Dennis Porter shared: BREAKING: Russia moving forward with Bitcoin and digital asset regulation despite a call from the Russian Central Bank to ban all cryptocurrencies.

Community Response:   Decentralization trumps Centralization.

The Central Bank has been around since 1913. What are you talking about?

Hard to like this. I hope the USA gets straight and realizes its position to participate in the shifting financial world.

The USA got stadiums called after Crypto exchanges, Mayors fighting each other to be THE crypto hub of the country, NBA stars getting paid in Bitcoin and a ton of other things going on and now people start being scared of others adopting crypto? The USA is leading the pack SIR.

Hope so. Fundamentals are strong for sure. There is something to be said about Central Banks and Big Government and the lengths they will go to in protecting their stranglehold on everything.

They want reports on anything over $600. BTC anonymity doesn’t provide it.

Of course, they will fight back. No one wants to give up the power that quickly & easily. Just like back in the day when the internet arrived. Back then, suddenly everybody had the knowledge, which only teachers and professors do.

You want to make govt weak in short? Good luck. An easy way for china.

It won’t make the US weak if they front-run adoption, the first superpower to do that will gain a tremendous advantage in the future.

Well, I guess if that happens China and other countries won’t follow it.  We will not repeat the mistake of the dollar.

One of the proposed regulations in Russia is jail-term for those who refuse to declare ownership of crypto assets. Let that sink in.

What’s the problem with declaring your holdings? They already know what is in your bank accounts.

A few problems with it 1) There would be a database with an entry including your name and the amount of bitcoin you own. Do you want that in the wrong hands? 2) The government can force seize Bitcoin, or levy penalties against people that won’t turn it over if they know you have it.

I’m shocked.  Russia hasn’t put billions into Bitcoin.  Other countries would follow limiting the advantage, but it would still be hugely advantageous to Russia especially by getting in before most countries. Also helps to undermine the US dollar as the world reserve currency.

USD as the reserve currency is stupid, yes. How can they only need to print while others need to work so hard to earn it?

And, people outside of US they have more problems as their country’s Central Banks also prints. So, the whole world’s citizen enemy is not the US but Central Banks and its evil system.

Using Bitcoin to bypass economic sanctions is a use case.  You mean the use case.

Not having to ask to spend your money is the use case.  Try transferring a large sum of money anywhere via the banking system.  You then have to prove where it came from, and they limit the amount per day and will freeze your funds if your answer is not fast enough.

It’s got to be frustrating for banks to wield so much power historically.  And to see so little effect on the market now in their weekly ban, un-ban. Bitcoin gave a big fat greek “I don’t care” to both weeks either up or down, on top of our (much-anticipated) CBDC threat.

You haven’t tried to understand what this regulation means? In short, 1. De-anonymization. 2. Confiscation. But it doesn’t matter to you, does it? The main thing is to get likes and a high rate.

Yeah, the US doesn’t want that swing in power.  Why they are fighting crypto so much. They want the 1% to stay the 1% crypto allows the average American to not only become more financially wealthy, but some enter the 1% without the US govt approval that’s why they want to regulate it.