Russia plans own cryptocurrency, would ban bitcoin

I don't know many specifics but I agree with you, the possible motivations and goals behind a chinese e-currency are a bit unsettling.

What's unsettling about eCurrency? Any government can issue one if it chooses to do so. Unlike crypto currency, it's backed by a government, not just a blockchain and blind faith. Some government e-currencies will use blockchain, others will operate far more rapidly by using systems similar to the big credit card companies.

Some of those US stimulus checks arrived as checks, others arrived as pre-paid credit cards, and others as electronic deposits into people's bank accounts. The final one in my list is really no different than "US e-dollars arriving in someone's e-wallet." How is sending $50 to a friend using PayPal not effectively the same as using a hypothetical government digital wallet?

China already has 2 major companies offering e-wallets that allow people to store e-money directly in the system or to transfer cash in and out of bank accounts very similarly to PayPal. Nearly all shops there (even stalls at vegetable markets, according to my sources) allow payments to be done via smartphone using one or both systems. Just scan the shop's barcode, type in the amount, and hit send.

Do you still feel unsettled by the motivations and goals of electronic transfer of digital cash by a government? If so, close your PayPal account and your bank account. Then you can pay for everything using non-government cryptos or physical cash.

China will do anything to become the world power.

China has over 1.4 Billion people and is working hard to improve living conditions and provide good jobs. If the US doesn't stop sitting around being happy with stock market and instead focus on growing the real economy, China and India only have to keep working to improve their own economies to easily pass the US GDP.

Do you think China should send all its workers (quite a few of them work to make the cell phones and computers people use for their forex trading) back to working on farms so that the USA can automatically remain the country with the highest GDP instead of having to put some effort into holding onto the #1 slot? Should India try to reduce its economic growth to avoid being the next target of US hatred because another country actually tries to help its own people and its own economy enough to produce a greater total value of goods and service than the US?
 
What is the purpose of creating local internal cryptocurrency while you have your local money? To pay for services online? Well, you can pay for anything using your bank app. Why would somebody need something additional that works the same way as the thing they already have? Another thing is that if they plan to stop using ruble at all and move to completely another way of paying. In this case, it may work.
As for me, the sole purpose of creating new crypto is to buy bitcoin :confused:
 
Plans and intentions of Russian government are really serious. You know that bitcoin has a monopoly a year ago on crypto market that's why it's needed to be regulated somehow. According to the plans of Russian government they want to ban btc only as an exchanger for goods and services, plus to make population execute operations with bitcoin only via bank's agreement which are regulated by the central bank. It's obvious that Russia has such intentions, mainly because btc is an exchanger for acquiring some illegal stuff. Moreover, there were plans to make btc owners pay taxes, because Russian government doesn't like when someone gets rich and doesn't share his wealth with them.
 
It seems many nations are developing their own cryptocurrencies. With all these crazy amounts of quantitative easing, but i am not sure that will these even come out as early as possible lets see
I don't believe that russia is about to create its own cryptocurrency and that's why it planned to ban bitcoin. I tend to suppose that everything because of various illegal stuff which is highly spread in this country. Money laundering, buying of prohibited substances and other terrible things are really quite spread in russia as far as I concerned. I guess the first reason is laundering, the second is illicit enrichment via mining bitcoin (it's the same actually) and the third one are illegal substances. Of course there is a personal interest of the ruler party in russia because they're quite cponservative and are convinced that bitcoin can somehow be a threat to the national currency. No governor wants to get an inflation and money emissions.
 
I don't believe that russia is about to create its own cryptocurrency and that's why it planned to ban bitcoin. I tend to suppose that everything because of various illegal stuff which is highly spread in this country. Money laundering, buying of prohibited substances and other terrible things are really quite spread in russia as far as I concerned. I guess the first reason is laundering, the second is illicit enrichment via mining bitcoin (it's the same actually) and the third one are illegal substances. Of course there is a personal interest of the ruler party in russia because they're quite cponservative and are convinced that bitcoin can somehow be a threat to the national currency. No governor wants to get an inflation and money emissions.
As far as I know, Russia definitely planning a cbdc - they are currently developing a digital ruble. I don't know if that was part of why they are taking a stance against Bitcoins. But there are many governments that are worried about cryptos being used for illegal activities, it's not just Russia.
 
They may not ban Bitcoin now but yes they can are preparing to regulate it. One of my friend's accounts in Russia has been frozen due to CryptoTrading and asked for a declaration of Investment Fund as he trades in large volume. These are signs that strict regulation is on the way.
 
Back
Top