{"id":11138,"date":"2020-06-14T05:41:53","date_gmt":"2020-06-14T05:41:53","guid":{"rendered":"http:\/\/emilynews.com\/blog\/?p=11138"},"modified":"2020-06-14T05:41:55","modified_gmt":"2020-06-14T05:41:55","slug":"news-commentary-1088-russia-considering-crypto-ban","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=11138","title":{"rendered":"News Commentary #1,088 – Russia Considering Crypto Ban"},"content":{"rendered":"\n

A Possible Crypto Black Market.<\/strong><\/p>\n\n\n\n

It appears that the Russian parliament has introduced a bill that would ban the use of cryptocurrencies in the country.\u00a0 Fortunately for crypto lovers, the Ministry of Economic Development has voiced its disapproval of the measure.\u00a0 What the final result of all this will be is still unknown.\u00a0 However, this type of thing is the worst nightmare for the many businesses and individuals that have become accustomed to using cryptos and who might even have invested in them hoping that they will appreciate in value.\u00a0 Occasionally, such legislation or other restrictions on the use of cryptos have been proposed in other countries as well.\u00a0 So far, the use of cryptos has proceeded with very little government interference.\u00a0 Indeed, this is one of the reasons why Bitcoin, specifically, was created.\u00a0 As an article by Kevin Helms suggests, that recently appeared in Bitcoin dot com<\/em>, if governments were to restricts the use of cryptos, their use would probably go \u201cunderground\u201d and a black market would result.\u00a0 That would be an unfortunate situation.\u00a0 I have repeated the Helms article below\u2026<\/p>\n\n\n\n

Russian Ministry Slams Bill to Ban Crypto \u2014 Experts Warn Easy to Bypass, Creates Black Market<\/strong><\/p>

Russia\u2019s Ministry of Economic Development has informed parliament of its disapproval of the bill to ban cryptocurrency.\u00a0Experts say a ban will be ineffective as people can use technology to bypass it, leading to the creation of an \u201cuncontrolled black market.\u201d<\/p>

Russian Ministry Criticizes Bill to Ban Crypto<\/p>

The Russian Ministry of Economic Development has sent a letter to the State Duma, the lower house of the Federal Assembly of Russia, criticizing the bill that seeks to ban cryptocurrency in the country. Local publication Kommersant reported Wednesday that it has seen the letter.<\/p>

Russian officials detailed that the bill\u00a0proposes\u00a0a complete ban on the issuance and circulation of existing cryptocurrencies in Russia, penalizing legal entities and individual entrepreneurs engaged in these activities. The ministry explained that the existing legislation for cross-border transactions does not protect the rights of cryptocurrency users, asserting that this will push all operations outside Russia, which will lead to losses for the country\u2019s economy.<\/p>

In its letter, the ministry stressed the need to change the text of the bill to provide for \u201cthe creation of mechanisms for the controlled circulation of cryptocurrencies.\u201d They may include establishing requirements for the issuance and turnover of cryptocurrencies and their operators. Procedures for allowing these operators to carry out crypto-related activities should also be established. The letter continues, \u201cSub-legislative regulation of this issue is proposed to be attributed to the powers of the government of the Russian Federation (together with the Bank of Russia).\u201d<\/p>

Anatoly Aksakov, chairman of the State Duma Committee on Financial Market, told Kommersant that he had not yet seen the letter from the Ministry of Economic Development. Nonetheless, he said: \u201cIt\u2019s good that they criticize, we don\u2019t need approval, we need criticism.\u201d According to him, the country\u2019s central bank, the Bank of Russia, \u201cgenerally supports the bill with some changes.\u201d Public comments on the proposed legislation will be collected until mid-June.<\/p>

The draft law \u201cOn Digital Financial Assets\u201d was adopted in the first reading back in 2018 after long discussions. However, it does not address how existing cryptocurrencies are to be treated, the publication noted. Meanwhile, the central bank has repeatedly spoken out against the circulation of cryptocurrencies in Russia.<\/p>

Alexander Zhuravlev, chairman of the Commission for Legal Support of the Digital Economy of the Moscow Branch of the Russian Bar Association, commented that \u201cIn the context of the crisis of the Russian Federation, one should not give up opportunities, one should choose the right administration, and not a prohibitive approach.\u201d He elaborated that \u201ceven with the legal prohibition of crypto assets, users will have the opportunity to bypass it through technical means (VPN, etc.),\u201d adding:<\/p>

The prohibitive approach will not solve the security problem of citizens, but will actually create an uncontrolled black market.<\/em><\/strong><\/p>

The Director-General of Moscow Digital School, Dmitry Zakharov, believes that Russia already missed a lot of opportunities by not providing a comfortable legal environment for cryptocurrency when it was needed. He emphasized that if this new bill is adopted and cryptocurrencies are banned, Russia will miss out on big opportunities, including substantial revenue loss from taxes and crypto mining. Most importantly, he said the country will lose innovators, entrepreneurs, programmers, and lawyers who work in this sector.<\/p><\/blockquote>\n\n\n

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A Possible Crypto Black Market. It appears that the Russian parliament has introduced a bill that would ban the use of cryptocurrencies in the country.\u00a0 Fortunately for crypto lovers, the Ministry of Economic Development has … News Commentary #1,088 – Russia Considering Crypto Ban<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":10984,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[139,4266,3545,1874,3544,4233,3546,3547,4265,4264],"class_list":["post-11138","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-information","tag-bitcoin","tag-bitcoin-ban","tag-bitcoin-info","tag-bitcoin-insights","tag-bitcoin-news","tag-bitcoin-prediction","tag-bitcoin-update","tag-bitcoin-updates","tag-crypto-ban","tag-russia-cryptos","exalt-entry"],"yoast_head":"\nNews Commentary #1,088 - Russia Considering Crypto Ban - EmilyNews<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/emilynews.com\/blog\/?p=11138\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"News Commentary #1,088 - Russia Considering Crypto Ban - EmilyNews\" \/>\n<meta property=\"og:description\" content=\"A Possible Crypto Black Market. 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