Russia To Ban Cryptocurrencies | Bitcointalksearch.org

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Quote from: Argoo on September 28, 2024, 07:06:56 AM

Quote from: zasad@ on April 26, 2024, 08:19:20 AM

https://www.interfax.ru/business/957196
Central Bank may be allowed to start piloting external settlements in cryptocurrency from autumn

"Moscow. 22 April. INTERFAX.RU - State Duma deputies have finalised and introduced a new version of a bill that allows the Central Bank to start creating a pilot platform for the use of cryptocurrencies in international settlements from 1 September 2024. The regulator will have to coordinate a number of steps during the experiment with Rosfinmonitoring, the Federal Security Service and the Ministry of Finance."
___
As a comment I can only say one thing that nothing is clear from this news and the experiments in Russia may last for a very long time. It is still unclear what will be allowed, and most likely it will be digital financial assets under the control of banks that have nothing to do with cryptocurrency.

After the Moscow Exchange fell under US sanctions, this exchange stopped trading dollars and euros on June 13. This was a strong blow to Russia's ability to trade with other countries. Russia tried to fix the situation with the Chinese yuan, but the situation only got worse. Therefore, one of the ways out of the current crisis in the financial sector for Russia is to use cryptocurrency and especially stablecoins. But this opportunity will only be available to the state and large legal entities.

Citizens are unlikely to be given the right to use cryptocurrency due to the fear that the currency will flee Russia, and the Russians themselves will run after it, since the economic and financial situation in the country continues to deteriorate due to the protracted war with Ukraine and failures at the front

I would recommend you to watch and listen to what a very famous Ukrainian politician, who has served as an advisor on strategic communications in the sphere of national security and defense of Ukraine and as an advisor to the head of the Office of the President of Ukraine, says

https://www.youtube.com/watch?v=wqGsTTbuuJQ
The video is in Russian, but I think you can handle the translator.

Oleksii Mykolaiovych Arestovych
https://en.wikipedia.org/wiki/Oleksii_Arestovych

If you're wondering how your sanctions work, Russian companies pay cryptocurrencies directly or to intermediaries, and then the intermediaries buy the goods in Europe and use fake customs documents to get the goods into Russia. Everyone involved in logistics in the Russian Federation knows this.
____
If you think that European and American companies want to suffer losses due to sanctions when trading with Russia, you are a very naive person.
Each company has its own level of capabilities. I have already written about Coca Cola and Shell. These companies simply changed their signboards in Russia and did not go anywhere, while other companies, who do not have such strong leverage, come up with schemes to circumvent sanctions through cryptocurrencies.

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Quote from: zasad@ on April 26, 2024, 08:19:20 AM

https://www.interfax.ru/business/957196
Central Bank may be allowed to start piloting external settlements in cryptocurrency from autumn

"Moscow. 22 April. INTERFAX.RU - State Duma deputies have finalised and introduced a new version of a bill that allows the Central Bank to start creating a pilot platform for the use of cryptocurrencies in international settlements from 1 September 2024. The regulator will have to coordinate a number of steps during the experiment with Rosfinmonitoring, the Federal Security Service and the Ministry of Finance."
___
As a comment I can only say one thing that nothing is clear from this news and the experiments in Russia may last for a very long time. It is still unclear what will be allowed, and most likely it will be digital financial assets under the control of banks that have nothing to do with cryptocurrency.

After the Moscow Exchange fell under US sanctions, this exchange stopped trading dollars and euros on June 13. This was a strong blow to Russia's ability to trade with other countries. Russia tried to fix the situation with the Chinese yuan, but the situation only got worse. Therefore, one of the ways out of the current crisis in the financial sector for Russia is to use cryptocurrency and especially stablecoins. But this opportunity will only be available to the state and large legal entities.

Citizens are unlikely to be given the right to use cryptocurrency due to the fear that the currency will flee Russia, and the Russians themselves will run after it, since the economic and financial situation in the country continues to deteriorate due to the protracted war with Ukraine and failures at the front

zasad@

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https://www.interfax.ru/business/957196
Central Bank may be allowed to start piloting external settlements in cryptocurrency from autumn

"Moscow. 22 April. INTERFAX.RU - State Duma deputies have finalised and introduced a new version of a bill that allows the Central Bank to start creating a pilot platform for the use of cryptocurrencies in international settlements from 1 September 2024. The regulator will have to coordinate a number of steps during the experiment with Rosfinmonitoring, the Federal Security Service and the Ministry of Finance."
___
As a comment I can only say one thing that nothing is clear from this news and the experiments in Russia may last for a very long time. It is still unclear what will be allowed, and most likely it will be digital financial assets under the control of banks that have nothing to do with cryptocurrency.

zasad@

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Quote from: philipma1957 on November 04, 2023, 07:33:33 AM

Quote from: zasad@ on November 03, 2023, 06:11:18 AM

Quote from: pawel7777 on November 02, 2023, 05:59:41 PM

Quote

The internal turnover of cryptocurrency will be completely prohibited. That is, we, ordinary citizens, will not be able to buy something for cryptocurrency in Russian stores. But Russian companies will have to gain access to the possibility of exchanging cryptocurrency. This was stated by the Central Bank that a specialized banking organization will be created that will conduct transactions. To date, the Ministry of Industry and Trade is developing a tool for conducting industrial mining activities, which will provide business with digital liquidity for cross-border payments. The interest of entrepreneurs in investing in this activity is growing exponent. Fear of investors and the state is leaving. Moreover, a digital ruble is also being made on the basis of this technology.

This kind of reads like they only want to use crypto as a means to bypass international restrictions.

There is an industrial boom in Russia right now, factories are working in 3 shifts, just like in wartime. Trains with goods go to Russia from the south and east, and this works without cryptocurrencies. Russia has raw materials, energy, technology, so no sanctions will be effective. These sanctions only killed the profits of European companies, which were taken by Chinese companies

The Central Bank conducts its own policy and it is subordinated more to the IMF than to Russia, and the Central Bank of the Russian Federation has constant conflicts with the Ministry of Finance. The Ministry of Finance and the Central Bank have different goals.

As for citizens, then indeed, if you buy goods with cryptocurrency, then this is a violation of the law. But there are no prohibitions on buying and selling cryptocurrencies. That’s why I exchange cryptocurrencies for money and then buy goods and do not break any laws.

So for practical purposes the ban is not an issue. Just cash into Rubles and buy what you want. Clever work around.

Of course this will mean retaliation form the west against its people for using crypto.

IE USA will tell me my mine helps support Russia as I help BTC LTC and Doge.

Ahh earth such a nice place. To the day we stop the wars. (never) as you say you are now having lots of work for Russians. oh well.

To be honest, I'm not afraid to buy goods with cryptocurrency and break the law. This law exists, but it doesn't work. Another problem here is security. You should not conduct transactions with cryptocurrencies with strangers, because then you can be robbed, and the police will not look for cryptocurrencies. It is safer to make transactions in rubles. And if you need anonymity or a quick way to transfer money to a close relative abroad, then cryptocurrencies can help.

Another observation of mine is that cryptocurrencies do not play a big role in circumventing sanctions. Most of the businessmen I know who have production didn’t even use cryptocurrencies.
Cryptocurrencies are mainly used to escape from Russia. A businessman sells his property, exchanges it for cryptocurrencies and leaves for another country.

There is an opinion that there was an unspoken instruction from the top leadership to allow everyone dissatisfied with the country’s politics to leave. A completely humane agreement and a good solution will get rid of a large and dissatisfied mass of people. Many will not be able to return back, because their vacancies and businesses will be taken by other people.

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Quote from: zasad@ on November 03, 2023, 06:11:18 AM

Quote from: pawel7777 on November 02, 2023, 05:59:41 PM

Quote

The internal turnover of cryptocurrency will be completely prohibited. That is, we, ordinary citizens, will not be able to buy something for cryptocurrency in Russian stores. But Russian companies will have to gain access to the possibility of exchanging cryptocurrency. This was stated by the Central Bank that a specialized banking organization will be created that will conduct transactions. To date, the Ministry of Industry and Trade is developing a tool for conducting industrial mining activities, which will provide business with digital liquidity for cross-border payments. The interest of entrepreneurs in investing in this activity is growing exponent. Fear of investors and the state is leaving. Moreover, a digital ruble is also being made on the basis of this technology.

This kind of reads like they only want to use crypto as a means to bypass international restrictions.

There is an industrial boom in Russia right now, factories are working in 3 shifts, just like in wartime. Trains with goods go to Russia from the south and east, and this works without cryptocurrencies. Russia has raw materials, energy, technology, so no sanctions will be effective. These sanctions only killed the profits of European companies, which were taken by Chinese companies

The Central Bank conducts its own policy and it is subordinated more to the IMF than to Russia, and the Central Bank of the Russian Federation has constant conflicts with the Ministry of Finance. The Ministry of Finance and the Central Bank have different goals.

As for citizens, then indeed, if you buy goods with cryptocurrency, then this is a violation of the law. But there are no prohibitions on buying and selling cryptocurrencies. That’s why I exchange cryptocurrencies for money and then buy goods and do not break any laws.

So for practical purposes the ban is not an issue. Just cash into Rubles and buy what you want. Clever work around.

Of course this will mean retaliation form the west against its people for using crypto.

IE USA will tell me my mine helps support Russia as I help BTC LTC and Doge.

Ahh earth such a nice place. To the day we stop the wars. (never) as you say you are now having lots of work for Russians. oh well.

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Quote from: pawel7777 on November 03, 2023, 05:14:57 PM

Quote from: zasad@ on November 03, 2023, 06:11:18 AM

There is an industrial boom in Russia right now, factories are working in 3 shifts, just like in wartime. Trains with goods go to Russia from the south and east, and this works without cryptocurrencies. Russia has raw materials, energy, technology, so no sanctions will be effective.

Yeah, I remember, I think it was Biden, saying that disconnecting Russia from the Swift system was a "nuclear option" and they were hesitant to use it as it seems to harsh. When they've done it eventually it turned out not to be too effective at all.
I'm not up to date with all the EU restrictions, I know a few European countries opened bank accounts with Russian banks to be able to continue to trade, but I've no idea how that panned out.

Quote from: zasad@ on November 03, 2023, 06:11:18 AM

As for citizens, then indeed, if you buy goods with cryptocurrency, then this is a violation of the law. But there are no prohibitions on buying and selling cryptocurrencies. That’s why I exchange cryptocurrencies for money and then buy goods and do not break any laws.

According to that article, private individuals are also not allowed to mine. But good to hear that people can still use exchanges freely. It's not all that bad then.

ps. I didn't realise you are Russian. Thanks for the first-hand info.

Not all banks in Russia are disconnected from the Swift system. I read in the news that some banks are working because it is impossible in the modern world to close all trade instantly, but for individuals Swift transfers are practically closed, so everyone I know uses cryptocurrencies.

I have not seen any laws banning mining, and the draft laws do not have legal force.

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Quote from: zasad@ on November 03, 2023, 06:11:18 AM

There is an industrial boom in Russia right now, factories are working in 3 shifts, just like in wartime. Trains with goods go to Russia from the south and east, and this works without cryptocurrencies. Russia has raw materials, energy, technology, so no sanctions will be effective.

Yeah, I remember, I think it was Biden, saying that disconnecting Russia from the Swift system was a "nuclear option" and they were hesitant to use it as it seems to harsh. When they've done it eventually it turned out not to be too effective at all.
I'm not up to date with all the EU restrictions, I know a few European countries opened bank accounts with Russian banks to be able to continue to trade, but I've no idea how that panned out.

Quote from: zasad@ on November 03, 2023, 06:11:18 AM

As for citizens, then indeed, if you buy goods with cryptocurrency, then this is a violation of the law. But there are no prohibitions on buying and selling cryptocurrencies. That’s why I exchange cryptocurrencies for money and then buy goods and do not break any laws.

According to that article, private individuals are also not allowed to mine. But good to hear that people can still use exchanges freely. It's not all that bad then.

ps. I didn't realise you are Russian. Thanks for the first-hand info.

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Quote from: pawel7777 on November 02, 2023, 05:59:41 PM

Quote

The internal turnover of cryptocurrency will be completely prohibited. That is, we, ordinary citizens, will not be able to buy something for cryptocurrency in Russian stores. But Russian companies will have to gain access to the possibility of exchanging cryptocurrency. This was stated by the Central Bank that a specialized banking organization will be created that will conduct transactions. To date, the Ministry of Industry and Trade is developing a tool for conducting industrial mining activities, which will provide business with digital liquidity for cross-border payments. The interest of entrepreneurs in investing in this activity is growing exponent. Fear of investors and the state is leaving. Moreover, a digital ruble is also being made on the basis of this technology.

This kind of reads like they only want to use crypto as a means to bypass international restrictions.

There is an industrial boom in Russia right now, factories are working in 3 shifts, just like in wartime. Trains with goods go to Russia from the south and east, and this works without cryptocurrencies. Russia has raw materials, energy, technology, so no sanctions will be effective. These sanctions only killed the profits of European companies, which were taken by Chinese companies

The Central Bank conducts its own policy and it is subordinated more to the IMF than to Russia, and the Central Bank of the Russian Federation has constant conflicts with the Ministry of Finance. The Ministry of Finance and the Central Bank have different goals.

As for citizens, then indeed, if you buy goods with cryptocurrency, then this is a violation of the law. But there are no prohibitions on buying and selling cryptocurrencies. That’s why I exchange cryptocurrencies for money and then buy goods and do not break any laws.

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Quote from: safar1980 on November 02, 2023, 10:03:11 AM

Opinion of the first deputy head of the State Duma Committee on Information Policy, Information Technologies and Communications Anton Tkachev:

Interesting, so according to the link it looks like there are going to be separate rules for individuals and for companies. The first ones will pretty much be banned from using crypto.
I've no idea how reliable this source and the translation are, but this part seems to be summing it up nicely:

Quote

The internal turnover of cryptocurrency will be completely prohibited. That is, we, ordinary citizens, will not be able to buy something for cryptocurrency in Russian stores. But Russian companies will have to gain access to the possibility of exchanging cryptocurrency. This was stated by the Central Bank that a specialized banking organization will be created that will conduct transactions. To date, the Ministry of Industry and Trade is developing a tool for conducting industrial mining activities, which will provide business with digital liquidity for cross-border payments. The interest of entrepreneurs in investing in this activity is growing exponent. Fear of investors and the state is leaving. Moreover, a digital ruble is also being made on the basis of this technology.

This kind of reads like they only want to use crypto as a means to bypass international restrictions.

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Opinion of the first deputy head of the State Duma Committee on Information Policy, Information Technologies and Communications Anton Tkachev:

Of course, the growth of investors in cryptocurrency is growing. Last year, more than 13 million wallets were opened in the Russian Federation. We see media headlines, federal officials are talking about this, people are gradually starting to become interested. There is a natural growth, including due to sanctions. Erudition in the field of financial literacy and one’s financial assets has definitely increased among our population.

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Quote from: 9to5blog on January 29, 2022, 11:55:44 AM

Meanwhile, The central bank is planning to issue its own digital rouble. The proposed ban includes crypto exchanges too.

Why is it that when any country wishes to introduce or impose her citizens with their CBDC, their first approach is to ban cryptocurrency? Aren't they aware that it is a bad approach? Nigerian government did it and they failed. Why do you need to fight bitcoin and cryptocurrency at large in order to promote your CBDC, knowing too well that it is this same citizens who know and use cryptocurrency that is going to adopt the CBDC.

In the case of Nigerian government, after banning crypto transactions, they launched their e-naira and went ahead to the market to preach to illiterate petty traders to start using e-naira for their trade Grin

. At a time they begin threatening them. Well, I think both cryptocurrency and CBDC can co-exist if the government wants it to be so. They should stop seeing cryptocurrency as a threat to CBDCs.

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I haven’t written about Russia and cryptocurrencies for a long time. I will publish the latest data from Rosfinmonitoring (Federal Service for Financial Monitoring).
There are no laws. Cryptocurrency is property. Cryptocurrency cannot be used for payment, but this is not always respected.

"According to Rosfinmonitoring, the number of transactions with cryptocurrencies in Russia has tripled over the current year. The director of the department, Yuri Chikhanchin, announced this in an interview with the Izvestia newspaper.

“We see a significant number of transactions with cryptocurrency - their number has increased several times over the year. Thus, according to our data, the number of transactions with cryptocurrency in the nine months of this year exceeded 185 thousand (last year, during the same period, 60 thousand were recorded). As for the volume of operations, during the specified period it almost doubled,” said Chikhanchin."

More details on RBC:
https://www.rbc.ru/crypto/news/6541ed8b9a7947f7049ca77b

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Quote from: virasog on February 25, 2023, 09:06:41 AM

Quote from: zasad@ on February 22, 2023, 06:34:19 AM

Quote from: virasog on February 20, 2023, 12:01:11 PM

Also, Russia is in an indirect war with the US and the western world, so they will never abandon bitcoin, rather if they need to abandon any currency, it will be the US dollar.

I would say differently. Someone in the world decided that the US should remain the world's military power and financial sector. The US problem is that their economy is starting to lose to the economies of China, India and other countries to the south. And if your economy is losing, then you are losing. Europe is good technology, Russia has a lot of resources, China, India, Africa, Indonesia have a lot of cheap labor, so the new world financial center will be there. The conflict between Russia and Ukraine has a strong impact on the European economy, large enterprises are starting to flee to the United States. There are wars in African countries where China invests, and it is not difficult for you to understand who the main beneficiary is. If I'm right, then in the next few years there will be a military conflict between China and Taiwan.

This is what the US want the world to remain busy in their own problems and the US and their currency US dollar remain dominant in the world.

If you can read the script with a thought full mind, it is like the two emerging superpowers Russia and China to remain busy in the conflict with Ukraine and Taiwan.

Anyways this is not a political discussion thread, but I must say that the real threat to the US dollar will be inflation which is increasing in US making the currency de-value and adoption of bitcoin around the world.

I try to talk about economic aspects. The difference between the United States and all countries is that they can print dollars, so they are not in danger of a crisis. Try to imagine what will happen in other countries if there is a serious crisis in the USA.
Bitcoin, Ethereum are manipulated assets. Most of the bitcoin was bought and mined by very cunning manipulators, 72 million coins were printed in the ethereum.
If you want mass adoptions, then they will give it to you, and then the bankers will collapse the cryptocurrency rates on the exchanges and you yourself will demand controllable blockchains and CBDC.

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Quote from: zasad@ on February 22, 2023, 06:34:19 AM

Quote from: virasog on February 20, 2023, 12:01:11 PM

Also, Russia is in an indirect war with the US and the western world, so they will never abandon bitcoin, rather if they need to abandon any currency, it will be the US dollar.

I would say differently. Someone in the world decided that the US should remain the world's military power and financial sector. The US problem is that their economy is starting to lose to the economies of China, India and other countries to the south. And if your economy is losing, then you are losing. Europe is good technology, Russia has a lot of resources, China, India, Africa, Indonesia have a lot of cheap labor, so the new world financial center will be there. The conflict between Russia and Ukraine has a strong impact on the European economy, large enterprises are starting to flee to the United States. There are wars in African countries where China invests, and it is not difficult for you to understand who the main beneficiary is. If I'm right, then in the next few years there will be a military conflict between China and Taiwan.

This is what the US want the world to remain busy in their own problems and the US and their currency US dollar remain dominant in the world.

If you can read the script with a thought full mind, it is like the two emerging superpowers Russia and China to remain busy in the conflict with Ukraine and Taiwan.

Anyways this is not a political discussion thread, but I must say that the real threat to the US dollar will be inflation which is increasing in US making the currency de-value and adoption of bitcoin around the world.

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Quote from: virasog on February 20, 2023, 12:01:11 PM

Also, Russia is in an indirect war with the US and the western world, so they will never abandon bitcoin, rather if they need to abandon any currency, it will be the US dollar.

I would say differently. Someone in the world decided that the US should remain the world's military power and financial sector. The US problem is that their economy is starting to lose to the economies of China, India and other countries to the south. And if your economy is losing, then you are losing. Europe is good technology, Russia has a lot of resources, China, India, Africa, Indonesia have a lot of cheap labor, so the new world financial center will be there. The conflict between Russia and Ukraine has a strong impact on the European economy, large enterprises are starting to flee to the United States. There are wars in African countries where China invests, and it is not difficult for you to understand who the main beneficiary is. If I'm right, then in the next few years there will be a military conflict between China and Taiwan.

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Quote from: zasad@ on February 08, 2023, 05:39:39 AM

Quote from: Sexylizzy2813 on February 04, 2023, 07:12:00 AM

It is said that energy expert wants to prohibit mining cryptocurrency from every Russia homes, the energy committee of the state council of the advisory body of Russia president has impose the ban on the minting of digital currency in residential areas. Crypto related activity which serves as a means of income to many individuals in Russia especially in places that have access to cheap electricity is not yet regulated.Is like the ban has not gain much weight to make it legal maybe with time the ban will stand.

https://news.bitcoin.com/ban-on-crypto-mining-in-residential-areas-proposed-in-russia/

I have already lost my mind, how many times I wrote that these laws do not work in Russia. If there is a profit from mining, then there will always be entrepreneurs who will earn money for this. But now in Russia there are many other problems that require a quick solution.

There are two countries in the world when they say they are banning bitcoin, it actually means they are adopting bitcoin and just presenting to the world that they do not support cryptocurrencies.

Guess, which are those two countries, well it is China and Russia

Also, Russia is in an indirect war with the US and the western world, so they will never abandon bitcoin, rather if they need to abandon any currency, it will be the US dollar.

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Quote from: Sexylizzy2813 on February 04, 2023, 07:12:00 AM

It is said that energy expert wants to prohibit mining cryptocurrency from every Russia homes, the energy committee of the state council of the advisory body of Russia president has impose the ban on the minting of digital currency in residential areas. Crypto related activity which serves as a means of income to many individuals in Russia especially in places that have access to cheap electricity is not yet regulated.Is like the ban has not gain much weight to make it legal maybe with time the ban will stand.

https://news.bitcoin.com/ban-on-crypto-mining-in-residential-areas-proposed-in-russia/

I have already lost my mind, how many times I wrote that these laws do not work in Russia. If there is a profit from mining, then there will always be entrepreneurs who will earn money for this. But now in Russia there are many other problems that require a quick solution.

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It is said that energy expert wants to prohibit mining cryptocurrency from every Russia homes, the energy committee of the state council of the advisory body of Russia president has impose the ban on the minting of digital currency in residential areas. Crypto related activity which serves as a means of income to many individuals in Russia especially in places that have access to cheap electricity is not yet regulated.Is like the ban has not gain much weight to make it legal maybe with time the ban will stand.

https://news.bitcoin.com/ban-on-crypto-mining-in-residential-areas-proposed-in-russia/

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Quote from: Ozero on January 13, 2023, 07:08:08 AM

Quote from: Gozie51 on July 31, 2022, 03:19:43 PM

Quote from: 9to5blog on January 29, 2022, 11:55:44 AM

The Bank of Russia said crypto mining created problems for energy consumption as Russia is one of the largest crypto-miner in the world. Meanwhile, The central bank is planning to issue its own digital rouble. The proposed ban includes crypto exchanges too.

Banning cryptocurrency in Russia won't bring any solution or creating digital ruble won't either. CBDC and cryptocurrency are not on same purpose. If Russia is having difficulty in their economy, they should better stop the war with Ukraine and get back into supply of energy to Europe and their economy will bounce back because the economic sanctions too will be lifted and not to look in the direction of banning crypto mining.

It is already too late for Russia's political leadership, headed by Putin, to return to its original position, which was before the attack on Ukraine. The choice has been made: Ukraine has suffered colossal material and human damage, there are sanctions that will not be lifted even if Russia withdraws all its unfinished troops from Ukraine. After all, there will be a question of paying reparations, which will be measured at least about a trillion dollars.
Russia will also not be able to resume deliveries of its energy carriers to Europe. The countries of Europe have fundamentally severed these relations with Russia, so as not to be dependent on it and not be subjected to pressure and blackmail on its part. The policy of aggression and pressure on other states will cost Russia very dearly, and many more generations of Russians will pay for it.

Russia has been a supplier of cheap resources to European countries for many years, and so far the supply of resources has not been stopped. European countries need 5-10 years to build new infrastructure at a huge cost, and logistics costs greatly increase the cost of resources. The Chinese have already occupied Renault car factories and produce their cars there, and the places of European concerns are occupied by Chinese ones. European sanctions greatly strengthen China's position by reducing the price of resources for the Chinese economy.

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Quote from: Gozie51 on July 31, 2022, 03:19:43 PM

Quote from: 9to5blog on January 29, 2022, 11:55:44 AM

The Bank of Russia said crypto mining created problems for energy consumption as Russia is one of the largest crypto-miner in the world. Meanwhile, The central bank is planning to issue its own digital rouble. The proposed ban includes crypto exchanges too.

Banning cryptocurrency in Russia won't bring any solution or creating digital ruble won't either. CBDC and cryptocurrency are not on same purpose. If Russia is having difficulty in their economy, they should better stop the war with Ukraine and get back into supply of energy to Europe and their economy will bounce back because the economic sanctions too will be lifted and not to look in the direction of banning crypto mining.

It is already too late for Russia's political leadership, headed by Putin, to return to its original position, which was before the attack on Ukraine. The choice has been made: Ukraine has suffered colossal material and human damage, there are sanctions that will not be lifted even if Russia withdraws all its unfinished troops from Ukraine. After all, there will be a question of paying reparations, which will be measured at least about a trillion dollars.
Russia will also not be able to resume deliveries of its energy carriers to Europe. The countries of Europe have fundamentally severed these relations with Russia, so as not to be dependent on it and not be subjected to pressure and blackmail on its part. The policy of aggression and pressure on other states will cost Russia very dearly, and many more generations of Russians will pay for it.

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Quote from: YOSHIE on November 21, 2022, 08:44:09 AM

Quote from: 9to5blog on January 29, 2022, 11:55:44 AM

it is interesting to see the impact of Russia’s ban ( If implemented) in the crypto world.

The news about the banning of crypto in Russia is currently still top news all over the world, as far as I know Russian president Putin 'did not' ban crypto users, assets, exchanges and crypto mining operating on Russian territory, as I quoted in one of the sources.
conclusion:

Quote from: 9to5blog on January 29, 2022, 11:55:44 AM

The proposed ban includes crypto exchanges too.

This is not an idea or plan of the Russian government, but an idea and plan that Europe wants to do against Russia, in the form of Russia's war sanctions against Ukraine.

According to the law, you can pay for goods only in rubles, but this does not work. Dollars, cryptocurrencies are also involved in trading. It cannot be banned and it cannot be controlled. The digital ruble will not be popular among the population.
A bit of gossip: A lot of foreigners came to Moscow to exchange cryptocurrencies for dollars and euros. The exchanges complain about the lack of dollars and euros.

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Quote from: SFR10 on November 21, 2022, 05:49:46 AM

Quote from: Xal0lex on November 19, 2022, 04:25:06 PM

That is, to make it a completely isolated segment of the network without going out into the world. Like North Korea, for example. There you have it, the "cryptocurrency ban", because without the Internet it will be very difficult to deal with cryptocurrency.

I believe you were referring to the intranet ^{[I completely forgot that such a thing exists]}, but I don't think they'd impose such harsh measures just to ban cryptocurrencies ^{[there'd be a lot of collateral damages by going with this route]}.
^{- If they were to implement such a thing, I think there's still some hope ^{[on paper]} with some satellite internet providers ^{[Starlink is out of the equation due to having various legal issues in there, but perhaps there might be other alternatives that aren't based out of the US and have no issues with bending some of the rules]}.}

Of course not. This "intranet" was to be created not only for the reason of restricting the use of cryptocurrencies. There were other, more weighty, reasons. Simply, if such a segment were created (God forbid), it would naturally make it much more difficult to use cryptocurrencies.

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Quote from: 9to5blog on January 29, 2022, 11:55:44 AM

it is interesting to see the impact of Russia’s ban ( If implemented) in the crypto world.

The news about the banning of crypto in Russia is currently still top news all over the world, as far as I know Russian president Putin 'did not' ban crypto users, assets, exchanges and crypto mining operating on Russian territory, as I quoted in one of the sources.
conclusion:

Quote from: 9to5blog on January 29, 2022, 11:55:44 AM

The proposed ban includes crypto exchanges too.

This is not an idea or plan of the Russian government, but an idea and plan that Europe wants to do against Russia, in the form of Russia's war sanctions against Ukraine.

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Quote from: Xal0lex on November 19, 2022, 04:25:06 PM

That is, to make it a completely isolated segment of the network without going out into the world. Like North Korea, for example. There you have it, the "cryptocurrency ban", because without the Internet it will be very difficult to deal with cryptocurrency.

I believe you were referring to the intranet ^{[I completely forgot that such a thing exists]}, but I don't think they'd impose such harsh measures just to ban cryptocurrencies ^{[there'd be a lot of collateral damages by going with this route]}.
^{- If they were to implement such a thing, I think there's still some hope ^{[on paper]} with some satellite internet providers ^{[Starlink is out of the equation due to having various legal issues in there, but perhaps there might be other alternatives that aren't based out of the US and have no issues with bending some of the rules]}.}

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Quote from: riqo on November 19, 2022, 04:12:36 PM

Crypto could not be banned, exchanges could be banned for the region, but there are localbitcoins.com and bitnovo.com, it is very difficult to ban a cryptocurrency, on the mining topic there will be a solution human always find the way, BTC [ btc ] never sleeps !!!

To ban cryptocurrency, as you put it, is very possible. I do not know if you have heard, but back in 2014, Maxim Kavjaradze (Member of the Federation Council) suggested creating a separate Russian segment of the network called "Cheburashka". That is, to make it a completely isolated segment of the network without going out into the world. Like North Korea, for example. There you have it, the "cryptocurrency ban", because without the Internet it will be very difficult to deal with cryptocurrency.

riqo

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Crypto could not be banned, exchanges could be banned for the region, but there are localbitcoins.com and bitnovo.com, it is very difficult to ban a cryptocurrency, on the mining topic there will be a solution human always find the way, BTC BTC never sleeps !!!

zasad@

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Quote from: UmerIdrees on October 01, 2022, 06:49:19 PM

Quote from: Gozie51 on July 31, 2022, 03:19:43 PM

Quote from: 9to5blog on January 29, 2022, 11:55:44 AM

The Bank of Russia said crypto mining created problems for energy consumption as Russia is one of the largest crypto-miner in the world. Meanwhile, The central bank is planning to issue its own digital rouble. The proposed ban includes crypto exchanges too.

Banning cryptocurrency in Russia won't bring any solution or creating digital ruble won't either. CBDC and cryptocurrency are not on same purpose. If Russia is having difficulty in their economy, they should better stop the war with Ukraine and get back into supply of energy to Europe and their economy will bounce back because the economic sanctions too will be lifted and not to look in the direction of banning crypto mining.

The stance on bitcoin and cryptocurrencies has changed in Russia after the war with Ukraine.

They are no more banning cryptocurrencies, rather they are now using and promoting cryptocurrencies after the sanctions being put on them by IMF and the western world.

Russian officials approve use of crypto for cross-border payments: Report

The situation with cryptocurrencies in Russia has not changed over the past few years. You can hear a lot of news that cryptocurrencies will be banned or allowed, but it all seems like blah blah blah, and there are no laws about cryptocurrencies. Shadow markets work great and are a very good way to transfer your assets to any country.

Poker Player

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Quote from: UmerIdrees on October 01, 2022, 06:49:19 PM

The stance on bitcoin and cryptocurrencies has changed in Russia after the war with Ukraine.

They are no more banning cryptocurrencies, rather they are now using and promoting cryptocurrencies after the sanctions being put on them by IMF and the western world.

Russian officials approve use of crypto for cross-border payments: Report

They are forced by necessity, they do not do it willingly. Normally, states are going to be against Bitcoin because it threatens their centralized power, but there are cases where they realize that it can be more useful, as it happens with El Salvador with remittances or in this case to bypass sanctions.

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Quote from: Gozie51 on July 31, 2022, 03:19:43 PM

Quote from: 9to5blog on January 29, 2022, 11:55:44 AM

The Bank of Russia said crypto mining created problems for energy consumption as Russia is one of the largest crypto-miner in the world. Meanwhile, The central bank is planning to issue its own digital rouble. The proposed ban includes crypto exchanges too.

Banning cryptocurrency in Russia won't bring any solution or creating digital ruble won't either. CBDC and cryptocurrency are not on same purpose. If Russia is having difficulty in their economy, they should better stop the war with Ukraine and get back into supply of energy to Europe and their economy will bounce back because the economic sanctions too will be lifted and not to look in the direction of banning crypto mining.

The stance on bitcoin and cryptocurrencies has changed in Russia after the war with Ukraine.

They are no more banning cryptocurrencies, rather they are now using and promoting cryptocurrencies after the sanctions being put on them by IMF and the western world.

Russian officials approve use of crypto for cross-border payments: Report

zasad@

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Quote from: Gozie51 on July 31, 2022, 03:19:43 PM

Quote from: 9to5blog on January 29, 2022, 11:55:44 AM

The Bank of Russia said crypto mining created problems for energy consumption as Russia is one of the largest crypto-miner in the world. Meanwhile, The central bank is planning to issue its own digital rouble. The proposed ban includes crypto exchanges too.

Banning cryptocurrency in Russia won't bring any solution or creating digital ruble won't either. CBDC and cryptocurrency are not on same purpose. If Russia is having difficulty in their economy, they should better stop the war with Ukraine and get back into supply of energy to Europe and their economy will bounce back because the economic sanctions too will be lifted and not to look in the direction of banning crypto mining.

Russia has no problems with the economy. The budget in Russia is in surplus. The state did not have time to spend the entire budget, and invested a lot of money in European and American banks. This money is now frozen.
Russia has huge resources, and Europe doesn't. The Russian economy has no problems, because oil, once, metals, wood, is needed by the whole world. And Europe is in big trouble because they no longer have access to cheap resources.
In Russia, many people live very modestly, but in Europe this standard of living will soon change.
The sanctions only affect those Russians who live abroad and have property there. Approximately 70% of citizens do not even have an international passport for traveling abroad - such statistics.
And the cryptocurrency in Russia is not even in the top ten important issues now.

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Quote from: 9to5blog on January 29, 2022, 11:55:44 AM

The Bank of Russia said crypto mining created problems for energy consumption as Russia is one of the largest crypto-miner in the world. Meanwhile, The central bank is planning to issue its own digital rouble. The proposed ban includes crypto exchanges too.

Banning cryptocurrency in Russia won't bring any solution or creating digital ruble won't either. CBDC and cryptocurrency are not on same purpose. If Russia is having difficulty in their economy, they should better stop the war with Ukraine and get back into supply of energy to Europe and their economy will bounce back because the economic sanctions too will be lifted and not to look in the direction of banning crypto mining.

zasad@

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Quote from: Car112 on June 23, 2022, 03:06:32 PM

i think not because, Bitcoin is the means that Russia can go to trade on their gas and energy because of the sanctions that includes ban from Swift taking their banks ,so russia will only scare people but not ban cryptocurrency trading.

There are a lot of prohibitions in Russia, but they are not respected. Cryptocurrencies are very often used in Russia, and it cannot be banned.
The price of bitcoin and other cryptocurrencies is controlled by manipulators, so cryptocurrencies will not be used in official trading.

Car112

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i think not because, Bitcoin is the means that Russia can go to trade on their gas and energy because of the sanctions that includes ban from Swift taking their banks ,so russia will only scare people but not ban cryptocurrency trading.

Car32

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Russia will not ban cryptocurrency 100 percent sure.

Car22

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I think russia will not ban cryptocurrency,they only scare people as eveyrone country govt did like that.

Spack17

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I don't think such a thing will happen. It's complete bullshit. It is one of the news made to confuse and attract attention. Even if they do interdict, it will be temporary.

zasad@

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https://twitter.com/cz_binance/status/1515056118392893453?
I can't see the tweet CZ Binance

https://bitcoinist.com/russia-legalize-crypto-payments-proposal-concerns/
The authors of this article refer to https://www.kommersant.ru/doc/5306943
but they do not seem to understand the Russian language or do not understand how laws are made in the Russian Federation.
If one of the ministries finalized the bill, this does not mean that it will become law.

Phoenix.NFT

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100% they will not do it, they will only scare you. Like always...

Quote from: 9to5blog on January 29, 2022, 11:55:44 AM

Russiahttps://findnextcrypto.com/russia-to-ban-cryptocurrencies/ is planning to ban cryptocurrencies in Russia. Russia’s central bank proposed banning the use and mining of cryptocurrencies on Russian territory. Russia is the world’s third-largest player in bitcoin mining. Russa legalize cryptocurrencies in 2020 but banned their use as a means of payment.

The Bank of Russia said crypto mining created problems for energy consumption as Russia is one of the largest crypto-miner in the world. Meanwhile, The central bank is planning to issue its own digital rouble. The proposed ban includes crypto exchanges too.

As the crypto market is down falling, it is interesting to see the impact of Russia’s ban ( If implemented) in the crypto world.

zasad@

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The latest news on the legalization of mining and the adoption of cryptocurrency as a means of payment can be found in this article.
https://www.kommersant.ru/doc/5306943
But do not forget that these are regular proposals for the bill, and no one knows yet what the law will actually be.

usekevin

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This is not a valid statement now.Russia accepted the crypto as a payment for the export ,So how this statement will be valid one now.This may lead to the many new mining setup in the Russia.Since Russia is very big country,we can able to get huge amount of investment in the bitcoin.In a long run,we can get a good amount of price pump.

Baofeng

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Quote from: bocyaj on April 06, 2022, 02:49:43 PM

Now the things was changed to new level.Because people only speaking about the old move of Russia on crypto,it was changed and Russia accepting the crypto currency now.Only the government make a change of move with some of their needs.The needs was the reason for the change,the Online transfer was happening in Russia with the crypto currency only.

As others have mentioned, when they invaded Ukraine, the West and the rest of EU has put a sanction on them. And to get away with it, they just decided to accept bitcoin and crypto just in order to survived as well. If I'm not mistaken, there are even reports that they are willing to accept bitcoin if other countries are interested on their oil.

https://www.bbc.com/news/business-60870100

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Now the things was changed to new level.Because people only speaking about the old move of Russia on crypto,it was changed and Russia accepting the crypto currency now.Only the government make a change of move with some of their needs.The needs was the reason for the change,the Online transfer was happening in Russia with the crypto currency only.

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Quote from: Husires on March 30, 2022, 10:55:10 AM

There is an international alliance now against Russia, and the introduction of Bitcoin into this war will harm it.

Will it harm Bitcoin or will it help the world understand Bitcoin is what you need when you want to escape authoritarian regimes and consequences of 'democracies' and the banking system?

Quote from: Husires on March 30, 2022, 10:55:10 AM

The volume of Russia's exports to the countries of the year is not large, and therefore Bitcoin will not occupy a large position.

I disagree. There is no need for the export figures to be sky high. Be it Russia, Germany or North Korea, when you are under threat of having your assets seized, being investigated for crime you never committed and the economy shows its worst side, Bitcoin starts showing its true potential and the victims start noticing it. As a store of value and alternative to banks and Fiat, it appears it would thrive under such conditions. The volume may not be huge yet but it will become increasingly higher the worse the economy gets.

Quote from: Husires on March 30, 2022, 10:55:10 AM

If Russia uses Bitcoin effectively, many countries will start banning Bitcoin, which is very bad
If Bitcoin does not work effectively, it will be banned.

They all HATE Bitcoin from the depths of their souls yet it never got banned. And every time a country did, Bitcoin only continued to thrive everywhere else. See how China and India's previous crack downs worked. They didn't. They only got left behind in the inevitable growth of Cryptocurrencies.

-
Regards,
PrivacyG

Husires

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With the war taking place in Ukraine, the decision to ban Bitcoin in Russia would be good for the following reasons:

There is an international alliance now against Russia, and the introduction of Bitcoin into this war will harm it.
The volume of Russia's exports to the countries of the year is not large, and therefore Bitcoin will not occupy a large position.
If Russia uses Bitcoin effectively, many countries will start banning Bitcoin, which is very bad
If Bitcoin does not work effectively, it will be banned.

Therefore, I personally hope that Bitcoin will be banned in Russia and we will close this door, or at least keep it away from the issue of oil and energy.

NeuroticFish

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Quote from: dkbit98 on March 30, 2022, 07:01:16 AM

This news is pure speculation and nothing more.

That news is from before the war and so many things have change meanwhile on the financial world.. especially related to Russia...
Imho the only real conclusion is that Russia is telling whatever suits them best and they are - by far - not serious about Bitcoin. I see their behavior pretty much similar to China's, just with not so big overall impact.

dkbit98

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OP you should first fix that broken link in your post, but I have to say that article is written very bad and without any confirmation on sources used whatsoever.
It's some old speculation based on old news of russian central bank, and false statements like ''crypto market is down falling'' that makes no sense.
I don't know about any recent news for release of digital ruble, and I even heard that Russia will accept Bitcoin for trading with other countries.
This news is pure speculation and nothing more.

YOSHIE

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Quote from: 9to5blog on January 29, 2022, 11:55:44 AM

As the crypto market is down falling, it is interesting to see the impact of Russia’s ban ( If implemented) in the crypto world.

It seems that this news is very contrary to the news that has been available so far in the Bitcoin Discussion, Economics and Speculation section, the OP mentions that Russia is banning crypto here, while Russia is adopting crypto and legal crypto.

It seems the news link displayed by the OP cannot be accessed, I believe the news link is a hoax link, my suggestion is that the OP should just lock this topic, I think this is news with baseless law, there is no firm grip on it, it is legally flawed.

ajochems

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Now the scenario was changed the lot. Russia had tried to ban the Russia in the past. But after the SWIFT close the transaction with the Russian bank. The same situation was changed favor to the crypto.Because now the Russia had accepted bitcoin as their payments for most of the export from Russia.

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Quote from: ninis45 on March 20, 2022, 05:04:46 PM

I'm not sure this will happen but everything is possible and for now it may only be a discourse that may not be relaxed because of the war conflicts that have occurred and basically countries have banned it due to the same reason, namely the energy crisis and power control.

Russia will not be thinking of banning bitcoin when they are still legislating for its use. Bitcoin is the means that Russia can go to trade on their gas and energy because of the sanctions that includes ban from Swift taking their banks out from fiat like dollar, Euro and pounds. Banning bitcoin will not be the best decision for Russia because that is a source for financial exchange option for them

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I'm not sure this will happen but everything is possible and for now it may only be a discourse that may not be relaxed because of the war conflicts that have occurred and basically countries have banned it due to the same reason, namely the energy crisis and power control.

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I think its will be treated as an opportunity by Russia to put more controls and get into trade exchange via bitcoin to ease ban on their banks by so many conturies.

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Quote from: 9to5blog on January 29, 2022, 11:55:44 AM

Russa legalize cryptocurrencies in 2020 but banned their use as a means of payment.

Quote from: 9to5blog on January 29, 2022, 11:55:44 AM

The Bank of Russia said crypto mining created problems for energy consumption as Russia is one of the largest crypto-miner in the world. Meanwhile, The central bank is planning to issue its own digital rouble.

In other words, the former is being used as an excuse for the latter part! They only care about having full control over their citizens...

dkbit98

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I don't think that Russian central bank is not big enough force to ban Bitcoin, and there are many people inside Russia who are pro-bitcoin,
president Putin even recently said that there are some advantages for mining bitcoin in Russia compared to all other countries.
Officially Bitcoin is banned in China but I know many Chinese people are still using Bitcoin normally despite this ban, and this would be even easier in Russia.

Quote from: LoyceV on January 30, 2022, 08:47:58 AM

Russia is loaded in oil and gas, if they can't receive euros and dollars, switching to Bitcoin would mean sanctions can't stop their payments anymore.

Yeah they are, and rest of the Europe is very dependent on those resources for electricity and heating.
I think that only Germany has long term contract signed with them and other countries have to pay much higher prices now.
It's funny that in the same time Russia is still under some kind of sanctions Cheesy

so I am sure they are using Bitcoin to avoid this sanctions.

bittraffic

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It's difficult to really understand why Russia would ban crypto because this is their option after they get sanctioned from Swift. This geopolitics around Kazakstan and Russia is going to make crypto more useful to them instead of banning it.

If any other President these days understood Crypto, it's Putin, I have watched some interviews in which he responded in a way that you would think he is a very knowledgeable bitcoiner.

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Quote from: 9to5blog on January 29, 2022, 11:55:44 AM

Russiahttps://findnextcrypto.com/russia-to-ban-cryptocurrencies/ is planning to ban cryptocurrencies in Russia. Russia’s central bank proposed banning the use and mining of cryptocurrencies on Russian territory. Russia is the world’s third-largest player in bitcoin mining. Russa legalize cryptocurrencies in 2020 but banned their use as a means of payment.

The Bank of Russia said crypto mining created problems for energy consumption as Russia is one of the largest crypto-miner in the world. Meanwhile, The central bank is planning to issue its own digital rouble. The proposed ban includes crypto exchanges too.

As the crypto market is down falling, it is interesting to see the impact of Russia’s ban ( If implemented) in the crypto world.

As far as I am aware, it is just a proposal from the Russian Central Bank. It has not yet made a law so nothing is there to panic just as yet. But as Russia is a communist country, there's a reason to worry as well. because communism wants full control on anything and everything. So it might be very much possible that Russia will ban all kind of crypto mining related activity in future. But I am sure they will provide an exit period for the institutional miners to move to other countries where the regulation are friendlier towards crypto mining. But it will have an impact on bitcoin market owing to the fact that Russia holds a lot of crypto mining facilities. But nothing is really permanent in the market so we will eventually overcome this.

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Quote from: Jawhead999 on January 29, 2022, 10:07:08 PM

The ban was proposed by the central bank, while the president are supporting cryptocurrencies...

Could this be the reason (or one of the reasons) the US and EU dropped the idea of banning Russia from using Swift? I quote:

Quote

Nations involved believe that excluding Russia could destabilize financial markets in the short term and would help develop an alternative, non-Western dominated infrastructure, the German newspaper said.

Russia is loaded in oil and gas, if they can't receive euros and dollars, switching to Bitcoin would mean sanctions can't stop their payments anymore.

Jawhead999

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The ban was proposed by the central bank, while the president are supporting cryptocurrencies... I don't think central bank has a more power than the president, so cryptocurrencies wouldn't be banned in Russia.

Quote from: https://www.bloomberg.com/news/articles/2022-01-27/putin-backs-crypto-mining-despite-bank-of-russia-s-hard-line

President Vladimir Putin backs a Russian government proposal to tax and regulate mining of cryptocurrencies, rejecting the central bank’s proposal to ban it completely, according to three people familiar with the matter.

Actually with this news, the central bank want to create panic in the market since Russian is the one or largest mining Bitcoin. But seems their plan aren't really working, the market still in recovery phase and not fall.

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I think Russia banning cryptocurrencies is quite a lot different from China attempting to ban them (even if Russia had the 70% China was estimated to).

Russia have very strong transport links to Europe so if a ban goes through, a lot of miners could offload to other places there (or mine if the country's electricity is cheap enough).

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Russia will not ban, but rather will gently regulate this area. In Russia, they decided to act wisely - to collect taxes from the "sellers" of cryptocurrencies as from entrepreneurs. And I think if all this is legally worked out well within 1-2 years, then this, based on the excess generation of electricity in certain regions, this can be an excellent opportunity to develop new jobs and so on.

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Russiahttps://findnextcrypto.com/russia-to-ban-cryptocurrencies/ is planning to ban cryptocurrencies in Russia. Russia’s central bank proposed banning the use and mining of cryptocurrencies on Russian territory. Russia is the world’s third-largest player in bitcoin mining. Russa legalize cryptocurrencies in 2020 but banned their use as a means of payment.

The Bank of Russia said crypto mining created problems for energy consumption as Russia is one of the largest crypto-miner in the world. Meanwhile, The central bank is planning to issue its own digital rouble. The proposed ban includes crypto exchanges too.

As the crypto market is down falling, it is interesting to see the impact of Russia’s ban ( If implemented) in the crypto world.

Topic: Russia To Ban Cryptocurrencies (Read 1402 times)