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Russian Central Bank To Ban Websites Offering Crypto-currencies (reuters.com)
An anonymous reader shares a report: Russia will block access to websites of exchanges that offer crypto-currencies such as Bitcoin, Russian Central Bank First Deputy Governor Sergei Shvetsov said on Tuesday. He called them "dubious." Russian financial authorities initially treated any sort of money issued by non-state approved institutions as illegal, saying they could be used to launder money. Later the authorities accepted the globally booming market of crypto-currencies but want to either control the turnover or to limit access to the market "We cannot stand apart. We cannot give direct and easy access to such dubious instruments for retail (investors)," Shvetsov said, referring to households.
Given how much money laundering takes place in Russia using state-issued currencies such as the US Dollar and Russian Ruble, its a bit rich for Russia to be worried about money laundering in Bitcoin and other crypto currencies.
The real (and unstated reason) is likely to be about control, just like China. They want to stop people being able to move their wealth into assets (cryptocurrencies for example) that they cant monitor, apply taxes to or otherwise control.
In soviet Russia the cryptocurrency bans the bank. Oldskool banks need to mordernise or they will be left behind when newstarts do a better job and have better software.
... for the Russians.
It's their playground and they know what works best for them.
It little behooves the best of us to comment on the rest of us.
The hit for the Russian economy could be devastating when the recipients of the crypto trojan money have to go abroad to collect.
We used to have a Bill of Rights. Now, with the rights gone, all we have left is the bill.
So are they going to ban loot boxes aswell?
this article seems rather dubious itself. it doesn't quote the russian authority figure in saying what the title says, just him saying that bitcoin is dubious and russian households should be protected from the risk. it doesnt contain a quote that says russia is going to block exchanges.
Nothing of value was lost. When is this bonsai scheme going to die? It shirley must be on its last limb by now.
Humble Bundle's latest book bundle is about crypto-currency.
https://www.humblebundle.com/books/bitcoin-cryptocurrency-books
“We think that for our citizens, for businesses the usage of such crypto-currencies as an investment object carries unreasonably high risks,” he said.
All they care about is protecting their citizens, how thoughtful.
TASS article says "Russia's Central Bank welcomes imposing any restrictions on operations of external websites that offer cryptocurrency sales, the regulator's First Deputy Chairman Sergey Shvetsov said Tuesday."
"We consider all cryptocurrency derivatives to be a negative development on the Russian market and do not consider it possible to support it, and will even assume measures to restrict potential operations with such instruments made by the regulated part of the Russian market. Meanwhile, we assume efforts aimed at closing external websites that allow Russian citizens to acquire such assets together with the General Prosecutor's Office," he said.
45% of bitcoin exchanges have thus far failed, taking people's money along with them (wired). Is this a sensible and valid way to keep money?
And let's face it, Bitcoin is broadly used for criminal activities. No stat I could find, but we surely don't buy our daily groceries with bitcoin.
Outrage machine, calm yourself down.
Comment removed based on user account deletion
A couple weeks back when China made a big fuss over crypto, BTC went on sale. The temporary price drop from FUD made a great time to buy.
Then everyone took a moment to consider China's regulations (because, seriously, they aren't REALLY going to opt out of something that profitable). Nothing they did altered the fundamental objectives and demand for the coin. It's a global unregulated coin. One country can't do anything more than cause a blip of FUD.
Since then, we've been back to all time highs.
So, bring it on! I want to buy the dip again. Buy low, sell high boys and girls!
bitcoin is overvalued on hype, serious economists say crash of the non-currency (electronic poker chips) coming soon
It does appear that blockchain technology will make banks and their governments branches obsolete. Hopefully this is followed by a Charles Eisenstein-style More Beautiful World of personal and mutual responsibility, rather than a Mad Max-style cage match.
"The ability to delude yourself may be an important survival tool" - Jane Wagner -