news Russia Is About to Drop the Crypto ‘Iron Curtain,’ Industry Warns

[Bohana 2143]

Russia’s crypto industry is pushing back against a set of bills that would make it more difficult to operate in the Eurasian country : 

Russian lawmakers introduced a set of draft bills regulating digital assets earlier this month, which would effectively ban any transactions using crypto within the country’s borders. In response, the crypto community has filed a number of protest letters.

If the proposed regulation is passed, the Russian economy could lose up to $10 billion in taxes annually, which the crypto industry would otherwise be able to pay if it could operate legally, says a letter by crypto lobbying group RAKIB to the bills’ sponsor, Anatoly Aksakov. A copy of the letter was also sent to Maxim Reshetnikov, head of the Ministry of Economic Development. 

 

News Source

[BTC Future 3946]

I will just reply about the news that came out concerning ban of crypto in Russia.

I've read them and what I also remember is that they were already proposed again four years ago. It was almost the exact same proposal and it is interesting about the timing of the proposal as well. It was right when Bitcoin begun the last bull run. There have been many similar proposals in the past, but unless something is passed as a law I won't be giving much attention.

[Cammer 4609]

1 hour ago, Bohana said:

Russia’s crypto industry is pushing back against a set of bills that would make it more difficult to operate in the Eurasian country : 

Russian lawmakers introduced a set of draft bills regulating digital assets earlier this month, which would effectively ban any transactions using crypto within the country’s borders. In response, the crypto community has filed a number of protest letters.

If the proposed regulation is passed, the Russian economy could lose up to $10 billion in taxes annually, which the crypto industry would otherwise be able to pay if it could operate legally, says a letter by crypto lobbying group RAKIB to the bills’ sponsor, Anatoly Aksakov. A copy of the letter was also sent to Maxim Reshetnikov, head of the Ministry of Economic Development. 

 

News Source

That's not a good news for crypto currencies. I am sure that Russia has a good reason for this because it supported crypto currencies a lot. 

[Bohana 2143]

1 hour ago, BTC Future said:

I will just reply about the news that came out concerning ban of crypto in Russia.

I've read them and what I also remember is that they were already proposed again four years ago. It was almost the exact same proposal and it is interesting about the timing of the proposal as well. It was right when Bitcoin begun the last bull run. There have been many similar proposals in the past, but unless something is passed as a law I won't be giving much attention.

I agree with you. Nothing of this has been announced as a law yet and that's why I didn't care about this. Still, I hope this does not get applied though. 

[rekter 8129]

I wonder what Yobit / cryptotalk would do if this gets passed. They are russian exchange if i am correct and so is this forum. Let's hope it won't get passed as things would get really difficult for us.

[George10 9932]

54 minutes ago, rekter said:

I wonder what Yobit / cryptotalk would do if this gets passed. They are russian exchange if i am correct and so is this forum. Let's hope it won't get passed as things would get really difficult for us.

It's true things can get difficult for us if Russia really banns crypto cross borders related transactions because it will mean the end of the payments we are receiving here because this forum and yobit exchange belongs to Russia as you said and it's sad news let's hope it will not be passed.

[ETheHedgehog 3104]

this could be a very big deal for everyone not just russian crypto traders, i hope they figure this out without banning crypto

[Nab 263]

Russia is one of the countries where there is very strict control on crypto transactions and the government has not regulated the use of digital assets so there is a great risk that many companies and investors will lose their money if the use of crypto services is completely banned.

[magd 5231]

Crypto will not be banned in Russia It is just rumors because we noticed the purchase of Bitcoin ATMs in Russia a short time ago, and the most popular crypto platforms, forums and the famous Ripple currency all of these data indicate that Russia is a country that supports technology and cryptocurrencies

[Whited35 15285]

4 hours ago, magd said:

Crypto will not be banned in Russia It is just rumors because we noticed the purchase of Bitcoin ATMs in Russia a short time ago, and the most popular crypto platforms, forums and the famous Ripple currency all of these data indicate that Russia is a country that supports technology and cryptocurrencies

Cryptocurrency adoption rate seems incredible in Russia but I am getting quite surprised due to this sort of News. If they ban cryptocurrency transactions within the country’s borders, I think it would also impact the economy of Russia. 

[CryptoLover21 0]

People using cryptocurrencies in russia is more. If the ban all the transactions of the cryptocurrencies than Russia will loss a lot in tax. But there should be the reason like introducing their own cryptocurrencies or they want to stop money laundering and illegal trading.

[Bohana 2143]

23 hours ago, rekter said:

I wonder what Yobit / cryptotalk would do if this gets passed. They are russian exchange if i am correct and so is this forum. Let's hope it won't get passed as things would get really difficult for us.

You're right, Yobit platform and Cryptotalk forum are both Russians. If this law gets applied, we will face a lot of problems like you said!

[bitcoinb 1359]

Wow this is a very bad thing, I hope the ban will not be enforced. What would become of Yobit? I do not understand this decision.

On 5/30/2020 at 3:42 PM, rekter said:

I wonder what Yobit / cryptotalk would do if this gets passed.

I just asked me the same question.

[Zaino34 0]

This is not good news and is it true news because I heard that 5,000 ATMs have been purchased for bitcoin in Russia, which means that it is not trying to fight cipher and prevent its use. Therefore, a way must be found in which cooperation between both parties and stop this permanent conflict between governments and cryptography

[Brand1 1336]

I have read this news and I felt sad about this decision. I believe that this decision is taken for several reasons. I hope that these differences between the two parties will be resolved and that this decision will be reversed as soon as possible because Russia is working to support encryption.

Edited June 1, 2020 by Brand1

[Honny143 13612]

On 5/30/2020 at 7:12 PM, rekter said:

I wonder what Yobit / cryptotalk would do if this gets passed. They are russian exchange if i am correct and so is this forum. Let's hope it won't get passed as things would get really difficult for us.

Well mate its really sad thing happen when Russia banned transaction, cross border means no longer we receive payments in yobit, every one knows this yobit also Russian based country, its really disadvantage when any country adopt crypto then they loss their taxs income, because this income use in their country development,

[kyoukage01 3181]

That's weird.

 

The article linked in this topic says that steps are being taken by Russian lawmakers for passing laws that will undermine crypto in their country, but according to the article on this topic:

Russia's biggest bank (and probably other banks as well) plans to invest on ATMs that deals with cryptocurrencies. Why the inconsistency? Do their lawmakers have no idea about the views of the banks? Or are there other reasons not reflected in the linked article?

 

This quote pointed this out as well:

On 6/1/2020 at 2:53 PM, Zaino34 said:

This is not good news and is it true news because I heard that 5,000 ATMs have been purchased for bitcoin in Russia, which means that it is not trying to fight cipher and prevent its use. Therefore, a way must be found in which cooperation between both parties and stop this permanent conflict between governments and cryptography

 

Spoiler

I might give some personal speculations on the matter, but political discussions are forbidden in this forum.

 

Anyway, some users like @rekter and @bitcoinb are voicing concerns that this might affect Yobit and this forum if such measures get signed into law and become fully implemented. I am voicing my concern about this as well, but since I am not a Russian citizen, my own concern may not matter. But maybe just in case, Yobit should contemplate on plans on moving their activities somewhere else as a last resort in a worst case scenario.

 

Edited June 6, 2020 by kyoukage01

[Omar Ommeish 4872]

This is sad news for everyone in this forum because if it is already applied then this forum will be canceled because I know that the officials of the forum are from Russia.

[TimopheyKa 3900]

Unfortunately, this is true. In Russia, they banned the use of cryptocurrency, but not exactly as we were afraid! In fact, the residents of this country just can't make transactions, buy anything at the expense of this cryptocurrency, and accordingly, the development of the blockchain system is not relevant at all. And so, we can count on the fact that someday, this system will change

[Moaz 7239]

On 5/30/2020 at 4:42 PM, rekter said:

I wonder what Yobit / cryptotalk would do if this gets passed. They are russian exchange if i am correct and so is this forum. Let's hope it won't get passed as things would get really difficult for us.

My friend, I am confident that these laws cannot be passed in Russia in my opinion, because it is one of the most important countries in the world in the crypto industry, and I believe that there are investments in Russia estimated at billions of dollars in the field of encryption, so there is no need to worry and the forum CryptoTalk and the Yobit platform will continue to work

[Captain Karim 0]

I do not think those who want to ban cryptocurrencies in Russia will succeed, now Sasha (founder of Waves) is greatly supporting the legislation of his cryptocurrency in Russia and I read an article a while ago that it will be possible to take loans from Russian banks in the waves cryptocurrency soon.

[Cryptomint 433]

I think that will be not good for the Russian government and I think that it has impacted a lot to the Russian economy Russian government will take step about that.

[Shaza Ahmad 1682]

Tsar of Russia Putin legalized cryptocurrencies in Russia some time ago, but without allowing them to be used in exchange for goods or services, this means that it has become legal to own cryptocurrencies and trade, and for the purchase of goods and services, this seems better for the national currency of Russia.

[Mella 3680]

Russia has made a law that will be effect in the next year, it is two months from today but this is mean that they are want to have kyc on the owners of they crypto and if they find someone that break the law there will be fines.

[Irungu 4299]

I think that Russia is the most progress country in the world and the reason why I say this is that most people are trying to bring it down , when a country stands out then you will always see it being targeted the most important thing that we work and put together everything in the right position this is one country that knows how to balance everything in it own way and thats the reason why  I love the whole world of Russia and am so thankful that they are able to control this kind of a system that might hurt is not well organized and I think the country is usually targeted