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Russia Plans To Ban Crypto Mining


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The Bank of Russia has just released a report outlining its position on cryptocurrencies. Put simply, Russia wants to push cryptos out of the country.

No Mining, No Transactions Inside the Country

The Bank of Russia believes that cryptocurrencies pose significant risks to the well-being of Russian citizens and the stability of the financial system. In addition, the Bank of Russia highlights its role in illegal activity.

Put simply, the Bank is concerned that the additional development of crypto markets will hurt the sovereignty of its monetary policy. Interestingly, the Bank says that developed countries which have reserve currencies can afford such risks, so they choose the path of regulation.

The Bank wants to add penalties for using cryptos as a means of payment inside Russia, ban crypto exchanges and P2P platforms, and ban crypto investments for financial firms.

Importantly, the Bank of Russia does not propose banning crypto for Russian citizens, so they will be able to use foreign exchanges to purchase cryptocurrencies.

Another important thing is that the Bank of Russia wants to ban crypto mining due to high energy usage and increased demand for crypto infrastructure, which may be used to bypass other crypto bans.

A similar idea (on proof-of-work mining) has been recently voiced in the EU, although it should be noted that the Bank of Russia’s proposal has a much bigger chance to become law.

FINANCE.YAHOO.COM

Russia believes that cryptocurrencies may hurt its financial stability.

 

Crypto fell a lot lately, this is why. 

 

I expect this to happen in more and more places over time. Crypto seems to do more harm than good, especially in an era the energy/resources used for mining is so problematic. 

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So the Bank of Russia is against it, who'd have thunk it that a major bank would be against its competitors?  It doesn't say Russia is, it says the Bank of Russia.  They also state right there in the excerpt, and I quote:

 

"Importantly, the Bank of Russia does not propose banning crypto for Russian citizens, so they will be able to use foreign exchanges to purchase cryptocurrencies."

 

This is not why crypto fell recently either, it falls every January, Feb, March as people are cashing out to pay their taxes.  There's also been a market correction that's been LONG overdue.

 

It says so right in the article, "It is not clear whether the news will have an immediate impact on Bitcoin and other leading cryptocurrencies like Ethereum, Cardano or Solana."

 

The recent bubble was also bound to crash.  A 2 year bull run is VERY unlikely to stick around, I'm surprised it lasted as long as it did to be honest.  People always say its the end of crypto every SINGLE time this happens, and yet.....crypto isn't dead yet.  This is no different than the 5 different times China "banned" it.  You can't ban something that's decentralized to this degree, best they can do is tax it into oblivion which is exactly what they're proposing if you read the article.  It's like trying to ban piracy.  In this case, they're actively saying they're going to ban hardware in so many words, since they're trying to attack 11% of the world's mining population.  That's all mining is, just hardware running.

And why is this so dangerous but yet [email protected] is okay?  Same thing, its sustained loads on the electrical grid from computers crunching numbers.

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Quit posting those damn classified Russian documents PIO. 

 

Class.thumb.png.434d7ce132b0d4feb01d48ff3802ec39.png

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2 hours ago, Avacado said:

Quit posting those damn classified Russian documents PIO. 

 

Class.thumb.png.434d7ce132b0d4feb01d48ff3802ec39.png

Odd.... :lachen:

BTW, stocks are also down big right now too.  Maybe that's because of Russia too?  :lachen:

 

It's almost as if, money and stocks have a direct correlation to what crypto is doing regardless of silly policy bans that banks and treasuries try to put in. 🤔

Edited by pioneerisloud

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3 hours ago, pioneerisloud said:

Odd.... :lachen:

BTW, stocks are also down big right now too.  Maybe that's because of Russia too?  :lachen:

 

It's almost as if, money and stocks have a direct correlation to what crypto is doing regardless of silly policy bans that banks and treasuries try to put in. 🤔

 

...well, they are all also 'asset classes' and as such very much related / correlated in their movements. Right now, there's huge perceived uncertainty re. 'next steps' in the pandemic, supply chains, inflation, and a real danger of armed conflicts...financial markets in general don't like uncertainty.

 

...also, Russian wealth has relied heavily on crypto to move funds outside of official international sanctions and banking controls, but that flight of capital won't please the (Russian and other) state(s) too much.

 

Finally, the age-old problem with crypto: The more successful  and widespread it gets re. payment acceptance etc, the more the monetary authorities will try to clamp down - a victim of its own success, so to speak. Ultimately, governments want to control monetary policy and enforce fiscal policies (taxes), and they don't like people 'making their own money (> crypto)' - go figure 😊

 

All that said, crypto may very well remain an asset class to hedge against uncertainties (and perhaps inflation once crypto values have calmed), and many folks will  like some part of their apparent wealth outside the grasp of 'the authorities'. However, the major crypto coins are also subject to much wilder speculation if not manipulation, and thus riskier to park wealth in.

 

If it all goes terrible wrong, we might just find ourselves back doing barter trade 🥴 

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The only mining that could survive global ban are the [email protected] and Boinc and other project based one.

Only because the energy used is to help non profit organisation.

 

I wonder what gonna happen in the future month with covid and bitcoin value.

 

A global ban should have happened a long time ago.

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On 23/01/2022 at 19:18, pioneerisloud said:

Odd.... :lachen:

BTW, stocks are also down big right now too.  Maybe that's because of Russia too?  :lachen:

 

It's almost as if, money and stocks have a direct correlation to what crypto is doing regardless of silly policy bans that banks and treasuries try to put in. 🤔

Stocks are down because the government announced plans to raise interest rates. Nothing to do with this news. 

 

https://www.thestreet.com/.amp/investing/rising-interest-rates-hurting-stocks-risk-assets

 

 

As for crypto, it had already dropped some before this news but it started dropping way more as soon as this news came out. Maybe it's not a direct cause and the timing is pure coincidence however I'd say they're more than likely related. 

 

Not saying crypto and the markets don't move together these days but right now there is even more going on than just that. Bad news across the board. 

Edited by UltraMega

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...speaking of uncertainties, well over 1,000 point swings in the Dow stock index today...what uncertainty looks like, coupled perhaps with some market-maker interventions

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19 minutes ago, J7SC_Orion said:

...speaking of uncertainties, well over 1,000 point swings in the Dow stock index today...what uncertainty looks like, coupled perhaps with some market-maker interventions

Yes pretty crazy. Looks like some people are trying to buy the dip now. Personally I don't think this is the bottom just yet. 

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...this seems to fit somewhat (time-stamped), might add even more confusion re. Bitcoin

 

 

 

Edited by J7SC_Orion

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