
Bitcoin banned in Russia? - markmassie
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jnbiche
I'd avoid trusting any one source on this, given that blackhatters wanting to
crash the value of Bitcoin to buy low have taken to hacking into Russian
newspapers and planting false stories:

[http://www.coindesk.com/russian-prosecutors-office-btc-e-
inv...](http://www.coindesk.com/russian-prosecutors-office-btc-e-
investigation-hoax/)

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zwtaylor
There's an interesting resource on the evolving regulations in Russia on this
site.

[http://www.bitlegal.io/nation/RU.php](http://www.bitlegal.io/nation/RU.php)

~~~
twobits
I would love a site like this for all laws in (almost) all countries.

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jasonlingx
What most people do not realise is that it does not matter if Russia, China,
the US or any country bans or criminalises bitcoin. All it takes is for 1
small country (like Singapore) to embrace bitcoin for it to be worth
$1,000,000 a coin. The first country that wises up to bitcoin, starts
investing in mining and other bitcoin infrastructure in a big way, and
legitimises its mainstream usage as a currency, is going to reap tremendous
benefits. And it's only a matter of time before this happens.

~~~
AnIrishDuck
> The first country that wises up to bitcoin, starts investing in mining and
> other bitcoin infrastructure in a big way, and legitimises its mainstream
> usage as a currency, is going to reap tremendous benefits.

Like what? Being tied to a deflationary currency? Being unable to influence
their own monetary supply? Tying the buying power of its citizens to the
computational ability to hash numbers really quickly?

Seriously, what benefits possibly favor this approach over creation of an
e-currency that the central bank has control over?

~~~
tlrobinson
_Tying the buying power of its citizens to the computational ability to hash
numbers really quickly?_

I'm not sure how those two things are related. Mining is an entirely optional
activity for users of Bitcoin, and indeed, the vast majority of users never
have nor ever will mine.

~~~
AnIrishDuck
They do not have to _do_ it to be influenced by it. The exchange rate of BTC
is always going to be tied to mining activity, and hence hashing speeds.

~~~
tlrobinson
You've got it reversed. Mining activity will be tied to the exchange rate.
Total mining rewards (denominated in BTC) are constant no matter how many
miners there are, so the higher the exchange rate, the more people mine as it
becomes profitable for them to do so. Mining _is_ a zero sum game.

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snarfy
"A distinctive feature of Bitcoin as a virtual means to mutual savings and
security is the lack of real value"

As opposed to what, a fiat currency like the ruble?

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dobbsbob
All that happened is Russia's central bank issued a warning about bitcoin
there is no ban. Localbitcoins Russia still has plenty of listings, plus many
Russian fixed rate exchange sites are open for business.

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sangfroid
I went to the website for the General Prosecutor's Office of the Russian
Federation and nowhere can I find the document that is circulating in all
these news posts.

This link, which you maybe shouldn't click, because who knows what's going on
here,
[[http://www.genproc.gov.ru/smi/news/genproc/news-86432/](http://www.genproc.gov.ru/smi/news/genproc/news-86432/)]
indicates that it should be in the news section. But when I go there directly,
I can't find it.

Has anyone been able to even verify the authenticity of the original
announcement, let alone interpret what it means? If so, can you share where on
the official website you found it?

Thanks.

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shmerl
They are just freaked out that it would undermine government control. With all
kind of draconian censorship laws on the rise there, this isn't surprising.

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sdegutis
I have mixed feelings about this situation. On one hand, I can understand the
advantages of banning Bitcoin in Russia. On the other hand, there are also
disadvantages of banning Bitcoin in Russia. Overall, I feel that this is a
trade-off, and I'm not sure whether they made the right choice in their
decision. I know there are people who will disagree with me about this, but
honestly, I have to respectfully disagree.

~~~
icebraining
Welcome to HN, Sir Humphrey Appleby.

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kolev
At least one country is doing the right thing to protect its citizens from
bubbles unlike the US where bubbles are government-sponsored.

~~~
amaks
Or the opposite, Bitcoin is just hard/impossible for Russian government to be
placed under its control.

~~~
kolev
You're free to use foreign currency in Russia unlike in China and other
countries, so, I don't get your point.

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ommunist
At the same time Russia allows existence of virtual currencies like Yandex
Money and WebMoney. Which really makes me think the whole BTC prohibition in
Russia was lobbied by existing russian virtual currency holders. Because I do
not want to believe that Obama called Putin and asked to prohibit BTC in
exchange of his presence in Sochi.

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thomasjames
I suppose this would have nothing to do with the current decline in the value
of the ruble, now would it?

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perlpimp
No the article says that it is being used in money laundering operations and
tax evasion as such the government is monitoring the situation.

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Techskeptic
Its a money laundering vehicle. It will be banned.

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Eleutheria
Bitcoin can't be banned, silly rabbit.

