Quote from: alexey14 on March 16, 2020, 06:19:34 PM

This is not good news, BTC price could be dump even more.

Alexey Guznov, head of the legal department at Russias central
bank, revealed the news in an interview with local news agency Interfax on March 16.

Issuance and circulation of crypto in the country poses an unjustified risk
Although the original bill On Digital Financial Assets stipulated that cryptocurrency trading would be allowed in Russia, the amended document will apparently prohibit nearly everything about crypto except holding, according to Guznovs latest remarks.

The official said that the upcoming law will explicitly prohibit the issuance and circulation of cryptocurrency and would introduce penalties for violating this law. Guznov argued:

In terms of the functioning of the financial system and consumer protection system, legalization of the issuance and facilitating the circulation of cryptocurrencies is an unjustified risk. As such, the bill explicitly prohibits emission and organization of cryptocurrency circulation, introducing legal liability for violating these rules.

Russias central bank would unlikely be able to regulate Bitcoin transactions
Besides claiming that the crypto bill would ban Russian financial institutions from issuing digital assets, Guznov provided little clarity about the upcoming bill. When asked whether the Bank of Russia wants to ban residents from converting crypto into local fiat currency, the Russian ruble, or a foreign currency, Guznov did not provide a direct answer.

Once again politicians doing what politicians know to do best: Make things worse. Of course Russians don't need to put up with this nonsense, but they will have to go "underground". The net effect is less wealth for Russia, who will simply find its way around to friendlier places.

Nobody can regulate Bitcoin, period. It was made specifically to prevent that. No amount of law, bans, regulation or rules can mend what the coin can actually do and not do. And it doesn't care what governments and institutions think about it, it just is.

When a politician uses the word "unjustified risk" regarding bitcoin, it definitely means the gov is doing or about to do something idiotic: Such as printing, pegging, or a combination. And they know their idiotic attempts to bypass the market end overtaken by things like bitcoin which is free from their rules. In their short minded old fashioned thinking, they think the solution is to "ban it", as if they actually could. Next of course, is ban the internet, and censor foreign sites.

If they don't want to issue their own crypto, that is fine or even better: everyone should stick to bitcoin anyway. But don't try to stop Bitcoin, you won't succeed.

As for this affecting bitcoin's price, not even close. Putin is into mining anyway.