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The Ministry of Finance introduced to a public discussion a draft law, which provides for punishment for issue of money substitutes, as well as for production and taxdistribution of software for their issue. As states so-called Gresham’s law, bad money drives good money out of circulation. And when it comes to money substitutes, which undermine the monetary circulation, based on issue of the national currency, any measures that put a barrier to their issue should be welcome.
However, what should be considered money substitutes? The Ministry of Finance in the draft law uses the wording: “The issue (emission) of objects of property rights, including those in electronic form, used as means of payment and (or) exchange and which are not directly provided by federal law (hereinafter – money substitutes) …” And it is not only about the issue of money substitutes: the draft law proposes to supplement the Administrative Code of the Russian Federation with Article 14.15.3 that promises fines of up to 1 million rubles for “conducting transactions with money substitutes.”
And what about the barter, settlement of bills and other securities? What is to be done with different versions of the offsetting counter claims or the assignment agreement? As a result, even the director of the canteen, issuing dining coupons will become a hostage of behavior of his visitors: what if anyone of them gives the extra coupon for money to his colleague and thereby brings the coupon under the status of money substitute, and its “issuer” – under the article?
However, what should be considered money substitutes? The Ministry of Finance in the draft law uses the wording: “The issue (emission) of objects of property rights, including those in electronic form, used as means of payment and (or) exchange and which are not directly provided by federal law (hereinafter – money substitutes) …” And it is not only about the issue of money substitutes: the draft law proposes to supplement the Administrative Code of the Russian Federation with Article 14.15.3 that promises fines of up to 1 million rubles for “conducting transactions with money substitutes.”
And what about the barter, settlement of bills and other securities? What is to be done with different versions of the offsetting counter claims or the assignment agreement? As a result, even the director of the canteen, issuing dining coupons will become a hostage of behavior of his visitors: what if anyone of them gives the extra coupon for money to his colleague and thereby brings the coupon under the status of money substitute, and its “issuer” – under the article?
Full story: http://eng.coinspot.io/2015/06/17/artem-genkin-why-should-not-government-ban-bitcoin-but-tax-it-instead/