Topic: Russian Central Bank Admits It Can’t Ban Bitcoin - page 2. (Read 1553 times)

Agree. It's only a matter of time before all the world's governments start adopting Bitcoin for their own benefit. Some say that countries penalized by US sanctions are using Bitcoin as a safe-haven asset. It's not to my surprise, since Bitcoin's decentralized and open source nature brings many benefits with it. With a lack of middleman, you and only you have complete control of your money. The limited supply and maximum security unlike any other Blockchain in existence, makes Bitcoin very similar to Gold. Eventually, all countries of the world will accept Bitcoin as legal tender. Russia's central bank has recognized Bitcoin's resiliency, so it should only be a matter of time before the Russian government establishes a friendly regulatory environment for the fruitful growth of Bitcoin and crypto in the region.

Many governments are planning to launch their own CBDCs, as they've noticed Bitcoin's success in the mainstream world. My guess is that Russia's digital version of the Ruble (in a form of a CBDC) will live alongside Bitcoin for years to come. Russian citizens will have the choice between Bitcoin or the digital Ruble for mainstream transactions. There will be a clash between the centralized and decentralized world as we speak. As long as Bitcoin maintains decentralization above anything else, there should be nothing to worry about. Just my thoughts

This is the fate of bitcoin and the entire cryptocurrencies across many countries. The government sees bitcoin as a currency being used for illegal transactions and money laundering and as such, they are very skeptical about it legalization. I say it is a good thing they are not putting a ban on it, with the way things are currently, people will still be able to make use of bitcoinwhich is largely at users discretion without any backing or support by the government

The US has to follow suit. There's much to hate about my govmnt (Argentina), but they have progressively made more and more efforts to include decentralized solutions (David19 comes to mind, as well as a Koibanx led effort with the argentinian central bank), all of this is to say, admiting is not enough, acceptig that decentralized efforts is the future and looking for ways to implement it, that's what needs to happen in more places!

What I believe is, the whole rest of the world can't Ban the Bitcoin, so, not only the Russian central Bank. This is a technology and to the very beat of my knowledge nobody has succeeded in the ban of any existing technology. When the internet came around the whole world Ganges against it but was not able to stand and the internet won the battle then, so, Bitcoin will definitely win this battle.

Slowly government's that are against the use of bitcoin will start using it. As a beginning we've seen statement from the Russian government. Previously there were more governments that imposed ban on bitcoin with punishment and penalties to be paid to the government. Even by that time people from those countries keep on using it. The technology growth always has got a set of people supportive to it as well as people standing against its usage. Later after hard analysis they realise the good in it. Same has been taking place with bitcoin right now.

Exactly. Governments still use Bitcoin despite restricting its use to everyday people. They know that Bitcoin is a truly decentralized and censorship-resistant kind of money that serves as a "safe-haven" against the world's monetary system. In case Fiat currencies collapse in their entirety, Bitcoin will be there to "save the day". After long efforts of trying to ban the use of Bitcoin, the Russian Central Bank has finally recognized that it's impossible to do so. We owe it all to the open source and decentralized design of Bitcoin. If it wasn't for that, Bitcoin would've been dead now.

All that's left now is for other countries like China and Venezuela to recognize Bitcoin as a legitimate cryptocurrency in the mainstream world. I'm sure that they'll "come to their senses" after seeing how hard it is to take down Bitcoin in its entirety. With all the "buzz" Blockchain technology has gained over the years, governments have decided to join the revolution one way or another. As it's said in the real world, "if you can't beat them, join them". We're one step closer from the launch of CBDCs worldwide. It looks like China will be the first country to adopt a "digital Yuan" and it should only be a matter of time before Russia does the same. As long as Bitcoin remains decentralized and actively supported by people worldwide, it'll be a "force to be reckoned with". Just my opinion

Bitcoin and other cryptocurrencies produces tons of benefits to the people and to the economy itself, one thing I know for sure is that they can't ban BTC since it plays a big role in the economy, esp. with people making good use of these cryptocurrencies, they may not legalize BTC and the other cryptocurrencies but they will never ban them since it is definitely beneficial to the people of Russia and to the government as well.

That's certainly true, mate. No matter what governments efforts may be, they will never succeed in preventing the use of Bitcoin by people worldwide. It's safe to say that it's "too late" to disrupt Bitcoin's growth, considering how far the pioneer cryptocurrency has reached since its inception back in 2009. There are too many miners and nodes supporting the network, making such a task impossible to achieve.

The Russian government might as well give Bitcoin the "green light" for citizens to use it as an alternative to Ruble. Bitcoin can still be taxed since all transactions are visible on the Blockchain. Additionally, centralized exchanges keep track of trades performed by their users along with a record of their identities. If Russia decides to allow the use of Bitcoin freely, then taxing it at every level would seem to be the way to go.

With Russia's central bank finally admitting that it can't ban Bitcoin, other countries' central banks might follow. They're recognizing that Bitcoin is a "force to be reckoned" with in cyberspace. Either they join the crypto/Blockchain revolution or be left behind in the dust. As China gets closer to launching its own CBDC to the public, it should only be a matter of time before Russia and other countries follow. This will lead towards a radical change in the world's economy never before seen in human history. Just my opinion

Eventually, when governments realize they can't stop Bitcoin, prevent it, or slow it down, they will realize they should be buying it as fast as they can.   

At some point this will happen very quickly, because governments cannot afford to be left behind once the rest of the world, or even just one big government starts to HODL.  It will be like a nuclear reaction, where the nuclear mass reaches supercritical, and there will be FOMO on a world wide scale.

Perhaps hopium, but plausible.

This will happen normally. The government cannot stop the people of the country from buying or keeping bitcoin if they want to. Bitcoin is valued all over the world because it is a currency that is widely known around the world. After all, it has not been able to reduce the use of Bitcoin or reduce the popularity of Bitcoin. Its popularity has spread all over the world.

Agree. Crypto has grown into a force to be reckoned with. Governments have realized that it's impossible to take down crypto after 11 years of development and innovation. If they would've wanted to successfully mitigate the impact of Bitcoin in the mainstream world, they should've done it during its early days. Thanks to the decentralized and open source nature of Bitcoin and other cryptocurrencies on the market, governments efforts are in vain. Either they join the "Blockchain Revolution" or be left behind in the dust.

As a result of Bitcoin's resiliency, countries that have been against digital currencies, are starting to change their minds. India was a country that aggressively banned Bitcoin usage, only to change its stance thereafter. It should only be a matter of time before Russia, China, and several other countries worldwide accept Bitcoin as legal tender. As long as people cooperate with the government in paying taxes from their crypto holdings, nothing should go wrong. With the ever-increasing interest from governments worldwide in launching their own CBDCs, it should only be a matter of time before Russia launches its own digital currency. Only then, the digital ruble and Bitcoin will live side-by-side in harmony like never before. Let's hope that Russia establishes a friendly regulatory framework for Bitcoin and other cryptocurrencies for the benefit of the industry. Just my thoughts

It almost goes to say that if the Russian government was able to come to peace with cryptocurrency, in particular Bitcoin, then isn't about time this became the norm for the rest of the lead countries. Crypto industry, especially now has such a strong standpoint in comparison to the stock market snd fiat currency that it is all thanks to the pandemic - I hope at least some more organisations learn to see how much needed crypto is and how downrated & corrupt the current system is.

Of course, they can try to do it. But they hardly want it. Because blockchain, this is one of the ways to legally place assets in the economy of Western countries. I think that this is relevant for many who care about preserving their assets and accumulations.

The Russian government can still enforce taxes on crypto by requiring centralized exchanges to provide records of a customer's trading activity. Any crypto that is exchanged to Fiat, will automatically be subject to taxation by the government. It's easier to do this with Bitcoin than privacy coins, because of its transparent blockchain ledger. I think that the only reason why Russia has been so interested in banning Bitcoin is to remove people's ability to gain freedom over their own money. After all, the government wants to maintain sovereignty on the local economy. A truly decentralized economy that's outside the control of third parties, goes against what was established by central banks in the first place.

If Russia decides to isolate its citizens from using the public internet, everyday people will find it hard to interact with Bitcoin transactions. Only geeks or tech gurus will be able to use Bitcoin more thoroughly as they know how Bitcoin works by other means. Despite a local ban, Bitcoin will still be alive and running on other countries worldwide. With a VPN and Tor, people will still be able to use Bitcoin regardless of a government ban. This is all thanks to the decentralized nature of Blockchain technology. If it wasn't that way, I believe that the Russian government would've been successful in banning Bitcoin by now. Only a collective effort of governments worldwide to try to stop Bitcoin use in the mainstream world, will be proven effective in the long run. Just my opinion

They can, of course but the thing is that such a ban can only affect Russian citizens who are bitcoin fans, and not the world bitcoin community. China did that but it did not affect bitcoin outside China. The earlier the better for countries that are still joking with bitcoin to come back together and help bitcoin growth.

I think all banks today do not hate the presence of Bitcoin or cryptocurrencies, but they are jealous. Because the presence of crypto or Bitcoin now also brings huge benefits for those who own banks. They benefit greatly from the withdrawal of crypto assets from various sources and from various countries. The velocity of money had never happened so fast before the advent of crypto. In the past, the circulation of world money was only done by certain people.

Exactly. Bitcoin can still be used regardless of a ban imposed by the government. It'll be difficult to exchange it to Fiat, but not impossible. I guess that people will simply trade BTC to Fiat in-person just to be safe. The same governments that had an aggressive stance towards crypto and Blockchain technology, are now beginning to develop their own digital currencies for mainstream use. In order to force people into CBDCs, governments could simply ban crypto usage in its entirety. They cannot stop the Blockchain, but they can simply make it illegal for anyone to use within the country. Bitcoin might probably be used in the underground world, as not everyone will adopt it once it's declared illegal by the government.

Regardless of what happens with Bitcoin's adoption in the future, central banks and governments have finally realized that their efforts against crypto are in vain. This is thanks to the decentralized and open source nature of Blockchain technology. If it wasn't because of Satoshi's creation, we wouldn't have a truly sovereign form of money that gives the power back to the people. At least, we can use an alternative to Fiat in times of need. Russia has now recognized Bitcoin's resiliency, and it should only be a matter of time before other countries follow. Just my thoughts

Right, There's also china which supposedly hates bitcoin but it's ironic that they are planning to lunch their own online currency and still they didn't ban bitcoin in their country. It's true that having bitcoin banned in a country doesn't mean you can't use it, But it surely limits the movement or the use of bitcoin in a banned country. One example of a limitation is there is no one will offer to convert fiat to bitcoin and bitcoin to fiat.

Russian central bank is not the only government bank that cannot ban bitcoin, there are several banks in other countries experiencing
the same thing. Actually, even if it is banned, there are still many ways to be able to buy or sell bitcoin. Because it is Russian central bank
realize that matter. I am sure that bitcoin is not fully legalized in Russia now, but there are quite a lot of exchanges and investors which is
from Russia. This proves that bitcoin in Russia is quite popular.

Russian banks use blockchain actively, they are working under progressive blockchain solutions at least for several years already. Now, there are some important issues in that country that attrack people attention a lot and even get some disaffection. So their governement just have no free time and opportunity to restrict cryptos. You can add to the reasons covid-19.