Ninjastic
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Board Economics
Re: Russia gives in and considers accepting bitcoin exchange
by
Kasabus
on 23/02/2022, 21:36:11 UTC
Quote from: sarmrakib on February 22, 2022, 04:24:13 PM
Quote from: gantez on February 21, 2022, 04:22:38 PM
Quote from: Tumanggor on February 20, 2022, 04:50:57 PM

There are positive and negative impacts of emerging crypto regulations in Russia

The positive impact is that crypto owners are safer because they are legally protected, and the government can minimize dirty transactions using crypto

but the negative effect is that the privacy of crypto users there will certainly no longer exist, everything is visible and tracked by the government

No I won't think so that it has such negative effect in that privacy will be revealed. As much it has been legalized it means that the status is no longer illegal and people are free to transact freely and claim to have bitcoin or show wallet but it doesn't restrict that it will be revealed the privacy of owner, bitcoin in Russia is still decentralised. If you talking about privacy revealed that can be when the government is establishing a bitcoin payment portal and outlet that require to pay in through the bitcoin or cryptocurrency maybe they require KYC. If exchange too is asking to do KYC.
This is always good to know that the negative status has been removed and the made it legal .I was almost sure that they will not able to ban it even restrict it cause the huge amount of user will lost their asset and the way of how they were earning regularly .Now the question has come once again if the gov. want to reveal the user how they will really do it cause the user always want to avoid the KYC system for their privacy.I think we need to wait for the clear regulation if really the want to get the information of the user .Let's see how everything will happen in next .
I think KYC in the latter part will still be required in the long run. Although it could ruin the anonymity factor for bitcoin users, but for me it does not imply negativity. Since starting now, our trading accounts will be more safe since all exchanges are protected by the government and that rest assured that we will no longer fall into fake exchanges. Well, having exchanges with KYC does not really mean to expose our full identity, we are still anonymous provided that we are still the ones who take responsibility for the safety of our own account and password.