Russia will regulate cryptourrencies

biskitop

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Quote from: etraderhart on October 12, 2017, 07:21:15 AM

After a meeting last Tuesday among Russian President Vladimir Putin with the Central Bank of Russia, he said that the Central Bank should avoid making hasty 'ban' decisions about digital currencies.

He also said that the government will work together with Vitalik Buterin and the Ethereum platform to improve the government's system.

Now, authorities say that bitcoin and other digital currencies will be legally regulated from exchange to mining.

"We have agreed on the following: the state should regulate the process of issuing cryptocurrencies, the process of mining, the process of circulation…The state should head this situation and regulate it legally." -Anton Siluanov, Finance Minister of Russia.

See here: https://news.bitcoin.com/putin-confirms-russia-regulate-cryptocurrencies

Reportedly Japan has been regulating bitcoin, and now russia will also regulate bitcoin. This is good news, may all countries do the same.

stompix

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Blackjack.fun

Quote from: expless on November 20, 2017, 05:30:31 AM

Quote from: Palmerson on November 12, 2017, 07:54:17 AM

Quote from: yojodojo21 on November 12, 2017, 07:15:19 AM

Since Russia is one of the leading country with It's President RPRD.PUTIN, when time comes that bitcoin in Russia is regulated Then This Will be The Start of Accomodating Bitcoin Throughout other Country. But, Saying That Russia will be Dependent of crypto currency with mining of it, that is not the Real Point. Mr. PUTIN knows how to check and balance, He Knows That Crypto currency will also help to the Progress of Economy of Russia. Central banks Are Always Insisting to Implement about banning Bitcoin, Because if Bitcoin Will Be Regulated They Will Slowly Disappear.

Why do you believe Putin? You seriously think that banks in Russia are voicing their independent opinion? Lol. I am 100% sure that banks Express the official opinion of the Kremlin. Putin will never allow that Russians had freedom. Only dependent people with the mentality of slaves can so blindly believe and obey all these crazy ideas of its tyrant.

Russia should regulate crypto currencies because it is not possible to run without crypto currencies in today's era. It is providing all necessary facilities to the mass to be rich in very short time and secure their future, it is not only giving ease and comfort but is also quick in use and gives a high output.

Banks are opposing bitcoin because it is giving them a hard competition but banks are also useful and are connected with bitcoin in someway

It is not possible to run without?
I disagree.
It is impossible to run on crypto currencies today.

Honestly, how could a 140 million people country run on cryptos?
Bitcoin can do 400k tx, BCH with its huuuuge blocks can do 3.2 mil., how many crapcoins do we have to add so that every Russian alone would be able to make at least a payment a day?

No, right now, bitcoin and cryptos are not influencing a country economy even by 1%.
With LN active, with mass adoption (not barely 2 million addresses having a balance over 1000$) then you can say it.
But now.... it's laughable.

And please stop saying the part with everybody getting rich in short time.It's fuel for people that call it you know what...

As for Russia:

Quote

Russia saw a net capital outflow of $16 billion in the first half of 2017, up from $8.6 billion in the same period a year earlier, the central bank said on Friday.

I'm pretty sure Putin is doing his best to help a crypto that would double this numbers. /sarcasm off

kris_wolf

newbie

Activity: 31

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Regular currency is not tied to real world production – it hasn’t been the case for decades. US and EU can print dollars and euros at will. In that sense – bitcoin and other crypto currencies aren’t different from traditional currency. The value of both is determined by the market.. or people’s consensus if you prefer.

Prinox2

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In my view, i think this is a welcomed development to the crypto community, but all the same its better we rather keep our fingers crossed and watch the outcome of the whole process. i hope the terms and conditions of implementing the this will be favorable to bitcoin lovers/users over there.

Jating

hero member

Activity: 2842

Merit: 772

Quote from: expless on November 20, 2017, 05:30:31 AM

Quote from: Palmerson on November 12, 2017, 07:54:17 AM

Quote from: yojodojo21 on November 12, 2017, 07:15:19 AM

Since Russia is one of the leading country with It's President RPRD.PUTIN, when time comes that bitcoin in Russia is regulated Then This Will be The Start of Accomodating Bitcoin Throughout other Country. But, Saying That Russia will be Dependent of crypto currency with mining of it, that is not the Real Point. Mr. PUTIN knows how to check and balance, He Knows That Crypto currency will also help to the Progress of Economy of Russia. Central banks Are Always Insisting to Implement about banning Bitcoin, Because if Bitcoin Will Be Regulated They Will Slowly Disappear.

Why do you believe Putin? You seriously think that banks in Russia are voicing their independent opinion? Lol. I am 100% sure that banks Express the official opinion of the Kremlin. Putin will never allow that Russians had freedom. Only dependent people with the mentality of slaves can so blindly believe and obey all these crazy ideas of its tyrant.

Russia should regulate crypto currencies because it is not possible to run without crypto currencies in today's era. It is providing all necessary facilities to the mass to be rich in very short time and secure their future, it is not only giving ease and comfort but is also quick in use and gives a high output.

Banks are opposing bitcoin because it is giving them a hard competition but banks are also useful and are connected with bitcoin in someway

Disagree, any nation today can run without crypto currencies. They still have the old traditional fiat and their local currencies to help them and their citizens. So its possible for a nation to exist without crypto's.

Banks are threaten indeed call it hard competition. But banks will remain with us and crypto will not make them obsolete. They could co-exist in the ecosystem, and the one who will get all the benefits? US, the people.

As far as Russia, I don't see any reason for them to embrace or even regulate bitcoin or crypto. Just like China, they are afraid that when their citizens all went to crypto it will have a effect on their economy. I agree it does, but in a very positive way. Besides, we all know that Russia and China wants total control of their citizens. Bitcoin is decentralized, how can they manage something they can't get even hold? Of course they can do surveillance of sort but it will take a lot of effort on government side to track everyone on blockchain.

Coffee135

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Activity: 392

Merit: 137

Quote from: kris_wolf on December 13, 2017, 12:37:30 PM

Bitcoin banned to use as a payment method for IPs, since that would have been a good way to dodge taxation. But that's not so different from the multitude of other laws pertaining to what IPs can and can not do with other digital currencies and payment systems.

I have not heard that in Russia banned the use of bitcoin with changed ip. But I heard that in Russia all companies which provide user access to the VPN service to report to the authorities the real ip of all users. I don't know how it will be done, but the Russian security services are experts in the surveillance of people. I don't understand why they always vote for dictators. Probably for this reason they live.

kris_wolf

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Bitcoin banned to use as a payment method for IPs, since that would have been a good way to dodge taxation. But that's not so different from the multitude of other laws pertaining to what IPs can and can not do with other digital currencies and payment systems.

Lancusters

sr. member

Activity: 630

Merit: 263

Quote from: expless on November 20, 2017, 05:30:31 AM

Quote from: Palmerson on November 12, 2017, 07:54:17 AM

Quote from: yojodojo21 on November 12, 2017, 07:15:19 AM

Since Russia is one of the leading country with It's President RPRD.PUTIN, when time comes that bitcoin in Russia is regulated Then This Will be The Start of Accomodating Bitcoin Throughout other Country. But, Saying That Russia will be Dependent of crypto currency with mining of it, that is not the Real Point. Mr. PUTIN knows how to check and balance, He Knows That Crypto currency will also help to the Progress of Economy of Russia. Central banks Are Always Insisting to Implement about banning Bitcoin, Because if Bitcoin Will Be Regulated They Will Slowly Disappear.

Why do you believe Putin? You seriously think that banks in Russia are voicing their independent opinion? Lol. I am 100% sure that banks Express the official opinion of the Kremlin. Putin will never allow that Russians had freedom. Only dependent people with the mentality of slaves can so blindly believe and obey all these crazy ideas of its tyrant.

Russia should regulate crypto currencies because it is not possible to run without crypto currencies in today's era. It is providing all necessary facilities to the mass to be rich in very short time and secure their future, it is not only giving ease and comfort but is also quick in use and gives a high output.

Banks are opposing bitcoin because it is giving them a hard competition but banks are also useful and are connected with bitcoin in someway

Why Putin needed to Russian were rich? Only poor people are easy to control. You not thought about why in countries with more income in the population is always more democracy than in poor autocratic countries? Until Putin is in power he will never legalize cryptocurrency. The financial system in Russia is also experiencing hard times. Loosen it using bitcoins this is not the best idea.

expless

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Activity: 200

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Quote from: Palmerson on November 12, 2017, 07:54:17 AM

Quote from: yojodojo21 on November 12, 2017, 07:15:19 AM

Since Russia is one of the leading country with It's President RPRD.PUTIN, when time comes that bitcoin in Russia is regulated Then This Will be The Start of Accomodating Bitcoin Throughout other Country. But, Saying That Russia will be Dependent of crypto currency with mining of it, that is not the Real Point. Mr. PUTIN knows how to check and balance, He Knows That Crypto currency will also help to the Progress of Economy of Russia. Central banks Are Always Insisting to Implement about banning Bitcoin, Because if Bitcoin Will Be Regulated They Will Slowly Disappear.

Why do you believe Putin? You seriously think that banks in Russia are voicing their independent opinion? Lol. I am 100% sure that banks Express the official opinion of the Kremlin. Putin will never allow that Russians had freedom. Only dependent people with the mentality of slaves can so blindly believe and obey all these crazy ideas of its tyrant.

Russia should regulate crypto currencies because it is not possible to run without crypto currencies in today's era. It is providing all necessary facilities to the mass to be rich in very short time and secure their future, it is not only giving ease and comfort but is also quick in use and gives a high output.

Banks are opposing bitcoin because it is giving them a hard competition but banks are also useful and are connected with bitcoin in someway

bryant.coleman

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Activity: 3766

Merit: 1217

Now it is too late for Russia. Many of the early Bitcoin pioneers were from Russia (and from the other FSU nations). But many of them (and their ventures) had to move out of Russia due to the hostility of the authorities. The crypto-exchange BTC-e (now Wex.nz) is a perfect example.

lepricoin

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umachit.fund

unlikely they will make this regulation convenient and useful for people. most likely they want to make money on this and not let people make money from it

Kemarit

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Activity: 3080

Merit: 1353

Quote from: LepriCON on November 15, 2017, 01:16:57 PM

Russian government may not "ban" cryptocurrency, but instead it may put such severe regulations to make work with it simply unprofitable.

LOL. So you might as well forget your bitcoin trading in Russia. As I have speculate since they began making noises on bitcoin and cryptocurrency, they are not friendly on it. Because crypto can't be controlled, and Putin doesn't want that. Just try to observed every statement coming from them and you'll be the judge. They total contracting themselves that sometimes it really funny. And remember they have their own state back crypto, so I think this is what they gonna offer to their citizens, but be ready to pay high taxes though.

LepriCON

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Russian government may not "ban" cryptocurrency, but instead it may put such severe regulations to make work with it simply unprofitable.

Hordrick

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Activity: 83

Merit: 10

I think this tendention spread around the world. Crypto-rub,crypto-dollars and so on.

matuson

sr. member

Activity: 420

Merit: 255

Quote from: bambazamba on November 15, 2017, 09:30:16 AM

Quote from: etraderhart on October 12, 2017, 07:21:15 AM

After a meeting last Tuesday among Russian President Vladimir Putin with the Central Bank of Russia, he said that the Central Bank should avoid making hasty 'ban' decisions about digital currencies.

He also said that the government will work together with Vitalik Buterin and the Ethereum platform to improve the government's system.

Now, authorities say that bitcoin and other digital currencies will be legally regulated from exchange to mining.

"We have agreed on the following: the state should regulate the process of issuing cryptocurrencies, the process of mining, the process of circulation…The state should head this situation and regulate it legally." -Anton Siluanov, Finance Minister of Russia.

See here: https://news.bitcoin.com/putin-confirms-russia-regulate-cryptocurrencies

Yes , I heard this news making rounds .
Another country failing to understand " digital currencies" . This is very upsetting that they merely understand the idea of digital currency and take decisions which might be wrong for the long run .
The world is leaning on technology for every thing now , and digital currency is the need of people now . Regulating currency like bitcoin will totally ruin the idea of decentralized economy and all the old methods of taxation and all will be imposed on it . This is a shame that governments just look out for their fiat currency benefits .

You expect Russian something else? I'm generally a supporter of the independent existence of bitcoin. Why do we need government support? It seems to me that it is better to be away from the regulated government regulations. The more the government will attempt to regulate the more we have to go into the shadows.

bambazamba

sr. member

Activity: 348

Merit: 250

Quote from: etraderhart on October 12, 2017, 07:21:15 AM

After a meeting last Tuesday among Russian President Vladimir Putin with the Central Bank of Russia, he said that the Central Bank should avoid making hasty 'ban' decisions about digital currencies.

He also said that the government will work together with Vitalik Buterin and the Ethereum platform to improve the government's system.

Now, authorities say that bitcoin and other digital currencies will be legally regulated from exchange to mining.

"We have agreed on the following: the state should regulate the process of issuing cryptocurrencies, the process of mining, the process of circulation…The state should head this situation and regulate it legally." -Anton Siluanov, Finance Minister of Russia.

See here: https://news.bitcoin.com/putin-confirms-russia-regulate-cryptocurrencies

Yes , I heard this news making rounds .
Another country failing to understand " digital currencies" . This is very upsetting that they merely understand the idea of digital currency and take decisions which might be wrong for the long run .
The world is leaning on technology for every thing now , and digital currency is the need of people now . Regulating currency like bitcoin will totally ruin the idea of decentralized economy and all the old methods of taxation and all will be imposed on it . This is a shame that governments just look out for their fiat currency benefits .

Proton2233

sr. member

Activity: 434

Merit: 252

It seems to me that the Russians under the pretext that the GPU they need to create artificial intelligence produce their own currency. The state Treasury pays for the purchase of the GPU I currency which they mined officials put it in his pocket. This is a new kind of corruption in Russia. The most interesting thing while doing this the officials of the state Bank. Lol!

ORCAf

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Activity: 154

Merit: 10

Quote from: ORCAf on November 12, 2017, 04:00:44 PM

The Russian Association of Blockchain and Cryptocurrency (RACIB) has reportedly received 40 applications from companies and individuals from European Union countries and China to place mining equipment in Russia to mine bitcoin. This was conveyed to Ria Novosti by the association’s president Yuri Pripachkin last week.

https://news.bitcoin.com/companies-china-eu-mine-bitcoin-russia/

coinsidence? Grin

Russia has been suffering from a shortage of graphics cards that can be used to mine cryptocurrencies, causing their prices to almost double. However, it was not ordinary households that purchased most of these cards. State-owned Sberbank has come forward, admitted to buying them, and apologized for causing the shortage.

https://news.bitcoin.com/sberbank-buying-graphics-cards-russian-market/

ORCAf

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The Russian Association of Blockchain and Cryptocurrency (RACIB) has reportedly received 40 applications from companies and individuals from European Union countries and China to place mining equipment in Russia to mine bitcoin. This was conveyed to Ria Novosti by the association’s president Yuri Pripachkin last week.

https://news.bitcoin.com/companies-china-eu-mine-bitcoin-russia/

greeklogos

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Quote from: warrior333 on November 06, 2017, 12:30:28 PM

Putin used to keep everything under control. Russian even an opinion can not Express freely. You think he might allow free circulation of cryptocurrency? Lol. I'm sure he will ban all cryptocurrencies except the one which is created by Russian. I will never use it. I would not be surprised if along with the code of the wallet to the computer is installed some kind of spyware. I don't believe the Russians and their currency.

Putin is not an idiot. I think you are right about national crypto and banning of other ones in Russia. But this idea is not new, Switzerland has two national currencies one of which only for business settlements. I suppose Russia is going to "stole" this idea, but they will use digital currency for their business settlements.

Topic: Russia will regulate cryptourrencies (Read 3474 times)