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Japan to toughen crypto rules to make sanctions on Russia effective

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check exchange rates

usd vs tub

usd vs jpy

for say last 5 wks

will understand that rub is covered by resources like gold,oil,gas and metals,while jpy is covered by...you guess.

this is just another step of Japan inc make situation for Russia more tough but well it will not work as same as antirussian sanctions.

sure guys from LDP knows that well so this is just another "tatemae thing".local folclore as usual.

2 ( +3 / -1 )

Even tougher than your iron clad rules against Mt. Gox scam?

0 ( +1 / -1 )

@Commanteer

I am also equally surprised.

There is a free book on the internet: 'The Satoshi revolution'. One can download it and learn a lot without paying a dime.

0 ( +1 / -1 )

That's because the sanctions aren't affective against Russia and only making matters worse for Japan

They aren’t and the defensive answer you get is that they aren’t meant to stop Russia but just cripple their economy

It's a good test case. If Russia can continue to sell it's oil freely in order to fund it's illegal, and inhumane war, the crypto community and regulators need to find a solution.

Most people see the Russia/Ukraine war as only a military war. It is obviously not only a military war; it is a combined military and financial war.

The media emphasizes the military war because that is the part it wants its audience to see: the bombed out libraries and hospitals and the fleeing refugees. The financial and economic war began when the US and EU implemented broad sanctions against Russia, expecting the ruble and Russian economy to collapse.

The Russian economy isn’t collapsing because Putin and the Russian central bank had been hardening the economy for years, since 2014, when the Maidan coup happened, and Russia annexed Crimea.

China plays two roles for Russia: banker and supplier of products.

China is banker and supplier of products to the West too.

The US foreign policy strategists could not have not realized this. It is not a good idea to threaten your banker. It is even worse to threaten your main supplier of products.

2 ( +3 / -1 )

This is impossible to do. You can easily transfer your funds to other crypto exchanges outside of the Japanese jurisdiction.

I think it would be better to just ban all the Russians from having an account in Japan or buying Japanese asset.

0 ( +1 / -1 )

Crypto is designed to bypass swift, to empower people to whom banks won't give accounts, to allow funds to move freely without central banks oversight and overcharges.

> Stopping that seems like an overstep.

Exactly. So doesn't this smell more of an attack on the common man than big, bad Russia? Lockdowns weren't about saving lives...

I hope enough people unplug themselves from the matrix before it's too late.

2 ( +3 / -1 )

Ah cryto. The paradise where criminals funnel they cash and practically made sanction and banking useless.

-4 ( +3 / -7 )

This is simply bringing exchanges under the same/similar regulations of banks. It won't stop the flow of crypto from anyone determined to side step the sanctions. Exchanges are not needed to make transactions between individuals.

3 ( +3 / -0 )

I assume these new rules will be removed once (if) this ugly was is stopped?

Of course, not. All the rules and restrictions stemming from 9/11 are still around.

3 ( +4 / -1 )

I thought Bitcoin was uncontrollable by governments.

It is. This is a bunch of posturing by JGov. I am sure Russia maintains its own servers, so they won't have the use these exchanges, so this just makes it difficult for regular people.

4 ( +5 / -1 )

I am surprised at the comments and upvotes that show such total ignorance of crypto, even now after it has been around for 10 years. People really need to learn about their monetary systems, especially since they are on the verge of collapse. Seems to me to be worth a day or two of reading. (Not news articles written by equally ignorant reporters, but serious reports.)

If all exchanges close, then that will bring crypto closer to its intended use. Satoshi Nakamoto never even mentioned exchanges - they would have been contrary to his intent. Exchanges are convenient, but they also bring in speculators and money chasers who don't really bring anything positive to the space. They help boost the price in the short term, but are damaging to adoption in the long term.

1 ( +4 / -3 )

This is a red herring, Russian gas still going to Japan AND elsewhere...Japanese stakes in Russian energy projects still there.

5 ( +6 / -1 )

As exchanges cannot identify a crypto recipient, they won't be able to ensure that any crypto deal is legal. So under the guise of preventing sanctions breaking, they can ban all crypto transactions as easily as they banned tourism.

There could be a limit at which they cap transactions, but they can end crypto movements through exchanges this way if they choose to. Crypto exchanges may soon all be closing. This won't just be in Japan. It depends how they implement it.

0 ( +1 / -1 )

Mat.....

Crypto is designed to bypass swift, to empower people to whom banks won't give accounts, to allow funds to move freely without central banks oversight and overcharges.

No, Crypto was designed to make its designers rich.

1 ( +5 / -4 )

Japan will toughen regulations on cryptocurrency exchanges, requiring them to check whether recipients of transactions are subject to financial sanctions imposed following Russia's invasion of Ukraine,

*With exceptions for energy resources for refining by Japanese firms, Japan Tobacco, etc, etc

4 ( +5 / -1 )

I assume these new rules will be removed once (if) this ugly was is stopped?

Crypto is designed to bypass swift, to empower people to whom banks won't give accounts, to allow funds to move freely without central banks oversight and overcharges.

Stopping that seems like an overstep.

What are they actually trying to stop here? Is it to stop people sending money to people to buy bread, or are they trying to stop companies buying products, or governments buying fuel. If it's the latter, it seems there's other ways to accomplish it.

Seems like a pointless and expensive reduction in freedom.

2 ( +5 / -3 )

That's because the sanctions aren't affective against Russia and only making matters worse for Japan

5 ( +10 / -5 )

It's a good test case. If Russia can continue to sell it's oil freely in order to fund it's illegal, and inhumane war, the crypto community and regulators need to find a solution.

-3 ( +5 / -8 )

I thought Bitcoin was uncontrollable by governments, it seems just like Paypal, but with higher fees.

6 ( +10 / -4 )

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