r/Economics • u/Technical_Ostrich_47 • 2d ago

News Russia Will Ban Peer-to-Peer Cryptocurrency Transactions Between Citizens

https://ua.news/en/world/u-rosiyi-zaboroniat-p2p-operatsiyi-z-kriptovaliutoiu-mizh-gromadianami
127 Upvotes

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u/PsychGuy17 1d ago

I've deliberately tried to know as little about crypto as possible but wasn't this the whole point of having a crypto currency? I thought it was touted as a way to step away from a government controlled exchange system.

7

u/acdha 1d ago

That’s just marketing designed to get you to buy in. With the exception of a handful of unpopular systems, you’re maintaining a transaction log you can’t erase (that’s what makes it a blockchain). If the government can de-anonymize your wallet identity, they have a list of every transaction you’ve ever made with it and can start going after the people you traded with to do the same with them. Given the current circumstances, you’d have to approach every transaction asking what the odds are that the other party would sell you out to avoid being drafted and sent to die in a ditch somewhere in eastern Ukraine. 

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u/dogchocolate 13h ago

Not so much government control, more Bitcoin came about as a response to people not owning their own money.

This was part of it, people queuing at Northern Rock in 2007 and not being able to access *their own money* : http://news.bbc.co.uk/1/hi/business/6996136.stm

Bitcoin arrived in 2008.

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u/Acceptable_Bat379 2h ago

Crypto has been around since the mid/late 299s but it really only took off when wealthy people started using it for speculation (gambling) money laundering and bribery. Its pretty much completely co opted now I mean the president has his own crypto. Hardly the little guys