Russia Looking At Banning Cryptocurrencies

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▶️ Watch on 3Speak


There is a bill in Russia that is seeking to ban cryptocurrency being either bought or sold by Russian citizens.

in this video I discuss how absurd it is for governments to think they can stop what is taking place. Think of the impossibility of the task if there are 100K video games all with digital assets.


▶️ 3Speak



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(Edited)

Interesting thoughts, great video! Goes to show how great it is that we have Hive in my opinion.

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what is the name of the Russian bill?

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project
Federal Law No. 419059-7
“On digital financial assets and
amending certain legislative acts of the Russian Federation "

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Up to 7 years in prison for mining and fines: the State Duma wants to introduce criminal liability for bitcoin transactions. Russia is rolling in the Stone Age.

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Do not fear, the United States is doing its best to race towards that age too.

It seems intent on protecting the existing financial system as opposed to moving forward technoligically.

Posted Using LeoFinance

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Banning crypto in their country will be the best mistake they will make. In few years cryptocurrency will be the main means of exchange that will be generally accepted all over the world

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This is not good. They are doing mistake by ignoring the future. Regulate crypto instead of ban. ☻

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Summary:
In this video, Task discusses a recent report about Russia considering a bill to ban cryptocurrencies. He mentions Vladimir Putin's stance on government-based digital currencies and censorship of crypto in Russia. Task reflects on the impracticality of trying to ban virtual assets and digital currencies, highlighting the complexity and vastness of the virtual economy. He raises concerns about the global recession and criticizes governments' reactive approach to economic challenges instead of proactive solutions like substantial stimulus packages. Task emphasizes the potential of the virtual world, gaming, decentralized exchanges, and virtual assets as avenues for financial growth and societal change. He concludes by asserting that governments may struggle to control the growth of digital assets and predicts a shift towards alternative financial solutions.

Detailed Article:
Taskmaster 4450's recent video delves into Russia's contemplation of a bill to outlaw cryptocurrencies within the country. Vladimir Putin's skepticism regarding state-controlled digital currencies and the difficulty in restricting the widespread use of cryptocurrencies globally is highlighted. The discussion extends to the trend of countries considering digital currencies to maintain control, contrasting Russia's potential cryptocurrency ban with China's and the US's approaches towards centralized currencies and crypto assets.

The impracticality of entirely prohibiting virtual assets and digital currencies is underscored as Task points out the vast range and potential of the virtual economy. He mentions the challenges governments would face in regulating numerous decentralized exchanges and digital currencies tailored for various purposes, such as digital games like CryptoKitties and NFTs. Task suggests that attempting to ban such a diverse array of assets is a near-impossible task due to their growing popularity and usability.

Furthermore, Task critiques the reactive measures taken by governments in response to economic crises, emphasizing the inadequacy of current stimulus efforts. He highlights the significant economic impact of the COVID-19 pandemic and the need for more proactive financial solutions to alleviate the impending global recession. The video touches on the growing trend of people turning to the virtual world for financial opportunities and entertainment, especially in the gaming industry, which boasts a vast and engaged user base.

Task discusses the potential for virtual assets and decentralized markets to drive financial growth and societal change, underscoring the importance of continuous innovation and involvement in digital projects to counter government attempts to restrict such developments. He argues that the exponential growth potential of cryptocurrencies and digital assets may soon reach a tipping point where widespread adoption becomes inevitable, regardless of government efforts to curb their influence.

In conclusion, Task suggests that the exponential growth of digital assets, particularly in the gaming sector, will ultimately outpace government attempts to control them. He predicts a challenging road ahead for traditional financial systems if they fail to adapt to the changing landscape of decentralized assets and virtual economies.

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