Russia prepares for total crypto ban

[TomPluz]

After China banned cryptocurrency years ago, I think we can be facing the same development in Russia which is supposedly a good market for cryptocurrency but because the government in Kremlin is not so friendly with it there had been some skirmishes against the industry players based in Russia and now this news that restriction will finally be imposed except digital financial assets issued in Russian jurisdiction starting in September 2024.

"Russia will enforce a strict ban on the general circulation of crypto assets such as Bitcoin, allowing only digital financial assets issued within its jurisdiction. This initiative, led by Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Market, is part of a broader governmental effort to control the crypto ecosystem amid rising geopolitical tensions.
Aksakov stated that the forthcoming legislation aims to restrict non-Russian crypto operations to reinforce the ruble’s dominance."

Read more here: https://cryptobriefing.com/russia-crypto-ban-reinforce-ruble/

Though this is truly sad news, I would say that this development will not anymore have any impact with cryptocurrency in general as I think the market has had already discounted Russia and China years ago. Do you agree with me?

[robelneo]

Though this is truly sad news, I would say that this development will not anymore have any impact with cryptocurrency in general as I think the market has had already discounted Russia and China years ago. Do you agree with me?

We have come a long way for the industry to be bothered by this restriction and I don't think this is permanent, we all know Russia is a communist country that wants to control its people they are no different from China but Cryptocurrency will find its way to its people, because I don't think the majority of its people will agree on this restrictions, just like the Chinese to their government restrictions.

[dkbit98]

This is not the first time they are trying to ban Bitcoin...
Strange coincidence with all arrests of prominent bitcoiners around the world, taking down of wallets, exchanges, as if regulators around the world are all working together.
Another strange thing is that all this countries are working on their own digital CBDC crap in the same time.

[Gurujebs]

Though this is truly sad news, I would say that this development will not anymore have any impact with cryptocurrency in general as I think the market has had already discounted Russia and China years ago. Do you agree with me?

From inception, Russia is very strick with crypto ruling, they didn't give a green flag nor a red flag regarding it legality but any smart person will understand that this was coming, there are many crypto website that are restricted by Russians unless they used VPN, so this news is nothing new, the are just trying to set a rule that will permanently ban their citizens and any person that does otherwise will have to face the law from breaking it.

[Agbe]

Banning cryptocurrency in Russia has been on the government agenda for years and they deliberated on it for several years now and inb2022 there was a news that Russia has banned Bitcoin but the individual users was still high. And the same thing will still happen. Now that they have publically announced it then it is the implementation that is left for them to do. But they can't ban the individual uses. People will still use it through non custodial wallets. And the things they can possibly ban are Centralized Exchanges, and some altcoins projects. But they can ban bitcoin and non custodial wallets. So people will be using p2p without involving bank accounts.

[Aanuoluwatofunmi]

Seing this, I thought about how possible it could be, though this still remains under the circular of news events since there is not any official release from the government about it, because I don't want to believe how possible it could or not, first is that we have to consider the numbers of bitcoin users in Russia, they have been much engaged under the influence that Bitcoin has been the main digital currency most of the citizens key into, while they have received a lot of opportunities right from the way of adopting the use of this decentralized currency, not to talk on how it has helped during the time of early days of their sanctions.

[Rruchi man]

Though this is truly sad news, I would say that this development will not anymore have any impact with cryptocurrency in general as I think the market has had already discounted Russia and China years ago. Do you agree with me?

I do not agree completely with you,

It is a major event and will surely have an effect on the market. But the effect on the market would not be as great as before, when it would have been major. 

[Captain Corporate]

Makes absolutely no sense, we have seen them literally get out of that whole russian ban thing thanks to crypto, there were so many russian oligarchs who took their money in other nations, and put them in crypto, and moved it back to Russia during that period. Now they are thinking about banning it? Makes absolutely no sense at all and I believe that they would be making a huge mistake if they do this, I think it makes a lot more sense if they could just focus on what they could do with what they have. I believe that russia should promote it more than they ban it, because they would benefit it a lot more.

[SamReomo]

Russia will enforce a strict ban on the general circulation of crypto assets such as Bitcoin, allowing only digital financial assets issued within its jurisdiction.

That's a pretty bad news for the crypto users of the Russia. I don't really think that such type of ban could have any kind of problem for the global crypto users. Such news won't cause any market problems at all, because it's already quite hard to purchase Bitcoin in Russia and now they're totally banning it and that's going to be somewhat problematic for their own citizens.

[electronicash]

This is not the first time they are trying to ban Bitcoin...
Strange coincidence with all arrests of prominent bitcoiners around the world, taking down of wallets, exchanges, as if regulators around the world are all working together.
Another strange thing is that all this countries are working on their own digital CBDC crap in the same time.

yes that's also something to look at because every government seem like cracking down and implementing KYC even the wallets.

Putin was trying to sanction US after US seizing Russian assets that's why he also seized the $400M from the Russian bank that belongs to JP Morgan Chase which is why there is an assumption that banning BTC is part of this process. i'm not sure how this works actually.

[LogitechMouse]

No surprise for me. After all, Russia and China have been long allies for a long time, and cryptocurrency is illegal in China as well. I don't know if it's just me but because crypto is illegal in China, they want it to be banned in Russia as well. This decision isn't only coming from the authorities from Russia, but in China as well. Only my theory though.

Overall, crypto has been illegal in China and we've seen little to no effect on the whole crypto market, and Russia might be a huge market for crypto, but I don't think that this total crypto ban will have a significant effect towards the crypto market. After all, the popularity of cryptocurrency is just going up every single year, and I believe the adoption rate increases yearly as well.

[Learn Bitcoin]

Though this is truly sad news, I would say that this development will not anymore have any impact with cryptocurrency in general as I think the market has had already discounted Russia and China years ago. Do you agree with me?

This is not sad news. I like using crypto in a banned country where they do not have a chance to charge fees. LOL. Kidding aside, do you remember this famous meme?



I also don't think these bans will affect the market for now. The market is already affected by the ETF outflow. This is the sixth day in a row the ETF market is outflowing Bitcoin, and the market is dumping. We may turn 360 degrees to the bear market if it continues. But, fuck these crypto bans! We will be back again.

[Crwth]

Wouldn't this be a great time to produce that announcement to buy more of it? I think it's just a great way for the people in charge to load up more of it and then announce some crazy announcement that it's okay or better applications of it IRL?

The times are really crazy.

[Charles-Tim]

Though this is truly sad news, I would say that this development will not anymore have any impact with cryptocurrency in general as I think the market has had already discounted Russia and China years ago. Do you agree with me?

They will only try, but their citizens that have already known what crypto will make the ban not to have much side effects. I will not be surprised to still see Russians buying and holding bitcoin and other cryptocurrencies. We saw how China banned bitcoin and other cryptocurrencies several times but the price of bitcoin still increased and the adoption continued.

[Learn Bitcoin]

It's been over 24 hours, and we haven't seen any significant movement on the market. There were several bad news that could have affected the market (it did, actually), but the market is somewhat recovering at this moment. I don't think Russian governments will be able to restrict their people from using Bitcoin even if they ban crypto.

I have a couple of Russian friends, and as far as I know, Russia has never been crypto-friendly. But yet most of the online crypto casinos you see are russian based. They don't understand how bad it will be for them if their government ban crypto again.