they can run their own exchanges and forbid using others, but who's gonna listen to them? Fortunately Russia isn't a North Korea and hopefully will not turn into one. So using the Internet is not forbidden there and having this you have access to other exchanges.

ImHash

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It's all BitMixer's fault blame them Cheesy

they have managed to mix hundreds of thousands (millions) coins so well and now Russia wants to take action.

Services such as BitMixer can show their worth and skills when facing much sophisticated adversaries backed by trillion dollars government.

DoublerHunter

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I think even Russia wants to track every transaction it is still alright for bitcoin because it is another type of adoption and it is also safe for bitcoin users because they will prevent illegal transactions that may damage the reputation of Russia. This is what other countries must do if they are afraid of the anonymous feature of bitcoin but still want to embrace it.

paul gatt

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Good news for bitcoin in general and bitcoin users in particular. It seems bitcoin has shown the world the potential and power of it, so more and more countries are adopting bitcoin and legalizing it. They want to make use of bitcoin to make a profit for their country, a meaningful job for every country. We can see that many countries have banned bitcoins, but now that these countries have accepted bitcoin. Bitcoin really proved its power.

sosobtc-Regina

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The measure in Rusia is likely following Japan.Now Japan is the biggest bitcoin market in the world.It's very positive to Japan's economic.I think Russia is a potential market.Hope it can go well.

Amph

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they finally admitted that they can have a revenue from the taxing of bitcoin, or they simply following what japan is doing, which is good either way

i remember when they were going to ban bitcoin because of presumably linked CP activity and terrorism, when RUB, their currency was used more for this

if all countries will follow we can expect a huge jump on the value, $10k would not be only a dream anymore

pooya87

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i think Japan is starting show its global effect now. all the other countries will start seeing them and start learning how bitcoin can be a good thing for the futuristic economy. and the more people show interest the faster the process will become.

ubercool

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Quote from: clickerz on April 11, 2017, 10:22:02 PM

Quote from: forexpert on April 11, 2017, 10:17:12 PM

good news. i predict 2000$ in value till then Cheesy

Another country joining the legal used of bitcoin in financial transaction. Though there is some kind of disagreement on the phrase "track every transaction" but I think this is another milestone in bitcoin economy. I hope this issue will be ironed out soon.

Although its a great news for all the Bitcoin holders and users, any country who wants to do this in order to stop money from flowing out of their country illicitly is not actually a possible measure. Those people will find a loophole again and will continue to do what they want to do.

Juggy777

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Quote from: OmegaStarScream on April 11, 2017, 12:41:05 PM

Only a year ago Russia’s Finance Ministry was threatening jail time to anyone using digital currencies.

In a major U-turn, it’s now edging closer to their acceptance as a legitimate financial instrument to open a new line of attack on money laundering.

The authorities hope to recognize bitcoin and other cryptocurrencies in 2018 as they seek to enforce rules against illegal transfers, Deputy Finance Minister Alexey Moiseev said in an interview. The central bank is developing a joint position together with the government on digital currencies, according to its press service.

https://www.bloomberg.com/news/articles/2017-04-10/russia-caves-in-on-bitcoin-to-open-new-front-on-money-laundering

I'm not sure If I should be happy or sad since they are planning to Legalize bitcoin but in the same time, tracking transactions. I'm not entirely sure on how they plan to do it though and how It could be possible unless they are planning to run their own exchanges. I believe that Russians will need TumbleBit whenever this will happen.

I truly agree with op words whether we all should be happy that Russia is finally accepting Bitcoins, but then at what cost you are killing the freedom and that I feel is very bad. No more tax savings, no more annoyous and worst of all Decentralisation gone. One theory of mine suggests is that Russia economy is going down, by putting a tax on Bitcoins they shall be able to get a whole new revenue and shall save their own money. I do hope this does not becomes a reality, cause then USA and all major countries shall follow suit.

clickerz

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Quote from: forexpert on April 11, 2017, 10:17:12 PM

good news. i predict 2000$ in value till then Cheesy

Another country joining the legal used of bitcoin in financial transaction. Though there is some kind of disagreement on the phrase "track every transaction" but I think this is another milestone in bitcoin economy. I hope this issue will be ironed out soon.

forexpert

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good news. i predict 2000$ in value till then Cheesy

Mometaskers

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Despite lack of technical knowledge I know bitcoin is not exactly anonymous but there are ways to hide your activity if you know what you are doing. (I've read a thread where people were trying to track a hacker's trail.) So if they attempt to track EVERY bitcoin transaction, what they'll find would probably mostly just the legal ones, with maybe a few poorly covered tracks for criminal related transactions here and there.

Casting your net wide doesn't necessarily mean you'll catch more.

Quote from: avikz on April 11, 2017, 03:33:10 PM

I doubt that is ever going to happen in Russia. They are well known for being orthodox and just a year back they were in talks to make bitcoin and any other online currency illegal. So I smell a rat here.

Since they are planning to track every single transaction, I am sure the online currency users will face the heat after sometimes where the government will have enough proofs against someone. They way they taken the recent U-turn, They can again take another u-turn in their stance about the online currencies.

Well that is a possiblity, though a bit unlikely IMHO. Considering how it went for China, maybe Russia will just try to monitor exchanges rather than use the first big bad news about bitcoin to formally ban all cryptocurrencies. Besides, Russia need all the money it can get and formalizing acceptance of bitcoin could lead to more funds getting in. Handy should they ever be slapped with sanctions.

OROBTC

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Qartada, Dorky

At least for the short-term, yes, a careful covering of tracks would make it hard for any government to match transactions to wallet owners. But, if monitoring starts getting tighter (more effective), there might be a place to hide in some alts which are geared to more privacy.

Still a big and intrusive .gov might be able to do a lot of damage even if it does not control Bitcoin (et al). The most vulnerable part of the cryptocurrencies are the entrance and exit ramps (the money you use to buy BTC (credit cards say) or the products you buy with BTC (and hence have shipped to you)). It is where the crypto world ends and the "real" world begins is the weak point, where .gov could crack down.

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