Russia's Central Bank proposes ban on Cryptocurrency trading and mining - page 2.

coolcoinz

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Quote from: Leviathan.007 on January 21, 2022, 01:10:55 PM

A heard the same thing on the news a few hours ago about Russia and some traders were saying the bitcoin price has gone below 40K because of this negative news, since I'm not from Russia I cannot say anything or confirm this news but still all we know is bitcoin cannot be suspended by any government due to the decentralization of the network after China banning bitcoin it was expecting to see Russia doing the same thing because they are more close together politically than the USA, however regardless of Russia government, I don't think if the effect of this negative news is going to be stay for longtime.

They have no idea why it went down so they look for any news to explain it.
I don't believe the price crashed because of Russia, especially since the country has been known for its hostility towards bitcoin and attempts to create their own centralized cryptocurrency. They had pretty much similar attitude as China since like 2018 or 19.

The stock market is crashing and it's dragging everything along with it. Oil prices have dropped, gold and silver went down, stocks and cryptos went down. We're not the only ones losing money on the global markets.

ChrisPop

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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...

suzanne5223

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Quote from: zasad@ on January 22, 2022, 10:34:16 AM

Quote from: terrorJR on January 22, 2022, 10:04:18 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.

TBH, I like the stance the cryptocurrency enthusiast in Russia took because the government needs to understand that Crypto is just a revolution and it doesn't pose any threat to the national economy but helps it.
I was surprised when I saw this thread because what I read about cryptocurrency news in Russia is that the government is planning to take a positive step towards it.

zasad@

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Quote from: terrorJR on January 22, 2022, 10:04:18 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.

terrorJR

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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

zasad@

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Quote from: pawanjain on January 22, 2022, 09:08:07 AM

Quote from: zasad@ on January 22, 2022, 08:18:59 AM

Quote from: pawanjain on January 21, 2022, 10:58:04 AM

Quote from: zasad@ on January 21, 2022, 06:23:26 AM

I will comment because I live in Russia.

Can you comment on the genuinity of this news. Even I had heard that Russia is calling for a complete ban on cryptocurrencies.
But calling for a ban doesn't mean they are banning it right away. May be you might know better as to what the situation is in there.
Are they banning it right away or do they require an approval from someone or are they just proposing for a ban ?

This issue has been discussed for many years, but so far this is another proposal from the Central Bank of Russia.There are a lot of investors, miners in Russia, and even if this is banned, no one will stop doing activities related to cryptocurrencies. When the law comes out, everyone will think how to break it without consequences.

So it's basically like the same case in India. They have propose many times to ban cryptocurrencies but the bill was never approved by the government.
If this is the case why are we seeing such a huge impact on bitcoin price. People are dumping like crazy making a sharp decline in bitcoin price.
Currently bitcoin is in a oversold zone as per the RSI. I wonder why there's so much of panic when Russia has been doing it frequently over the years.

I think that Russia has nothing to do with it, but it is very convenient for manipulators. Many hamsters bought cryptocurrencies on highs and now the manipulators will lower prices so that hamsters sell cryptocurrencies or hold them. If cryptocurrencies are banned in the USA, it will be a collapse of the market, and in Russia these bans will be formal.

pawanjain

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Quote from: zasad@ on January 22, 2022, 08:18:59 AM

Quote from: pawanjain on January 21, 2022, 10:58:04 AM

Quote from: zasad@ on January 21, 2022, 06:23:26 AM

I will comment because I live in Russia.

Can you comment on the genuinity of this news. Even I had heard that Russia is calling for a complete ban on cryptocurrencies.
But calling for a ban doesn't mean they are banning it right away. May be you might know better as to what the situation is in there.
Are they banning it right away or do they require an approval from someone or are they just proposing for a ban ?

This issue has been discussed for many years, but so far this is another proposal from the Central Bank of Russia.There are a lot of investors, miners in Russia, and even if this is banned, no one will stop doing activities related to cryptocurrencies. When the law comes out, everyone will think how to break it without consequences.

So it's basically like the same case in India. They have propose many times to ban cryptocurrencies but the bill was never approved by the government.
If this is the case why are we seeing such a huge impact on bitcoin price. People are dumping like crazy making a sharp decline in bitcoin price.
Currently bitcoin is in a oversold zone as per the RSI. I wonder why there's so much of panic when Russia has been doing it frequently over the years.

zasad@

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Quote from: pawanjain on January 21, 2022, 10:58:04 AM

Quote from: zasad@ on January 21, 2022, 06:23:26 AM

I will comment because I live in Russia.

Can you comment on the genuinity of this news. Even I had heard that Russia is calling for a complete ban on cryptocurrencies.
But calling for a ban doesn't mean they are banning it right away. May be you might know better as to what the situation is in there.
Are they banning it right away or do they require an approval from someone or are they just proposing for a ban ?

This issue has been discussed for many years, but so far this is another proposal from the Central Bank of Russia.There are a lot of investors, miners in Russia, and even if this is banned, no one will stop doing activities related to cryptocurrencies. When the law comes out, everyone will think how to break it without consequences.

Imran232

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Quote from: romero121 on January 20, 2022, 05:35:59 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.

...........................

This type of game is now sickening for us. Because of them and their opinions, general people get confused about whether they should join the crypto community or not. If they continue to publish this type of cheap news, general people who have no knowledge of technology but are stock investors will be scared to invest in crypto because of this type of news. they are unable to research what is inside crypto. That's the problem it brings for crypto, but those who have tech knowledge don't care about this news if it has to do with crypto or not. And this type of game is not new, it's old.

CryptoBuds

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Is it new? Cheesy

If you saw any major correction occurring through the market, I can confirm you some government-banning FUD will appear to accelerate the correction.
They made FUD, now you sell the dip and they can buy the dip, thus how it works every year.
If you are an intelligent trader or investor then don't panic by seeing such types of FUD, this bearish momentum will overcome soon. trust me if you sell you can't even re-buy at your selling price when the bull weak up again.
Happy Hodling...

dothebeats

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They have been trying to ban any cryptocurrency related services, platforms, and activities as far back as late 2016. I don't buy what the Russians are saying, especially now that their economy is in trouble and there doesn't seem to be a way for them to bounce back immediately. They would try to muster all the economic advantages that they have to bounce back, and banning cryptocurrencies seems to remove one part of the equation that could ultimately help them recover.

fiulpro

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Russia is making some funny moves right now, I do believe that it's not a probelm with their monetary system or the monetary policy but rather it's deeper than that. They are trying to attack Ukraine and dominant whatever they can. I do think that Russia should rethink about their decision because there are so many people already involved with Bitcoins and mining and now they want a war with dying economy. The ban is proposed and not final, I am pretty sure there will be a bit of an impact on the price but getting countries like Russia and China out of the picture would make it easier for a decentralized crypto to function. But we all know that Bitcoin will recover and they cannot entirely ban it.

Leviathan.007

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A heard the same thing on the news a few hours ago about Russia and some traders were saying the bitcoin price has gone below 40K because of this negative news, since I'm not from Russia I cannot say anything or confirm this news but still all we know is bitcoin cannot be suspended by any government due to the decentralization of the network after China banning bitcoin it was expecting to see Russia doing the same thing because they are more close together politically than the USA, however regardless of Russia government, I don't think if the effect of this negative news is going to be stay for longtime.

hyudien

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Quote from: romero121 on January 20, 2022, 05:35:59 PM

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.

I always think of one thing, banks have no other reason than the negative side of how cryptocurrencies work. They often say the damage to the environment is even to the point that cryptocurrencies that don't use mining even become generalized. Apart from saying money laundering and all sorts of things that to me every bank would at once say the same reason. It's no wonder in Russia, a part of the country that is not friendly with crypto and has proposed a ban to stop mining, almost 85% using this excuse. to frighten its citizens.

Quote from: romero121 on January 20, 2022, 05:35:59 PM

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.

Then talking about the problem faced in Kazakhstan is a total power outage in almost every region, so not only Bitcoin mining is hampered, but the financial system at the bank is finally hampered. But what surfaced was Bitcoin mining. So here we can see that the media is only raising this news to damage the market.

stompix

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Quote from: pooya87 on January 21, 2022, 12:21:04 AM

Last time I checked from reliable sources, there was only one proposal and it was banning banks from investing in cryptocurrencies or mining cryptocurrencies. It had nothing to do with people and whether they invest in bitcoin or mine it.

More reliable than this?
https://www.cbr.ru/Content/Document/File/132241/Consultation_Paper_20012022.pdf

Scroll down to 4.2:

Quote from: hatshepsut93 on January 21, 2022, 11:15:10 AM

Even if Russia will not ban crypto soon, I expect it to do it some time in the future, because much like China they have chosen the road of totalitarianism, so banning crypto will be only logical for them. They probably didn't ban it yet because they are looking at ways to benefit from it, like bypassing sanctions, mining it, using for trade with allies, but none of that actually happened yet.

Every country that is is deep s***t will look at banning it rather than using it, especially ones with wannabe dictators like most of the eastern world is. They have no use for BTC other than their personal interest and if BTC could be used by the people of the country for escaping the clutches of their failure of a state then that is a threat that offset any possible gains.

But as always, fortunately, there is always Europe and North America, and 2 more countries in the bottom left where usually there is a flower pot blocking the map) Grin

hatshepsut93

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Even if Russia will not ban crypto soon, I expect it to do it some time in the future, because much like China they have chosen the road of totalitarianism, so banning crypto will be only logical for them. They probably didn't ban it yet because they are looking at ways to benefit from it, like bypassing sanctions, mining it, using for trade with allies, but none of that actually happened yet.

But if China's ban wasn't too bad for Bitcoin, Russia's would be even less noticeable, because economically Russia is a much smaller player.

pawanjain

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Quote from: zasad@ on January 21, 2022, 06:23:26 AM

I will comment because I live in Russia.

Can you comment on the genuinity of this news. Even I had heard that Russia is calling for a complete ban on cryptocurrencies.
But calling for a ban doesn't mean they are banning it right away. May be you might know better as to what the situation is in there.
Are they banning it right away or do they require an approval from someone or are they just proposing for a ban ?

fenican

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Russia's GDP is the size of Italy, large geographically but pissant economically, so... who cares?

nira09

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Quote from: asus09 on January 21, 2022, 09:39:29 AM

Russia's central bank recently proposed a ban and mining of cryptocurrencies, the banks reasoned that they were banning all of them, they were afraid it could threaten the financial stability and welfare of citizens, the Russian central bank wanted to follow China's lead, but so far I have not received any news from Russian government, whether the Russian government responds to the central bank's request or vice versa, Russia is the third largest player in the world in bitcoin mining..

It's true, sometimes someone is not very careful about receiving the news, right now a complete ban on Cryptocurrencies in Russia is a proposal, not a decision. So basically this news should have no impact, but it looks like a lot of people are freaking out selling.
Considering Russia is the NO 3rd country after India and America in terms of Bitcoin ownership

asus09

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Russia's central bank recently proposed a ban and mining of cryptocurrencies, the banks reasoned that they were banning all of them, they were afraid it could threaten the financial stability and welfare of citizens, the Russian central bank wanted to follow China's lead, but so far I have not received any news from Russian government, whether the Russian government responds to the central bank's request or vice versa, Russia is the third largest player in the world in bitcoin mining..

Topic: Russia's Central Bank proposes ban on Cryptocurrency trading and mining - page 2. (Read 456 times)