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International News Title: Russia Backpedals On Bitcoin - Unveils Plan To Ban Cryptocurrency Sales To "Ordinary People" Russia Backpedals On Bitcoin - Unveils Plan To Ban Cryptocurrency Sales To "Ordinary People" by Tyler Durden After local Russian media reported earlier this year that the Russian Parliament could legalize bitcoin as soon as 2018, Deputy Finance Minister Alexei Moiseev this week signaled that authorities might instead seek to restrict its use. During an interview with Russia 24, a state-owned news channel, Moiseev said that Russian authorities should treat cryptocurrencies, including bitcoin, as sophisticated financial assets and restrict their use and trading to qualified investors only. Moiseev’s statement surprised members of Russia's digital currency community, who had been lead to believe that the Russian government was finally warming to digital currencies after years of skepticism. That belief was strengthened earlier this month when an aide to Vladimir Putin announced that he would seek to raise $100 million to build bitcoin mining infrastructure in Russia, with the goal of controlling as much as 30% of the bitcoin network’s hashpower. RBC quoted him saying: "We propose to call it a currency, but regulate it as other property, qualify it as a financial asset and allow only qualified investors to buy and sell them on the exchange.” As a regulated financial security, Moiseev said cryptocurrencies would be sold through stock exchanges under the supervision of the Federal Financial Monitoring Service of the Russian Federation, also known as Rosfinmonitoring, according to Bitcoin Magazine. Moiseev added that bitcoin is a "dangerous" investment, and that it's the government's duty to protect "ordinary people" from losing their shirts, according to CoinTelegraph. According to Moiseev, Russia’s ministry of finance is discussing how to proceed with the central bank and the Moscow stock exchange. Moiseev added that it is necessary for cryptocurrencies to sell through the exchange “to provide judicial protection to participants in transactions.” Moiseev detailed that this approach to cryptocurrency regulation aims to protect the rights of buyers and sellers. “Now people do it at their own peril and risk, they have no judicial protection. This is our first task,” he was quoted by Vedomosti. His comments then turned to the subject of money laundering. Finally, Moiseev said that the Russian government is uncomfortable with the anonymity provided by bitcoin. What's worse for bitcoiners is that Russia might be at the vanguard of a shift in how authorities view bitcoin. The SEC late last month declared that digital currencies, including bitcoin and the tokens issued during ICOs, should be treated as securities under the law. So far, the SEC's guidance has been vague. But the ease with which digital currencies could be used to finance illicit activities – regardless of whether they’re actually being used for that purpose – likely means that more government crackdowns are ahead. By requiring all local bitcoin exchanges to screen transactions for potential violations, China has found a way to pierce the anonymity surrounding digital-currency transactions. Don’t think it can't happen in the US. Post Comment Private Reply Ignore Thread Top • Page Up • Full Thread • Page Down • Bottom/Latest Begin Trace Mode for Comment # 7.
#4. To: nolu chan (#0)
(Edited)
Do these frozen bozos still occasionally go blind from shitty homemade vodka? Not sophisticated at all. No wonder their pretty women leave, go someplace warm, and get fat.
The U.S. has also acted to declare Bitcoin an asset rather than a currency. If you buy a Bitcoin for $1,000 and sell it for $2,000, you have a reportable and taxable capital gain. China is also moving to control cryptocurrency.
I'm sure people will rush to line up and pay that capital gains tax if they can get into the building crowded with all the people lined up to pay "use taxes" on out-of-state purchases. Fvck Big Stupid Government; it's all going to come to a head once the GOPussies try to get reelected.
If it moves tax it why would liberals not be in favour of that
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