Altcoins Talks - Cryptocurrency Forum
Further Discussions => Economics , Sociology & Politics => Topic started by: Tanimariya on June 18, 2020, 10:05:14 AM
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Russia’s new draft bill prohibiting crypto operations in the country has again suffered a less-than-glowing review from an arm of government.
The nation’s Ministry of Justice opposed the draft new regulation Tuesday, a week after the Ministry of Economic Development also criticized it. The bill was introduced by lawmakers in March but is broadly believed to be the brainchild of the country’s central bank, which has a prohibitive approach to crypto. The proposal met some harsh reviews from Russia’s crypto community after being unveiled.
Read more: https://www.coindesk.com/russias-ministry-of-justice-latest-to-criticize-proposed-crypto-ban
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Russia’s new draft bill prohibiting crypto operations in the country has again suffered a less-than-glowing review from an arm of government.
The nation’s Ministry of Justice opposed the draft new regulation Tuesday, a week after the Ministry of Economic Development also criticized it. The bill was introduced by lawmakers in March but is broadly believed to be the brainchild of the country’s central bank, which has a prohibitive approach to crypto. The proposal met some harsh reviews from Russia’s crypto community after being unveiled.
Read more: https://www.coindesk.com/russias-ministry-of-justice-latest-to-criticize-proposed-crypto-ban
This is definitely not encouraging news, of course, because we all know that Russia is one of the largest crypto communities in the world. but it seems that with the issuance of the bill there will be many rejections from the crypto community in Russia, of course.
the content of the bill is clearly very detrimental because it is written that;
- Cannot use government infrastructure in any crypto activities such as mining, trading and others.
- Digital assets can also be confiscated like any other property by a court order.
but the economy minister opposed the ban because;
- The country's crypto ban will only cause a spike on the black market that will be hard to control.
was also upheld by the central bank of Russia which said it was impossible to ban bitcoin. despite saying that cryptocurrency is being actively used for money laundering and illegal activities.
hopefully there can be a way out because obviously Russia is a country that has great potential for crypto and obviously there are quite a few crypto followers there.
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But we know that Russia is very advanced in crypto, we can be sure that what is a ban will have a huge impact on the rejection of crypto enthusiasts. there is even news that within the government itself there is still confusion with the rules made because some say that crypto cannot be banned. So in fact there will continue to be debates that will make the country think about being able to resolve it as best as possible.
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Nevertheless, Russia has already passed a law on the regulation of digital assets, which in general has a very negative attitude towards cryptocurrency. You can have a cryptocurrency, but its direct use as a means of payment is prohibited. No civilized state has such severe restrictions.
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Nevertheless, Russia has already passed a law on the regulation of digital assets, which in general has a very negative attitude towards cryptocurrency. You can have a cryptocurrency, but its direct use as a means of payment is prohibited. No civilized state has such severe restrictions.
If there is no prohibition to be exchanged for fiat, there is clearly no problem and it can continue as usual even though there are restrictions. Besides not being allowed to be exchanged for fiat, obviously this will be a problem because what it will be used for because the use of crypto has been banned.
As far as I know, many countries also prohibit the use of crypto to be used as a legal medium of exchange but there is no prohibition on exchanging it to fiat.
but I think there are still many ways that can be done even though there are restrictions, but it is very risky because it violates the rules.