Russian Central Bank changed stance on bitcoin and might make it legal

Lauda

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Terminated.

Quote from: bryant.coleman on June 12, 2015, 04:44:40 AM

Quote from: Elwar on June 12, 2015, 03:00:44 AM

Bitcoin is the new official currency of Russia!

Just because they are going to legalize it (we still don't know for sure whether the news article is correct or not), you can't go overboard and say that the Russian government has suddenly turned pro-Bitcoin. Like every other government around the world, the Russian government is also afraid of the digital currency, as it can harm the Ruble.

You obviously have no idea what you're doing here. Just read his post once again:

Quote from: Elwar on June 12, 2015, 03:00:44 AM

If the media can spin a tweet about Bitcoin to ISIS as saying that ISIS is funding their recruitment and operations with Bitcoin then Russia making Bitcoin legal should be spun to imply that Russia is now running their full military and government on Bitcoin.

Bitcoin is the new official currency of Russia!

What he suggested is actually very good. Since the media can abuse negative news, we should counterattack doing the same with good news.
Russia embraces Bitcoin as their new official currency! To the top with this.

Quote from: Kprawn on June 12, 2015, 02:48:28 AM

It's basically a step to increase government control on Bitcoin.

When they have a exchange they can directly monitor the flow of Ruble to Bitcoin and also how much money people have.

They can also identify the Bitcoin users, like the USA have done with the exchanges and the KYC/AML regulations. In essence they are invading the privacy of their own citizens, by doing this.
Governments do not like the anonymity aspect of Bitcoin... They have to be in full control, or they will ban it.
Yes, Bitcoin would be legal in Russia, if you give them full control and expose your identity. We have just given them another tool to spy on their own citizens. Angry

Wrong. Nobody is forcing you to convert to fiat. Start using your Bitcoins for things aside from exchanging to fiat and you should be fine.
Like I previously stated this is better than making Bitcoin illegal. Essentially they could legalize Bitcoin in addition to building their exchange. Nobody is forcing anybody to use that exchange though.

bryant.coleman

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Quote from: Elwar on June 12, 2015, 03:00:44 AM

Bitcoin is the new official currency of Russia!

Just because they are going to legalize it (we still don't know for sure whether the news article is correct or not), you can't go overboard and say that the Russian government has suddenly turned pro-Bitcoin. Like every other government around the world, the Russian government is also afraid of the digital currency, as it can harm the Ruble.

Elwar

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Viva Ut Vivas

If the media can spin a tweet about Bitcoin to ISIS as saying that ISIS is funding their recruitment and operations with Bitcoin then Russia making Bitcoin legal should be spun to imply that Russia is now running their full military and government on Bitcoin.

Bitcoin is the new official currency of Russia!

Fabrizio89

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Well since banning it didn't do anything to the market, nor will making it legal. Nobody cares about Russia

Kprawn

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It's basically a step to increase government control on Bitcoin.

When they have a exchange they can directly monitor the flow of Ruble to Bitcoin and also how much money people have.

They can also identify the Bitcoin users, like the USA have done with the exchanges and the KYC/AML regulations. In essence they are invading the privacy of their own citizens, by doing this.

Governments do not like the anonymity aspect of Bitcoin... They have to be in full control, or they will ban it.

Yes, Bitcoin would be legal in Russia, if you give them full control and expose your identity. We have just given them another tool to spy on their own citizens. Angry

ROT13

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Quote from: saturn643 on June 11, 2015, 07:02:24 PM

Looks like the Russians have found the hammer they are going to use to bludgeon the dollar.

This. The first thing I thought of when I saw this on cointelegraph was this article https://bitcoinunion.wordpress.com/2014/08/24/bitcoin-swift-and-the-brics/

tvbcof

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It would be really interesting to see if they go with Core or Hearn's XT fork. Or perhaps both which would be quite useful for some operations.

Amph

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Quote from: mihalis341 on June 11, 2015, 07:05:08 PM

I hope it will cause the new rise in BTC price.

i doubt, 80% of people there did not even know about bitcoin, that's what the article say, and this even before the possible ban

bryant.coleman

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Quote from: AlgoSwan on June 12, 2015, 01:09:39 AM

What happens to BTC-e if this news become real? Will Russian gov. invade them if not already? or they (btc-e) are the government from the beginning? Many questions. But one thing is clear: Russians are smart and wise.

The BTC-e is banned in Russia and you can't open the site without using a VPN there. I think that the ban will remain in place, even if the Russians legalzie Bitcoin. As evident from the article, the Russian government want to monopolize the ruble/bitcoin conversion. Therefore, private players such as BTC-e will not be allowed to resume their operations in Russia.

S4VV4S

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You know what they say.....
If you can't beat them, join them Wink

Besides, there are many Russian miners which have quite a bit of a share in the overall hashing power.
And let us not forget those who "hide" their dollars and rubles in BTC Wink

AlgoSwan

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ancap

What happens to BTC-e if this news become real? Will Russian gov. invade them if not already? or they (btc-e) are the government from the beginning? Many questions. But one thing is clear: Russians are smart and wise.

dollarneed

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i hope it could make price bitcoin is better, by the way i just wondering how progress bitcoin in russia that bitcoin still ilegall ?

yayayo

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The best thing Russia could do would be buying tons of Bitcoin. It would make their plan to oust the dollar as world reserve currency work in no time.
In that scenario there would be absolutely nothing that the US could do against it, because the whole world is already adopting Bitcoin and it can't be repelled with sanctions.

However that's not what's probable to happen...

ya.ya.yo!

mihalis341

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I hope it will cause the new rise in BTC price.

saturn643

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Looks like the Russians have found the hammer they are going to use to bludgeon the dollar.

johnyj

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Beyond Imagination

They see the possibility in using bitcoin to overcome international sanctions, similar to Chinese corrupted officers using bitcoin to transfer their wealth to western thus bypass the capital control

Netzer

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Let's hope it will be really legal in Russia.

traderbit

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My best guess is that the right people in the Russian leadership are just beginning to understand the strategic implications of this technology.

daddybios

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Some operations with the central bank may allow Bitcoin and regulate - in particular, carrying out transfers and payments to individuals and interconnect them.
But it will be necessary to verify their identity. In Russia can not be anonymous. Putin will not allow it.

Amph

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According to Aleksey Tyurin from the Digital Security company, a cryptocurrency cannot be technically banned without the ban on Internet.

they finally have understood it, this is one good example about "if you can't fight it, join it"

besides they have changed their mind, only because for one reason, because they want to tax the shit out of it

many others nations, where bitcoin is banned right no, in the future will change their mind too, if they will need more money

closing the doors to bitcoin, it's like closing the doors to tourist, basically you lose money....

also something interesting about the 80%, that say that they never heard of bitcoin, i think that some of them were leing, because they were terrorized, by their gov, when bitcoin was approaching its ban

Lauda

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Terminated.

You guys need to relax. If they open up a government controlled exchange it won't be that bad. This doesn't mean that they are going to halt the operations of others.
Rather it means that if Bitcoin goes legal, it will get there much faster.

Quote from: eyeknock on June 11, 2015, 08:16:04 AM

lol thats a pretty good news, im glad that they change their minds, we should give the welcome to the russian gov? Tongue

beleive me, they will soon or later, they are not idiots and cant ignore what others are doing.

Sooner or later everyone will want to join.

Elwar

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Viva Ut Vivas

Quote from: ?? on ??

They first try to spread fud and once they see business they legalize it again, it's funny. Money laundering, terrorism, prospect of losing money, oh my! Meaningless propaganda, neither of which has any more footing related to anything bitcoin than it does the Russian Rubble or the USD.

Once the idiots in governments figure out how to make money off bitcoin they'll vocally support it. Same as it ever was.

Just like the douche who regulated Bitcoin in New York then quit to open a Bitcoin consulting business.

pedrog

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Bitcoin is a great great to circumvent sanctions imposed by the international community on Russia, Paypal doesn't process russian citizens payments, Mastercard and Visa also not allowed to do so, banks ditch russian citizens, no problem, mass adopt bitcoin!

AlgoSwan

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ancap

Quote from: Lauda on June 11, 2015, 08:09:07 AM

Bitcoin can live without them. The question is: Can they live without Bitcoin?

Excellent point. China will be next.

bryant.coleman

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Quote from: Elwar on June 11, 2015, 09:07:21 AM

Oh shit...a government profiting from Bitcoin.

Russia's about to become the new superpower.

The Russian Central Bank is probably hoping to prevent the capital outflow in the form of Bitcoins. Read somewhere that in the past year alone, funds worth some $155 billion were transferred out of Russia. The central bank has been taking a number of steps in this regard. Recently they had declared an amnesty on people who had hidden their wealth in tax heavens.

spazzdla

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A gov run exchange.. interesting.

Elwar

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Viva Ut Vivas

Oh shit...a government profiting from Bitcoin.

Russia's about to become the new superpower.

Hazir

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★Nitrogensports.eu★

"A government-run bitcoin exchange could be created to monopolize the ruble/bitcoin conversion." Bitcoin was created to free us from the bonds of governments and financial institutions.
But we can't handle it and want to bring back enslavement? Bitcoin might be decentralized but cannot exist without satellite services: exchanges.

bryant.coleman

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A government run bitcoin exchange? Now that will be very good for the noobs, as they won't have to worry about the legal status, tax issues and safety. Also, there will not be greedy people like Mark Karpeles, who will steal the coins and run away with them. Also, there is a chance that the coins will be insured. But they should make sure that they store the coins properly.

thebenjamincode

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37iGtdUJc2xXTDkw5TQZJQX1Wb98gSLYVP

wow! that's great news, i hope it would be a success
i think it will be a great benefit to the bitcoin community because a country is going to recognize it

BlackJacky

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Quote from: Lauda on June 11, 2015, 08:09:07 AM

Bitcoin can live without them. Can they live without Bitcoin?

very well formulated Grin

eyeknock

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lol thats a pretty good news, im glad that they change their minds, we should give the welcome to the russian gov? Tongue

Quote from: Lauda on June 11, 2015, 08:09:07 AM

I think that a good part of us saw thing coming. It was actually quite simple.
Bitcoin can live without them. Can they live without Bitcoin?

beleive me, they will soon or later, they are not idiots and cant ignore what others are doing.

Lauda

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Terminated.

I think that a good part of us saw thing coming. It was actually quite simple.
Bitcoin can live without them. The question is: Can they live without Bitcoin?

It would be nice if they make it legal, even though they a government run exchange might appear.

H.W.Z

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Even the gov cannot avoid the trends of bitcoin adoption! It means individuals, who are trading and holding, are legal later! It is great news for bitcoin community and for their own ppl!

bitcoin revo

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The fate of bitcoins in Russia might be decided next week, says the Russian newspaper Izvestia. A government-run bitcoin exchange could be created to monopolize the ruble/bitcoin conversion.

source:
http://www.coinfox.info/news/legislation/2196-media-russian-central-bank-changed-stance-on-bitcoin-and-might-make-it-legal

Topic: Russian Central Bank changed stance on bitcoin and might make it legal (Read 2245 times)