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

JayTrain

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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.

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, 11:24:44 AM

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.

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Quote from: Ozero on January 26, 2022, 07:30:39 AM

Quote from: zasad@ on January 26, 2022, 05:58:55 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, 05:58:55 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.

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Quote from: zasad@ on January 26, 2022, 05:58:55 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, 03:08:23 AM

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.

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, 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.

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

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Quote from: ChrisPop on January 22, 2022, 11:37:56 AM

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.

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.

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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...

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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.

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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.

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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.

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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..

dkbit98

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I don't know if this proposal will be accepted by Russian government but it would be a bad for them to follow example of China banning Bitcoin mining and everything else.
Their central bank is preparing digital ruble and I guess they don't want any competition or distractions from real decentralized currency like Bitcoin.
I said before that more countries could do the same like China, and I expected Sweden or Norway would be the first, but we should not be afraid of this if it happens.
Checking Bitcoin mining hashrate and it's at all time high, despite all the fud, news and market crash, and that is very important.

Finestream

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I would already believe if it's already official, there has been a lot of rumors about Russia being anti bitcoin but they are not similar to China which really made their decision to ban bitcoin trading. If that will happen, I think it will cause some huge panic but it will only be temporary as "crypto ban" is not new in the crypto space, and everytime we have that kind of news, the effect is only temporary to the entirety of the market.

Welsh

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Quote from: Dave1 on January 20, 2022, 11:46:43 PM

As far as I can remember, Russian has been saying this since 2017?

But the problem is that one day they will say that they are going to issue a blanket ban, but the next day another official will give a statement that will totally contradict everything.

So for now, it's better to "take everything with a grain of salt" news coming from Russia regarding crypto (whether positive or negative).

Its not Russia, i.e the government. It's the central bank which means this is pretty meaningless. A lot of organisations, banks or whatever routinely propose things to the government, and more often than not get turned down.

What your referring too about contradicting each other could potentially be various different people from different parties or organisations, rather than from the currently in control government officials. Even past officials often give their opinion about things, but by no means does that mean they're representing the government.

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.
Similar bans already exist in a lot of other countries prohibiting banks from getting involved in crypto markets.

Which benefits the cryptocurrency community, since banks have a rather large amount of spending power, which would actually centralize the share of Bitcoin slightly. Not anything that would be truly problematic, but enough to feel a little uncomfortable about it.

kryptqnick

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Central banks tend to be hostile to cryptos because aren't they the ones responsible for fiat, aside from viewing cryptos as competitors of banks because they make digital individual transactions without intermediaries possible? But this hostility might not be met with support from other authorities. With the risk of SWIFT being denied to Russia if it invades Ukraine, I don't think Russia has the luxury of banning potential alternatives. Perhaps some mining restrictions will follow, but I don't think that usage of cryptos will be banned. As for mining, I guess a new country will be required for that, but the market will not suffer long-term damage.

Baofeng

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Quote from: avikz on January 21, 2022, 02:04:18 AM

Probably that's why we are seeing a bloodbath in the crypto market today!

The timing though of the news, those who wanted to create panic and fear really knows the timing of releasing this kind of statement.

But then again, this kind of news will really affect the market negatively, but it might be short term though. Next week we will forget about this news and we might see the price going up and recovering to mid $40k again.

zasad@

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I will comment because I live in Russia.
The central bank has long wanted to ban cryptocurrencies, but the shadow market in Moscow is probably the largest in the world.It may not be the largest in terms of trading volume, but in terms of accessibility and ease of buying and selling cryptocurrency, this is the largest market in the world.
This is just a small part of this market:
https://www.bestchange.ru/bitcoin-to-ruble-cash.html

avikz

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It isn't the first time Russia is planning to ban cryptocurrency and mining. Even earlier they have created some rules where crypto miners were barred from receiving their mining rewards in cryptos. I don't know how that worked but since now the Central bank is proposing a blanket ban, I assume the previous ruling didn't work on government's favor. That's quite unfortunate! But again these kind of things are expected in a communist country. Communism wouldn't flourish unless there are poor people in their country those who will believe that communists are fighting for their rights! So that's how communism works where individuals don't have power to go against the government. Prime examples - China and North Korea.

Probably that's why we are seeing a bloodbath in the crypto market today!

davis196

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All the central banks around the world are usually against cryptocurrencies in general(this involves both trading and mining).I have never seen a central bank being friendly towards cryptocurrencies.
Russia is being anti-crypto for years and many Russians are still trading crypto and many miners have been mining crypto on Russian territory.I possible crypto ban means nothing,since many Russians don't care when it comes to breaking the Russian law.
This is just a proposal.It might be accepted or it might be declined.
I can see Russia becoming "the new China" for the cryptocurrency world.
More FUD news from Russia are yet to come.

pooya87

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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.
Similar bans already exist in a lot of other countries prohibiting banks from getting involved in crypto markets.

Ozero

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Quote from: Dave1 on January 20, 2022, 11:46:43 PM

As far as I can remember, Russian has been saying this since 2017?

But the problem is that one day they will say that they are going to issue a blanket ban, but the next day another official will give a statement that will totally contradict everything.

So for now, it's better to "take everything with a grain of salt" news coming from Russia regarding crypto (whether positive or negative).

If something good was said in Russia regarding cryptocurrency, especially about the intentions of legislative consolidation of this, I would treat such news with a certain degree of skepticism. However, the negative intentions towards it, declared by the Central Bank of the country, and even more so backed up by the relevant bill submitted to the State Duma, should be taken more seriously. The Russian authorities have already given a very negative attitude towards cryptocurrency and have repeatedly expressed their intention to completely ban the use of cryptocurrency and its mining, even proposing to establish criminal liability for its use. Considering what law was adopted in Russia regarding cryptocurrencies, I would not be surprised if they still introduce a complete ban on cryptocurrencies.

Dave1

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As far as I can remember, Russian has been saying this since 2017?

But the problem is that one day they will say that they are going to issue a blanket ban, but the next day another official will give a statement that will totally contradict everything.

So for now, it's better to "take everything with a grain of salt" news coming from Russia regarding crypto (whether positive or negative).

romero121

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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.

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