Russia's Central Bank proposes ban on Cryptocurrency trading and mining

JayTrain

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Quote from: romero121 on January 20, 2022, 06:35:59 PM

Russia's Central Bank have made a ban over cryptocurrency trading and mining mentioning it would destroy the base of country's monetary policy.

As it tops the list of cryptocurrency users and mining, the bank cited cryptocurrency and mining cause financial and environment problems. Through this it hurts the green agenda of the country.

Russia have already banned the use of cryptocurrency to make payments and has restricted people investing on mutual funds using crypto.

A bill needs to be passed for the ban and accounting the same it is prioritised for a regulatory framework during this State Duma's Spring session.

Russia serves to be an important location for mining after the ban from China. Recently Kazakhstan also experiencing difficulties on cryptocurrency mining. Most of them into the cryptocurrency mining prefer for a regulation and taxation on mining than a complete ban.

Data : Russia's Central Bank proposes ban on Cryptocurrency trading and mining

I do not understand why all this was done, but in the end, it seems like the head of state instructed to ease the pressure on cryptocurrency and mining, most likely they do not fully understand how they will regulate and prohibit the intangible and decentralized, but in the end common sense prevailed, and there will be no ban.

GeorgeJohn

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Russian government has been into the act of threatening her people over cryptocurrency ban since, i think actually what their government wants to embarked on is exactly what Nigerian government did over period of one year or two years by restricting their banks over cryptocurrency transactions but that doesn't not stop some Nigeria people not survive in cryptocurrency sphere, the information of Russian is effective but it will not stand fit because they are not the first neither the second that restrict cryptocurrency transaction in a country but yet crypto is still in existence.

Gamerholic

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How nice to realize that common sense has won in Russia and now everything will more or less move there. Regulation is likely to be soft "what not to frighten off." First, registers and other databases of taxpayers will be compiled, and then all this will be finally legalized at the level of entrepreneurial activity. "Pay the tax - sleep well!"

The Central Bank was pointed to its place and decisively outplayed everything. It was nice to see.

obtech

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they are proposing this since 2017 I think. Who knows when will this happen

kamilah147

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in this case the media will never tire of presenting it to the public because it is considered as controversial news and very influential for BTC holders and miners in particular, but what you have to realize is that this is just a joke from year to year. to many years for not making a deep impression because of talking about policy. and legality.
At present, governments are generally still very confused about implementing regulations in various forms to control the financial stability of countries that are not under their control because miners are still free to take profits at any time.
For me, in this case like it or not, the government will continue to campaign for a ban on BTC in terms of mining.
then enjoy your time to have it.

romero121

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The Russian government seems to support the usage of bitcoin and cryptocurrencies. For the same the government is working fast creating a roadmap for the ongoing year. Putin has mentioned about the technological need of bitcoin and cryptocurrencies. In particular the mining has been getting formed as a big industry. Through this roadmap people will get to know about the regulation of bitcoin, identification of clients, establishments of liabilities. Anyhow this looks like a positive news from the country that has been making ban statements against bitcoin and cryptocurrencies quite often.

Data : Russia Prepares Roadmap for Bitcoin, Crypto Regulation

Gasty4

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Surely, Banks are not happy about this, but it's time for another financial evolution.
I still think Russian's will accept Bitcoin in two to four months.
But failing to do this will see their citizens panic.
Panic selling will definitely see them selling of Bitcoin at a much lower rate.

lixer

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Quote from: oHnK on January 23, 2022, 12:24:44 PM

The prohibition of trading and investing in BTC due to disrupting their economic stability is the regulator's alibi to secure centralized conditions that make them an overpowered party. How can I say it, with a centralized system they have absolute power over the assets you keep in your account whereas if you use crypto they will not be able to intervene. The step taken by Russia is one of many countries that do not want its system to be replaced. This is normal in power politics.

They mention something about mining that mining is not healthy for the environment. This reminds me of Elon before because he also said the same thing after cutting his connection with btc and uses doge and shib instead but if mining is their only problem, why is trading affected? And just like Elon, they can also support other cryptos that are more greener to the environment.

No need to ban all cryptos at all but nah they did not do it so you might be right that its only their alibi to avoid using cryptos. Let's just hope that this news wont be seen by weak handed crypto users because this again will cause panic and drive the price down more evenly.

noormcs5

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The cryptocurrency Ban can not stop crypto users for the operation, because no one can control cryptocurrency transaction which we can make used of peer to peer (p2p) for any given transaction Debt/credited in local bank, in other word government can not stop it, and it can only affect the miners because of power supply used for mining. but cryptocurrency trader can not stop, for a better understanding let government implement task not ban. because internet can not short down, as long internet exist Cryptocurrency we continue growing.

You are right but there is no ban in Russia on crypto currency trading and mining.

Finally, some news from the Russian president but this news had no impact on bitcoin price and it is slowly dumping. Sad

Why is the market looking to go bearish even though we have so bullish news.

zasad@

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Quote from: Ozero on January 26, 2022, 08:30:39 AM

Quote from: zasad@ on January 26, 2022, 06:58:55 AM

To everyone who was worried about Russia, know that the ban on cryptocurrencies is cancelled

There is a lot of news and the show goes on..
https://rg.ru/2022/01/26/v-minfine-vystupili-protiv-zapreta-kriptovaliut.html
"The Ministry of Finance did not advocate a ban on cryptocurrencies in Russia, but for their regulation. This is a much softer position compared to the opinion of the Bank of Russia, which recently proposed a ban on almost all transactions with cryptocurrencies. The final future of cryptocurrencies in Russia will be determined in the next six months."

Nevertheless, it was the statement of the Central Bank of Russia about the need for a complete ban on the circulation of cryptocurrency, according to many participants in this market, that caused an external collapse in prices in the cryptocurrency market. The statement of the Ministry of Finance of the Russian Federation that cryptocurrency should not be banned, but regulated, is also just a statement. I'm not even ready to say what weight this has for the fate of the cryptocurrency. But the price of cryptocurrencies gradually began to rise. Today, bitcoin hit almost $38,000 and ethereum topped $2,500. It is desirable for the central departments of Russia to first develop a certain position regarding the cryptocurrency, and not make contradictory statements. But unfortunately, this has been happening in Russia for more than a year, and according to what has already been adopted by their State Duma, a complete ban on cryptocurrency is still possible.

I do not believe that this news affected the price of bitcoin. If not for Russia, then would Kazakhstan be blamed?
Freedom of speech is popular in the world, so why do you think that all ministries in Russia should have the same opinion?

But you think like Putin

http://kremlin.ru/events/president/news/67641
"Putin asked both the Russian government and the Central Bank to come to some kind of consensus during the discussion and would ask you to hold this discussion in the near future, and then report on the results that will be achieved during this discussion."

Ozero

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Quote from: zasad@ on January 26, 2022, 06:58:55 AM

To everyone who was worried about Russia, know that the ban on cryptocurrencies is cancelled

There is a lot of news and the show goes on..
https://rg.ru/2022/01/26/v-minfine-vystupili-protiv-zapreta-kriptovaliut.html
"The Ministry of Finance did not advocate a ban on cryptocurrencies in Russia, but for their regulation. This is a much softer position compared to the opinion of the Bank of Russia, which recently proposed a ban on almost all transactions with cryptocurrencies. The final future of cryptocurrencies in Russia will be determined in the next six months."

Nevertheless, it was the statement of the Central Bank of Russia about the need for a complete ban on the circulation of cryptocurrency, according to many participants in this market, that caused an external collapse in prices in the cryptocurrency market. The statement of the Ministry of Finance of the Russian Federation that cryptocurrency should not be banned, but regulated, is also just a statement. I'm not even ready to say what weight this has for the fate of the cryptocurrency. But the price of cryptocurrencies gradually began to rise. Today, bitcoin hit almost $38,000 and ethereum topped $2,500. It is desirable for the central departments of Russia to first develop a certain position regarding the cryptocurrency, and not make contradictory statements. But unfortunately, this has been happening in Russia for more than a year, and according to what has already been adopted by their State Duma, a complete ban on cryptocurrency is still possible.

Lucius

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Quote from: zasad@ on January 26, 2022, 06:58:55 AM

To everyone who was worried about Russia, know that the ban on cryptocurrencies is cancelled

I read something about it a few days ago on the WO board, but I wasn’t sure if the whole thing was put on hold or canceled altogether. As things stand now, this news seems to have been the trigger for the price of BTC to sink by more than $10 000, and now it is slowly recovering. When someone tells you that they will ban something, then it is logical that you try to get rid of it as soon as possible.

I doubt that the matter will be resolved in 6 months, it has been going on for years and shows certain incompetence and insufficient desire to finally pass laws that would regulate the crypto market. Besides, at the moment, some other things are much more important than cryptocurrencies.

zasad@

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To everyone who was worried about Russia, know that the ban on cryptocurrencies is cancelled

There is a lot of news and the show goes on..
https://rg.ru/2022/01/26/v-minfine-vystupili-protiv-zapreta-kriptovaliut.html
"The Ministry of Finance did not advocate a ban on cryptocurrencies in Russia, but for their regulation. This is a much softer position compared to the opinion of the Bank of Russia, which recently proposed a ban on almost all transactions with cryptocurrencies. The final future of cryptocurrencies in Russia will be determined in the next six months."

oHnK

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The prohibition of trading and investing in BTC due to disrupting their economic stability is the regulator's alibi to secure centralized conditions that make them an overpowered party. How can I say it, with a centralized system they have absolute power over the assets you keep in your account whereas if you use crypto they will not be able to intervene. The step taken by Russia is one of many countries that do not want its system to be replaced. This is normal in power politics.

Gamerholic

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People with experience and understanding of this whole story do not worry about what is happening in Russia, even living there on a permanent basis, they calmly continue to do what they have done. The lack of a coherent legal framework and, accordingly, the consequences for miners and other people who like to drive the crypt "back and forth" - this anarchy also has a bad effect on the market. A huge number of financial pyramids are being created and exploded, allegedly related to cryptocurrency, but in fact not connected at all - just scammers. All this later people associate with the world of cryptocurrency. Unfortunately, no one is in a hurry to engage in education there, so we all see this situation.

zasad@

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Quote from: terrorJR on January 23, 2022, 04:08:23 AM

Quote from: zasad@ on January 22, 2022, 11:34:16 AM

Quote from: terrorJR on January 22, 2022, 11:04:18 AM

In fact, if you say this is very scary, I actually want to say that this action is quite funny because they are doing a ban but there are still various statements that and even many of them are investing in bitcoin.
on the other hand I've heard things like this from a few years ago although indeed they are almost the same as what the Chinese do Cheesy

It is wrong to compare Russia with India and China. These are completely different countries with different mentalities. In Russia, there is no working law on cryptocurrencies, because the ruling elites have not yet agreed. Formally, the law has been adopted, but there are no recommendations for banks, tax authorities, citizens on how to engage in commercial activities. And everyone understands that these bans cannot be controlled, and all shadow exchangers will work, because in Russia you can negotiate with controllers if you have money.

The steps they take are actually almost the same but what makes the difference here is that their community, in this case crypto enthusiasts and investors there are more open-minded and willing to tell clearly that crypto is not something that is threatening but this is a very good revolution for the future.
and this action is quite good because even though they still respect the policy, on the other hand they still maintain the rights they have

We don't really know what's going on in China and India. Moscow has the largest wholesale markets, where many freight trains from China arrive daily. These products are then distributed throughout the country. There are many Chinese there, and they accept cryptocurrency there, but only from trusted people. And in China, miners and crypto enthusiasts remained, despite all the prohibitions.

terrorJR

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Quote from: zasad@ on January 22, 2022, 11:34:16 AM

Quote from: terrorJR on January 22, 2022, 11:04:18 AM

In fact, if you say this is very scary, I actually want to say that this action is quite funny because they are doing a ban but there are still various statements that and even many of them are investing in bitcoin.
on the other hand I've heard things like this from a few years ago although indeed they are almost the same as what the Chinese do Cheesy

It is wrong to compare Russia with India and China. These are completely different countries with different mentalities. In Russia, there is no working law on cryptocurrencies, because the ruling elites have not yet agreed. Formally, the law has been adopted, but there are no recommendations for banks, tax authorities, citizens on how to engage in commercial activities. And everyone understands that these bans cannot be controlled, and all shadow exchangers will work, because in Russia you can negotiate with controllers if you have money.

The steps they take are actually almost the same but what makes the difference here is that their community, in this case crypto enthusiasts and investors there are more open-minded and willing to tell clearly that crypto is not something that is threatening but this is a very good revolution for the future.
and this action is quite good because even though they still respect the policy, on the other hand they still maintain the rights they have

PX-Z

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Well, this country act like this since the very beginning of crypto hype until they doesn't matter at all. Well, if they say good news then it's good though but when they say bad or something similar, they don't matter anymore. I mean people become used to it when something like this proposed, or a bill like.
Even china mining ban is not that big either.

nurilham

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I have heard about this issue since several years ago. always similar issues that are raised at all, I don't know the main purpose. But maybe it relates to certain importances done by the government or whales by spreading more and more FUD< even the similar FUD every year.
It is like what China did, isn't it?
So far, we have seen how the FUD will give a really big impact to press the Bitcoin market. And there are still many people and certain parties who are always afraid of the FUD that make the Bitcoin market can be difficult to rise up and most will be going down again.
That is why, they may still will spread this FUD another time again. Just be calma nd don't be pushed with this kind of similar regular FUD

zasad@

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Quote from: ChrisPop on January 22, 2022, 12:37:56 PM

Russia is a failing country from my perspective. I'm not sure how they can be so bold against NATO. Probably just because they are backed by China. However in terms of economic power Russia is net inferior and its decisions/regulations shouldn't be viewed in any way or form as an example. They are conservators so it is natural to be afraid of something as novel and revolutionary as cryptocurrencies. Nothing to be seen here...

What kind of confrontation can there be against NATO if the shareholders of large Russian companies (oil, gas, wood, coal, etc.) are American and European companies. These are questions of business and conflicts between world elites.

For those who believe that Russia is to blame for the decline in the price of bitcoin, then here is the new news:
https://telegra.ph/V-Gosdume-proshli-pervye-diskussii-po-zapretu-kriptovalyuty-v-Rossii-01-22-2
"As previously reported: The position of the Central Bank is the toughest of all, but the report of the Central Bank is not a "final document". The decision will be taken collectively by the government, the State Duma and the Central Bank.
As a result of the first discussions, a decision was made to “renounce the ban on cryptocurrencies in the Russian Federation”, since this tool is able to support the economy of some regions of Russia."

We look forward to continuing..

___
There was information that this is fake news. So far it's impossible to verify.

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