Suddenly, Russia Plans To Ban Cryptocurrency Sales To ‘Ordinary People’ - page 2.

MrCrank

sr. member

Activity: 1330

Merit: 258

Quote from: Wind_FURY on September 01, 2017, 02:17:19 AM

There is a possibility that Russian banks and the government wants to join in the Bitcoin action but does not want its citizens to be empowered by the cryptocurrency. The use of Bitcoin in the darknet, money laundering and capital flight are valid reasons on why the government should not allow ordinary people to have it.

Putin's people are already planning on doing their own ICO to raise $100 million and set up a mining farm.

https://seekingalpha.com/article/4103445-putins-people-getting-bitcoin-mining

Also russians bands want create and develop own chip for mining.
Chip will be powerful.
256 SHA 22.6 TH/s (~18 owned, ~4 to RMC token holders) 2.3-2.5 kwh 16 nm

MrCrank

sr. member

Activity: 1330

Merit: 258

In Russia deputy can't ban cryptocurrency.
It's impossible.
Vitalik Buterin has meet with Putin and make great plan for development blockchain technology.

Wind_FURY

legendary

Activity: 2898

Merit: 1823

There is a possibility that Russian banks and the government wants to join in the Bitcoin action but does not want its citizens to be empowered by the cryptocurrency. The use of Bitcoin in the darknet, money laundering and capital flight are valid reasons on why the government should not allow ordinary people to have it.

Putin's people are already planning on doing their own ICO to raise $100 million and set up a mining farm.

https://seekingalpha.com/article/4103445-putins-people-getting-bitcoin-mining

ethbreeder89

newbie

Activity: 46

Merit: 0

I dont think how you can call it "suddenly". Their goverment do whatever and whenever they want if it is connected to the financial system.

cellard

legendary

Activity: 1372

Merit: 1252

Quote from: Denker on August 29, 2017, 02:41:40 AM

Ridiculous idea!
This soundsa bit like they wanna make crypto investing an elite thing.
I highly doubt this is going to work out.
The black market and local trading in dark side streets will thrive!

It's funny how how they must qualify if the reasons for the citizens to buy crypto are valid or not, instead of letting your citizens free and take their own financial decisions.

Bitcoin is here to finally let common people to have sovereign money, but they want to ostradize it into an elite of what they qualify as "qualified investors" which could be anything.

It's also reminiscent of when the internet fist came out, they wanted to limit it to "people that needed it" like the army and so on. These goons will never learn from past failures. Bitcoin will win.

DoublerHunter

hero member

Activity: 2590

Merit: 644

I don't think that this is a great idea for the country of Russia to just ban the cryptocurrencies to ordinary people because it is not a good idea since satoshi nakamoto wants to be decentralized and offer freedom to the people in the world and banning cryptocurrencies like bitcoin to the ordinary people will crossed that satoshi wants and i think a lot of people in bitcoin community will disagree for that specially the bitcoin users in Russia.

Wind_FURY

legendary

Activity: 2898

Merit: 1823

Quote from: gentlemand on August 30, 2017, 06:03:01 AM

I longer believe anything when it comes to Bitcoin and Russia. One week every single user is going to jail, the next Vitalik Buterin is displaying his pecs with Putin.

It's about time they came out with an actual coherent policy that they then apply because I haven't seen one yet.

If they do try to go down the accredited investor route, real people will find their own ways to trade.

Maybe Russia wants to issue its own cryptocurrency based on the Ruble but it see Bitcoin as a barricade for its success.

I wish Russia's Ruble cryptocurrency will be an ERC20 token issued in Ethereum! That will be good for laughs.

Rinaze

full member

Activity: 322

Merit: 100

I think I can understand the decision to a ~~certain~~ small extend. To be honest, any form of investment is considered as gambling and cryptocurrency can be one of the most volatile market out there!

webmastax

full member

Activity: 280

Merit: 108

This is a silly idea. Elite want to keep everything good only for the elite.
Fortunately no one can ban you from using bitcoin since it's decentralized.

Error 522

full member

Activity: 216

Merit: 100

The power of the ~~Jews~~ central bank.

buwaytress

legendary

Activity: 2968

Merit: 3684

Join the world-leading crypto sportsbook NOW!

Quote from: HashFace on August 30, 2017, 07:48:16 AM

Honestly, not that different than America, where we have "accredited investor" laws that prevent people with networth of less than $2 million (excluding your home) from participating in a lot of investment opportunities. What Russia is doing is a little more controlling, but the idea of elitism disguised "protecting you from yourself" isn't unique to them.

Good that you recognise that. It's not dissimilar to what they have in Malaysia, and given that it's just copying western banking, I'm not surprised if a lot of countries already have that in place. Amusing to see how regulators and the state can fail to see that their efforts to protect the elite few will always end up counter-productive to what they're trying to do. At least private equity firms are beginning to loosen up over exclusivity and public participation when it comes to their crypto involvement, although that's probably just linked to income diversification more than anything else.

HashFace

full member

Activity: 406

Merit: 114

Honestly, not that different than America, where we have "accredited investor" laws that prevent people with networth of less than $2 million (excluding your home) from participating in a lot of investment opportunities. What Russia is doing is a little more controlling, but the idea of elitism disguised as "protecting you from yourself" isn't unique to them.

Dhaaaw

full member

Activity: 140

Merit: 100

The real question is, as one of the 'Ordinary People' if i decide to travel or maybe settle in Russia will I be persecuted or will they take my assets.
I hope that this is one of the so called "Fake news" else i would feel really bad for my fellow Russian friends.

Mozdalifa17

hero member

Activity: 746

Merit: 509

TIME and WAVE COINs TO REMEMBER

Russia has big dark side history with bitcoin and alts coin even puttin met two Russian developers of wave\ETH . do you know why ? because no one controls revolution of blockchain .

MistyTwitch

newbie

Activity: 3

Merit: 0

I see it merely as a minor distraction, after all, no government can stop the cryptocurrency movement nor can they completely prevent "ordinary people" from obtaining them. They can set obstacles and slow down the adoption but they cannot stop the movement. Still a shame to see these kinds of news that confuse the "ordinary people", who are the ones most in need of cryptocurrencies.

Miyuki024

newbie

Activity: 32

Merit: 0

Seriously?!?! This is really insane. Bitcoin is the easiest way to do trading and is accessible to all. Limiting bitcoin to rich people will not make a good impression to their people.

subSTRATA

legendary

Activity: 1288

Merit: 1043

:^)

Quote from: aleksej996 on August 29, 2017, 02:44:59 AM

Powerful people alreadyhave ways trading anonymously, as we saw in Panama papers. Bitcoin is what wants to give that power to the people as well.
It is no surprise that government officials want to keep this power exclusive for themselves.

I think it's less about keeping it for themselves rather than keeping it away from the masses (just a tiny distinction, but an important one to make). Russia's government is an authoritarian one, and anything that might be construed to loosen the government's control is seen as a threat, especially economical powers such as bitcoin. this could also just be a political move to give their judicial system leverage; they can now prosecute anyone for any underlying reason if they can be reasonably be shown to be affiliated with bitcoin.

gentlemand

legendary

Activity: 2590

Merit: 3015

Welt Am Draht

I longer believe anything when it comes to Bitcoin and Russia. One week every single user is going to jail, the next Vitalik Buterin is displaying his pecs with Putin.

It's about time they came out with an actual coherent policy that they then apply because I haven't seen one yet.

If they do try to go down the accredited investor route, real people will find their own ways to trade.

Lancusters

sr. member

Activity: 630

Merit: 263

Quote from: fossilized on August 30, 2017, 05:21:59 AM

I wonder whether we can get any local Russians to comment on the actual situation. Alot of FUD going on. Just like when there was news about China banning? When in reality it didn't amount to much.

It's just a rumor. Bitcoin has not been approved for use in Russia so it is impossible to deny. The most popular service in Russia WebMoney is working without changes. Moreover, this week he added the possibility of using bitcoin in cash.

fossilized

member

Activity: 86

Merit: 10

I wonder whether we can get any local Russians to comment on the actual situation. Alot of FUD going on. Just like when there was news about China banning? When in reality it didn't amount to much.

Topic: Suddenly, Russia Plans To Ban Cryptocurrency Sales To ‘Ordinary People’ - page 2. (Read 1610 times)