Russia blocks bitcoin
bitcoin is a kind of P2P digital currency
reasons for blocking:
1. Vulnerability of trading platform. The bitcoin network is robust, but the bitcoin trading platform is fragile. Trading platform is usually a website, which will be attacked by hackers or shut down by competent authorities
The transaction confirmation time is long. When bitcoin wallet is first installed, it will consume a lot of time to download historical transaction data blocks. While bitcoin transaction, in order to confirm the accuracy of data, it will take some time to interact with P2P network, and the transaction will be completed only after the whole network is confirmed The price fluctuates greatly. Due to the intervention of a large number of speculators, the price of bitcoin for cash fluctuates like a roller coaster. Making bitcoin more suitable for speculation rather than anonymous trading4. The public did not understand the principle, and the traditional financial practitioners resisted. Active netizens understand the principle of P2P network and know that bitcoin has no legal person to manipulate and control. But the public doesn't understand, and many people can't even tell the difference between bitcoin and q-coin“ "No issuer" is the advantage of bitcoin, but in the view of traditional financial practitioners, "no issuer" currency is worthless
extended materials:
the concept of bitcoin was first proposed by Nakamoto in 2009. According to Nakamoto's idea, the open source software was designed and released, and the P2P network on it was constructed. Bitcoin is a kind of P2P digital currency. Point to point transmission means a decentralized payment system
unlike most currencies, bitcoin does not rely on specific currency institutions. It is generated by a large number of calculations based on specific algorithms. Bitcoin economy uses the distributed database composed of many nodes in the whole P2P network to confirm and record all transactions, and uses the design of cryptography to ensure the security of all aspects of currency circulation
the decentralized feature and algorithm of P2P can ensure that it is impossible to artificially control the value of bitcoin by mass manufacturing. The design based on cryptography can make bitcoin only be transferred or paid by the real owner
This also ensures the anonymity of money ownership and circulation transactions. The biggest difference between bitcoin and other virtual currencies is that the total amount of bitcoin is very limited and it has a strong scarcity. The monetary system used to have no more than 10.5 million in four years, after which the total number will be permanently limited to 21 millionbitcoin can be cashed and converted into the currency of most countries. Users can use bitcoin to buy some virtual items, such as clothes, hats and equipment in online games. As long as someone accepts it, they can also use bitcoin to buy real-life items
on February 26, 2014, Joe Manchin, a Democratic senator from West Virginia, issued an open letter to a number of regulatory authorities of the US federal government, hoping that the relevant authorities would pay attention to the status quo of bitcoin's encouraging illegal activities and disrupting the financial order, and demanded that actions be taken as soon as possible to completely ban the electronic currency
from 12:00 noon on January 24, 2017, China's three major bitcoin platforms officially began to collect transaction fees
in October 2013, bitcoin Bank of Australia was attacked by hackers, with a loss value of more than US $1 million. This incident has aroused the concern of bitcoin security in Australia. The Reserve Bank of Australia and the Australian tax office have said they want a virtual currency tax like a business transfer tax
Bangladesh
the Central Bank of Bangladesh banned the use of virtual currency in September 2014. Using bitcoin will be punished by law
Brazil
Brazil is one of the few countries in the world that has enacted laws related to electronic currency payment systems. Brazil has not banned bitcoin
Bolivia
for regulatory reasons, the Central Bank of Bolivia (BCB) has banned the use of bitcoin. BCB believes cryptocurrency will help business entities evade taxes
Canada
bitcoin is not considered legal, that is, bitcoin is not recognized by Canadian law. Canada's tax authorities plan to implement the same tax plan as barter trade and speculative trading for the bitcoin
China
China is one of the few countries in the world that ban bitcoin completely and prohibit financial institutions and banks from dealing with bitcoin transactions. In December 2013, the people's Bank of China issued a notice calling bitcoin & quot; Virtual goods;, And prevent it from becoming money
trading has been suspended
Ecuador has banned bitcoin, but it has chosen to set up a new state-owned electronic currency and monetary system, and the currency will be protected by the assets of the Central Bank of Ecuador
EU
at present, the EU still has different views on the classification of bitcoin. In October 2012, the European Central Bank's report on virtual currency concerns the legality of bitcoin under the EU legal framework. The European Banking Regulatory Authority issued a bitcoin risk warning, saying that the use of bitcoin has not been restricted at present
Finland
Finland has relevant regulations for the use of virtual currencies such as bitcoin. The relevant regulations are issued by the Finnish tax authority Vero skatt. Any gains arising from bitcoin transactions will be subject to capital gains tax
Hong Kong
Hong Kong has no regulations for bitcoin or any other virtual currency. However, the government is closely monitoring the use of bitcoin to prohibit money laundering, fraud and other illegal activities
India
India does not explicitly stipulate or prohibit the use of bitcoin. However, the Reserve Bank of India (RBI), equivalent to the Central Bank of India, has been forced to shut down India's largest bitcoin trading platform after it issued a notice that the use of bitcoin could cause money laundering and security problems
Israel
the Israeli tax authority is considering levying income tax on bitcoin transactions. Israeli banks even blackmail bitcoin payments
Kyrgyz
Kyrgyz central bank has banned the use of digital currency and bitcoin for the reasons of lack of centralized management, high currency risk and legal problems
Russia
the Central Bank of Russia believes that bitcoin may be used for money laundering and terrorist financing. Therefore, the Russian government banned the use of bitcoin
Taiwan
Taiwan's financial supervision commission is concerned about the uncertainty and speculation of bitcoin, so Taiwan opposes the installation of bitcoin ATM
UK
at present, there are no relevant regulations for the bitcoin. Profits or losses from bitcoin transactions are subject to capital gains tax, while the purchase of bitcoin is still subject to VAT
the U.S.
the U.S. is probably the most supportive country for virtual currencies such as bitcoin. There are no final rules on bitcoin. However, there are also many new rules for the establishment of bitcoin management framework.
Russia may prohibit the use of cryptocurrency as a payment method
the exact number of cryptocurrency websites banned in Russia is not yet known. According to roskomsvoboda, dozens of domain names that use the word "bitcoin" have been restricted by court decisions or federal tax services. Last summer, roskomnadzor, the regulator, announced that it had blocked about 257000 Internet platforms in five years
because blockchain is an illegal technology, just like the Internet in 1990. The Internet has changed our survival and lifestyle. Blockchain also has this potential. Many applications are waiting for people to develop. Bitcoin is only a relatively successful application of blockchain, which may be used by some hackers. It is also a recognized money laundering tool. The domestic Puyin group has launched the tea based digital currency, which is based on the blockchain technology.
Many countries have opened up models to protect their economies from seemingly inevitable economic trends. De dollarization is popular not only among countries, but also among investors, mainly e to the growth of global technology and the increasing popularity of the Internet. At the same time, the global financial market also reflects the trend of de dollarization
At present, many countries are following this practice. The United States, through international financial institutions such as the International Monetary Fund and the world bank, continues to exert financial and economic pressure on all countries, so these countries unite to resist US interference. Technological progress has accelerated the transfer of the UK and the US as global financial centers. First of all, the unrestrained printing of US dollar also distorts the development of global economy, resulting in the expansion of stock market and out of control of US debt. Quantitative easing monetary policy, derivatives Ponzi scheme and other forms of financial leverage have also led to manipulation of the global gold market. Just like the financial crisis in 2008, if the market collapses, the central banks will go through the difficulties through the quantitative easing monetary policy, ensure the market cash flow, and let taxpayers and small investors bear the pain of the financial crisis Ordinary people may not be able to understand the market situation in time. But in fact, the dollar is devaluing. However, gold is still manipulated and controlled. Like other markets, the gold market is also affected by the dollar, central financial institutions and market manipulationthe expansion of the cryptocurrency market is not only related to the popularity of the Internet and smart phones and the development of the digital world, but also regarded by investors as a safe haven from central financial institutions and central banks. Whether bitcoin can prove to be a long-term investment remains to be seen, but the concept of cryptocurrency already exists. Blockchain technology, which supports cryptocurrency, is absolutely a typical example of economic transactions to central China. Through blockchain technology, the transaction of cryptocurrency will not involve any intermediary who can manipulate and distort the market at will
bitcoin is hyped and has no real value. Russia knows this, but it doesn't dare to use it in practice!
legal
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