Do you think Russia will ban cryptocurrencies?

[Speaker]

Russia had plans to ban cryptocurrencies and they were deciding how to do it, but something has not yet decided to do it, but on the contrary decided to accept payment to cryptocurrency.

They are clearly not up to questions related to cryptocurrencies right now!

[Senin]

I personally do not believe that Russia will ban cryptocurrencies since there are large investors and that perhaps it is the only way to circumvent the financial sanctions imposed by Europe, indeed I believe that it(Russia) will favor the exchange and trade of altcoins

Due to the military invasion of Ukraine and the imposed international sanctions, Russia is deprived of the opportunity to fully use dollars, euros, pound, and yen. This forced it to use more Chinese yuan and Indian rupees, as trade turnover increased in Russia with these countries. However, the liquidity of yuan and rupees turned out to be small and Russia now does not know what to do with them, since other states do not want to take them. At the same time, due to the war and sanctions, the demand for the Russian ruble also fell.

Russia could and would begin to use cryptocurrency in global trade, but this would require trading partners to also want it. But cryptocurrency is characterized by high price volatility and this prevents its use by states.

Russia's economic situation is now deteriorating at a rapid pace. Therefore, the Kremlin is interested in ensuring that capital does not leave the country. But if they allow free use of cryptocurrency there, the outflow of currency from Russia will increase. For this reason, it is unlikely that cryptocurrencies will be legalized in Russia.

[gunhell16]

As we have seen in various press articles, forums and even TV shows, Russia will ban cryptocurrency trading within its borders. Do you think that something similar to what happened with China for several years will happen or that the Russian government will apply it as quickly as possible with all the restrictions?. I am thinking that maybe it will happen like in India where they decided to ban crypto but then the government decided to discuss it again.

What do you think?.

Didn't they once make Bitcoin different for this country, Russia? But they also took it back later. So that means, in my opinion, they will not be able to do this now or even in the future, especially given the condition of their country. They know that bitcoin will help their country in this situation.

And this is probably what my fellow community members who are here in this crypto industry also see. But that still depends on the leader of Russia; of course, it depends on the beliefs of their leader; this is just my opinion.

[Altcoin1998$]

As we have seen in various press articles, forums and even TV shows, Russia will ban cryptocurrency trading within its borders. Do you think that something similar to what happened with China for several years will happen or that the Russian government will apply it as quickly as possible with all the restrictions?. I am thinking that maybe it will happen like in India where they decided to ban crypto but then the government decided to discuss it again.

What do you think?.

Although it was part of very old news, nothing is being said about cryptocurrency in Russia at present. Russia will not ban bitcoin for now because banning bitcoin in Russia right now would depress the economy so much that the economy would not be able to handle the huge pressure of the war. Moreover, a certain part of the big investors are based in Russia, so the economic sanctions on the investors at the moment will have the possibility of causing huge damage to the Russian economy. So for now Russia is not going to take any legal action or ban on Bitcoin.

[Freemind]

Although it was part of very old news, nothing is being said about cryptocurrency in Russia at present. Russia will not ban bitcoin for now because banning bitcoin in Russia right now would depress the economy so much that the economy would not be able to handle the huge pressure of the war. Moreover, a certain part of the big investors are based in Russia, so the economic sanctions on the investors at the moment will have the possibility of causing huge damage to the Russian economy. So for now Russia is not going to take any legal action or ban on Bitcoin.

Exact. Considering the long period of time that has passed since the invasion of Ukraine, Russia needs all the funds possible to sustain itself, and that logically includes Bitcoin and other cryptocurrencies. Otherwise, the Russian economy would be greatly affected, since it seems that international sanctions have not had the expected effect. In fact, I personally believe that Russia will never ban cryptocurrencies, neither when the invasion is over nor even if it receives more sanctions.

[IvugeoEvolutionCoin]

I personally do not believe that Russia will ban cryptocurrencies since there are large investors and that perhaps it is the only way to circumvent the financial sanctions imposed by Europe, indeed I believe that it(Russia) will favor the exchange and trade of altcoins

Due to the military invasion of Ukraine and the imposed international sanctions, Russia is deprived of the opportunity to fully use dollars, euros, pound, and yen. This forced it to use more Chinese yuan and Indian rupees, as trade turnover increased in Russia with these countries. However, the liquidity of yuan and rupees turned out to be small and Russia now does not know what to do with them, since other states do not want to take them. At the same time, due to the war and sanctions, the demand for the Russian ruble also fell.

Russia could and would begin to use cryptocurrency in global trade, but this would require trading partners to also want it. But cryptocurrency is characterized by high price volatility and this prevents its use by states.

Russia's economic situation is now deteriorating at a rapid pace. Therefore, the Kremlin is interested in ensuring that capital does not leave the country. But if they allow free use of cryptocurrency there, the outflow of currency from Russia will increase. For this reason, it is unlikely that cryptocurrencies will be legalized in Russia.

If I became president of Russia, then I would think about increasing the prices of necessities that are usually exported to other countries and, of course, only using Russian currency to buy what Russia has, while for other payment alternatives, perhaps you could use cryptocurrency, which is very suitable for transactions in the digital world.

[Senin]

As we have seen in various press articles, forums and even TV shows, Russia will ban cryptocurrency trading within its borders. Do you think that something similar to what happened with China for several years will happen or that the Russian government will apply it as quickly as possible with all the restrictions?. I am thinking that maybe it will happen like in India where they decided to ban crypto but then the government decided to discuss it again.

What do you think?.

Although it was part of very old news, nothing is being said about cryptocurrency in Russia at present. Russia will not ban bitcoin for now because banning bitcoin in Russia right now would depress the economy so much that the economy would not be able to handle the huge pressure of the war. Moreover, a certain part of the big investors are based in Russia, so the economic sanctions on the investors at the moment will have the possibility of causing huge damage to the Russian economy. So for now Russia is not going to take any legal action or ban on Bitcoin.

In Russia, the use of cryptocurrency to pay for goods and services is prohibited, but its use as an investment asset is permitted.

At the beginning of 2022, the Central Bank advocated banning cryptocurrencies in Russia. The Ministry of Finance did not agree with the Central Bank. In April, Prime Minister Mikhail Mishustin said that the Cabinet of Ministers is against recognizing cryptocurrencies as a means of payment. Prosecutor General Igor Krasnov proposed recognizing cryptocurrencies as “the subject of criminal attacks.”

At the end of 2022, Russian Minister of Economy Anton Siluanov reported that his department was unable to reach an agreement with the Central Bank on the legalization and regulation of the circulation of cryptocurrencies. The position of the Central Bank remains unchanged - private money, including digital money, should not become a legal means of payment. In addition, the Constitution of the Russian Federation directly states that the only means of payment on the territory of the Russian Federation is the ruble.

According to the amendments of the Ministry of Finance, a citizen can be fined 200 thousand rubles for paying for goods in cryptocurrency, and a company can be fined 1 million rubles. A maximum sentence of 7 years in prison has been proposed for the illegal organization of a crypto exchange. True, I don’t know whether these amendments have been adopted or not.

[kent47400]

Russia will open up the cryptocurrency road wide because Russia is very open to digitalization.
Cryptocurrencies will be more in demand in Russia as more and more people adopt altcoins for good reasons.
Ethereum is also the founder from Russia, this proves that Russia will not ban cryptocurrency, in fact the Russian country wants cryptocurrency so that it can be adopted by all investors in Russia.

[silkytakyaan86]

The Indian government has not banned crypto. Only tax has been implemented. Similarly, I don't think Russia will also ban crypto.

[yohananaomi]

Russia will open up the cryptocurrency road wide because Russia is very open to digitalization.
Cryptocurrencies will be more in demand in Russia as more and more people adopt altcoins for good reasons.
Ethereum is also the founder from Russia, this proves that Russia will not ban cryptocurrency, in fact the Russian country wants cryptocurrency so that it can be adopted by all investors in Russia.

There is no need to worry about digitalization in Russia because President Putin has already made a law for this matter, and this, of course, provides its own reinforcement, even though there are restrictions that are, of course, regulated too. They already know well about crypto, and there are quite a lot of enthusiasts and users of it in one of the largest user countries. Of course, this gives confidence that there are no problems related to crypto. You are right that there will be no crypto ban in Russia because they really enjoy it, and many investors from there are growing because of the role of crypto. I think there will be no prohibition, and even if there is, it will only be restrictions so that there are no abuses that the state might fear, and that is legal and can be done by any country.

[DrBeer]

Of course it will, but with a little nuance.
1. The ban on cryptocurrency will be for the POPULATION, but not for those in power. A totalitarian state always does this - "the law is for everyone, for their friends - complete freedom". Also, the ban for the population will be also because through cryptocurrency can finance human rights activists, the opposition. For a totalitarian regime - it is not allowed ! 
2. Cryptocurrency will be used for realization of corruption schemes, for example withdrawal of stolen funds from Russia, or withdrawal of stolen funds, for example in Ukraine Grain, museum exhibits, jewelry and other things that Russia and its terrorists now steal in Ukraine. Then sell it, and then... and then you have to get the money out somehow. And cryptocurrencies are becoming a convenient means to do that.

I assume that the tightening of the rights of crypto exchanges, hard pressure on mixers - this is also related to monitoring and detection of these criminal funds.

[Altcoin1998$]

The Indian government has not banned crypto. Only tax has been implemented. Similarly, I don't think Russia will also ban crypto.

The Indian Parliament has imposed a 30% tax on cryptocurrencies but very recently the Indian government and central bank have banned central exchanges of cryptocurrencies. However, this has not affected the cryptocurrency. Just in case the Russian government wants to ban Bitcoin, I don't think it will have any negative impact on Bitcoin. There may be some negative impact on the Bitcoin market for some time but it is not likely to last long. There is no reason to worry if Russia sub-bans Bitcoin.

[Alcor]

There is no need to worry about digitalization in Russia because President Putin has already made a law for this matter, and this, of course, provides its own reinforcement, even though there are restrictions that are, of course, regulated too. They already know well about crypto, and there are quite a lot of enthusiasts and users of it in one of the largest user countries. Of course, this gives confidence that there are no problems related to crypto. You are right that there will be no crypto ban in Russia because they really enjoy it, and many investors from there are growing because of the role of crypto. [/size]I think there will be no prohibition, and even if there is, it will only be restrictions so that there are no abuses that the state might fear, and that is legal and can be done by any country.

You do not take into account the fact that Russia has been waging war against Ukraine for almost two years. Moreover, she is bogged down in this war and hopes for its quick and positive end for Russia are fading every day. As a result of international sanctions and catastrophic war costs, its economy is rapidly declining and far-sighted Russians are trying to take out their capital even before the expected catastrophe. Under these conditions, the Kremlin will try to prevent this and the ban on the use of cryptocurrency will be one of the mechanisms to prevent the flight of capital from the country.

[jonathancool220]

In my opinion, the discussion is very complicated because Russia is currently in conflict with Ukraine, where when a conflict occurs it requires money, food, defense equipment and various resources needed for war.
Banning cryptocurrency by the Russian state is the same as prohibiting resource assistance to the Russian state and this, if we think positively, must be able to open the eyes of our hearts so that a cryptocurrency ban does not occur.
The result of my discussion is: The Russian state will not ban cryptocurrency but may only impose limitations on its use because cryptocurrency does not have a stable coin price basis and if it is used by ordinary people, the Russian state will experience a decrease in funds (if the coin price falls).

[DrBeer]

In my opinion, the discussion is very complicated because Russia is currently in conflict with Ukraine, where when a conflict occurs it requires money, food, defense equipment and various resources needed for war.
Banning cryptocurrency by the Russian state is the same as prohibiting resource assistance to the Russian state and this, if we think positively, must be able to open the eyes of our hearts so that a cryptocurrency ban does not occur.
The result of my discussion is: The Russian state will not ban cryptocurrency but may only impose limitations on its use because cryptocurrency does not have a stable coin price basis and if it is used by ordinary people, the Russian state will experience a decrease in funds (if the coin price falls).

Let me clarify with facts:
1. Russia has no conflict with Ukraine. Russia has committed a terrorist attack on my country, occupied several regions, destroyed hundreds of towns and villages and over 100,000 civilians. This is called aggression, war and terrorist act committed by a state.
2. In 2022, the international criminal Punin V.V., signed a law that explicitly prohibits the use of digital financial assets (DFA) and utilitarian digital rights (UCR) as a means of payment in Russia.
3. The State Duma approved in the third and final reading a law banning the use of digital financial assets as a means of payment in Russia. Until now, the legislation did not explicitly prohibit such transactions
The State Duma has passed in the third and final reading a law banning the use of digital financial assets (DFA) and partially utilized digital rights (UCR) as a means of payment in Russia. This follows from the bill's card in the Duma's database.