It's interesting that they lowered the fine and changed it by a marginal amount
It might mean someone up there is having second thoughts on criminalizing it in general
Else why bother decreasing the fine.
Topic: [2014-11-10] CD: Russia Lowers Proposed Penalties For Bitcoin Activities (Read 842 times)
legendary
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November 12, 2014, 03:34:44 AM
November 11, 2014, 07:39:54 PM
well dollar is soon baned in russia too,,,
http://veriprocess.com/moscow-cracks-down-on-the-dollar-2/
Moscow Cracks Down On The Dollar
Russia may ban circulation of the U.S. dollar in the country, the Azeri-Press Agency reported on Wednesday (Nov. 5).
A bill has already been introduced in the Russian Federation’s legislature that would officially ban possession or use of dollars in the country. If the bill is approved and signed into law, Russian citizens will be required to close their dollar accounts in Russian banks within a year and exchange their dollars in cash for Russian rubles or other countries’ currencies.
Under the terms of the proposed law, after the one-year grace period, dollar accounts will be confiscated and dollars will be officially impossible to obtain in Russia, with the exception of exchange operations carried out by the Russian Central Bank and use by government agencies, including the country’s Foreign Intelligence Service.
A dollar ban would represent a major escalation of the financial-services needle match going on between the U.S. and Russia in the wake of Russia’s Ukraine actions. After the U.S. sanctioned some Russian banks and Visa and MasterCard cut off Russian clients associated with those banks, the Russian government required the card brands to move to a government-run payments network or pay multi-billion-dollar security deposits to the Russian central bank. Western proposals have also been floated to cut Russian banks off from the SWIFT financial messaging network.
But with the majority of Russians distrustful of banks and 90 percent of transactions in cash — and frequently in dollars for large purchases — a dollar ban would have a much larger impact on ordinary Russians than any previous sanctions-related actions.
http://www.themoscowtimes.com/business/article/lawmaker-seeks-to-ban-us-dollar/489525.html
Warning that the U.S. dollar is on the brink of collapse, a State Duma lawmaker has submitted legislation to ban dollar deposits and transactions at Russian banks.
Mikhail Degtyarev of the Liberal Democratic Party said the dollar will collapse in 2017 if the U.S. national debt continues to grow at the current rate, and he cautioned that countries with a high dependence on the currency would suffer an economic disaster.
“In light of this, the fact that confidence in the dollar is growing among Russian citizens is extremely dangerous," he said in an explanatory note attached to the bill, Interfax reported.
The bill, which would impose the ban within a year of its passage, says the holder of a dollar account would need to spend the money, convert it into another currency, or see the bank convert the account into rubles at the average rate for the previous year.
Russians could still buy and sell dollars while abroad, hold dollar deposits in foreign banks, and engage in e-commerce.
The legislation would not apply to foreign exchange transactions carried out by the Central Bank, the government, the Foreign Ministry, the Defense Ministry, the Foreign Intelligence Service, the Federal Security Service and the Federal Treasury.
It was unclear when the bill might come up for a first hearing and whether it would find enough support in the pro-Kremlin legislature to be passed into law.
http://veriprocess.com/moscow-cracks-down-on-the-dollar-2/
Moscow Cracks Down On The Dollar
Russia may ban circulation of the U.S. dollar in the country, the Azeri-Press Agency reported on Wednesday (Nov. 5).
A bill has already been introduced in the Russian Federation’s legislature that would officially ban possession or use of dollars in the country. If the bill is approved and signed into law, Russian citizens will be required to close their dollar accounts in Russian banks within a year and exchange their dollars in cash for Russian rubles or other countries’ currencies.
Under the terms of the proposed law, after the one-year grace period, dollar accounts will be confiscated and dollars will be officially impossible to obtain in Russia, with the exception of exchange operations carried out by the Russian Central Bank and use by government agencies, including the country’s Foreign Intelligence Service.
A dollar ban would represent a major escalation of the financial-services needle match going on between the U.S. and Russia in the wake of Russia’s Ukraine actions. After the U.S. sanctioned some Russian banks and Visa and MasterCard cut off Russian clients associated with those banks, the Russian government required the card brands to move to a government-run payments network or pay multi-billion-dollar security deposits to the Russian central bank. Western proposals have also been floated to cut Russian banks off from the SWIFT financial messaging network.
But with the majority of Russians distrustful of banks and 90 percent of transactions in cash — and frequently in dollars for large purchases — a dollar ban would have a much larger impact on ordinary Russians than any previous sanctions-related actions.
http://www.themoscowtimes.com/business/article/lawmaker-seeks-to-ban-us-dollar/489525.html
Warning that the U.S. dollar is on the brink of collapse, a State Duma lawmaker has submitted legislation to ban dollar deposits and transactions at Russian banks.
Mikhail Degtyarev of the Liberal Democratic Party said the dollar will collapse in 2017 if the U.S. national debt continues to grow at the current rate, and he cautioned that countries with a high dependence on the currency would suffer an economic disaster.
“In light of this, the fact that confidence in the dollar is growing among Russian citizens is extremely dangerous," he said in an explanatory note attached to the bill, Interfax reported.
The bill, which would impose the ban within a year of its passage, says the holder of a dollar account would need to spend the money, convert it into another currency, or see the bank convert the account into rubles at the average rate for the previous year.
Russians could still buy and sell dollars while abroad, hold dollar deposits in foreign banks, and engage in e-commerce.
The legislation would not apply to foreign exchange transactions carried out by the Central Bank, the government, the Foreign Ministry, the Defense Ministry, the Foreign Intelligence Service, the Federal Security Service and the Federal Treasury.
It was unclear when the bill might come up for a first hearing and whether it would find enough support in the pro-Kremlin legislature to be passed into law.
November 11, 2014, 11:39:08 AM
Russia Lowers Proposed Penalties For Bitcoin Activities
http://www.coindesk.com/russia-lowers-proposed-penalties-bitcoin-activities/
Russia’s Ministry of Finance has reduced the proposed fines both individual and institutional bitcoin users would potentially face for creating, issuing or promoting digital currencies under a draft bill that seeks to outlaw the use of so-called "money surrogates" like bitcoin.
The updated bill decreases penalties for individuals, who under the latest version would only incur a maximum 50,000 ruble fine (roughly $1,050), down from 60,000 rubles ($1,314) in the previous iteration.
http://www.coindesk.com/russia-lowers-proposed-penalties-bitcoin-activities/
Russia’s Ministry of Finance has reduced the proposed fines both individual and institutional bitcoin users would potentially face for creating, issuing or promoting digital currencies under a draft bill that seeks to outlaw the use of so-called "money surrogates" like bitcoin.
The updated bill decreases penalties for individuals, who under the latest version would only incur a maximum 50,000 ruble fine (roughly $1,050), down from 60,000 rubles ($1,314) in the previous iteration.
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