It won't be long before 50k rubles isn't worth a pack of Russian cigarettes.
Topic: Russia to Issue Ban and fines for Cryptocurrency Use (Read 1311 times)
This article is old and misleading.
There has been a ban on using any currency other than rubles to transact in Russia for quite some time. It is not legal to use USD or EUR in Russia.
Bitcoin was always subject to this but it wasn't actively enforced. This "ban" isn't on Bitcoin, it is on all currencies other than Russian rubles.
Source(s):
http://www.waytorussia.net/Practicalities/Money.html
http://rt.com/business/russian-lawmaker-dollar-ban-663/
http://www.munknee.com/this-proposed-law-would-ban-use-or-possession-of-u-s-dollar-in-russia/
There has been a ban on using any currency other than rubles to transact in Russia for quite some time. It is not legal to use USD or EUR in Russia.
Bitcoin was always subject to this but it wasn't actively enforced. This "ban" isn't on Bitcoin, it is on all currencies other than Russian rubles.
Source(s):
http://www.waytorussia.net/Practicalities/Money.html
http://rt.com/business/russian-lawmaker-dollar-ban-663/
http://www.munknee.com/this-proposed-law-would-ban-use-or-possession-of-u-s-dollar-in-russia/
This article is from yesterday and it's based on Lenta.ru article, also from yesterday.
The Russian ban on bitcoin (and other currencies) is nothing new. But the point of the article is that they will be starting to actively enforcing it + introduce the penalties.
Quote
Local media outlet Lenta.ru reports that the regulator, which has been debating the issue of a Russian ban for some time, will officially issue legislation to be made public in due course.
It is expected to include penalties for the use and creation of methods of generating cryptocurrencies, specifically 50,000 rubles (US$1,260) for individuals, 100,000 rubles (US$2,507) for officials and up to one million rubles (US$25,200) for businesses.
It is expected to include penalties for the use and creation of methods of generating cryptocurrencies, specifically 50,000 rubles (US$1,260) for individuals, 100,000 rubles (US$2,507) for officials and up to one million rubles (US$25,200) for businesses.
Now, how reliable is Lenta.ru, and is tis info correct - I don't know.
They will be moving a couple of years back instead walking into the future.
If the gov always bans the new technology, they will lag the other countries in the financial market.
Just wait until the Russian economy really starts misfiring and the Ruble gets buggered, we will see if the ban will really dissuade russians from acquiring $ or indeed btc in the black markets to protect their value
Predictably myopic douchebaggery by the Russian government, that said this has been in the works for so long that it should not surprise anyone
Bah I plan on bribing Russian border guards with bitcoin.
This article is old and misleading.
There has been a ban on using any currency other than rubles to transact in Russia for quite some time. It is not legal to use USD or EUR in Russia.
Bitcoin was always subject to this but it wasn't actively enforced. This "ban" isn't on Bitcoin, it is on all currencies other than Russian rubles.
Source(s):
http://www.waytorussia.net/Practicalities/Money.html
http://rt.com/business/russian-lawmaker-dollar-ban-663/
http://www.munknee.com/this-proposed-law-would-ban-use-or-possession-of-u-s-dollar-in-russia/
There has been a ban on using any currency other than rubles to transact in Russia for quite some time. It is not legal to use USD or EUR in Russia.
Bitcoin was always subject to this but it wasn't actively enforced. This "ban" isn't on Bitcoin, it is on all currencies other than Russian rubles.
Source(s):
http://www.waytorussia.net/Practicalities/Money.html
http://rt.com/business/russian-lawmaker-dollar-ban-663/
http://www.munknee.com/this-proposed-law-would-ban-use-or-possession-of-u-s-dollar-in-russia/
Im surprised it comes from country almost cut off from financial markets. I guess Russia needs a lection first how these countries who control financial markets worldwide can cut them off from worldwide money transfers to understand why decentralized cryptocurrency is the way to go.
There must be a reason for such action from Russia, I remember they were rather positive at the beginning.
I suspect, they either fear that bitcoin is somehow a CIA project (they don't know who controls the hashing power etc), so decided to ban it as a safety precaution. Or they've run some analysis and figured that allowing BTC may cause outflow of money from Russia, which would further damage their economy.
But maybe there's something else.
On the funny side, the Russian propaganda tube, RT, are very positive towards BTC and cryptos (lately defended the dark wallet concept on 'Kaiser Report').
Looks like days till the announcement of "Putin-Coins". PC, the coin that lets you shut up and do what you are told... By Putin.
Im surprised it comes from country almost cut off from financial markets. I guess Russia needs a lection first how these countries who control financial markets worldwide can cut them off from worldwide money transfers to understand why decentralized cryptocurrency is the way to go.
There must be a reason for such action from Russia, I remember they were rather positive at the beginning.
I suspect, they either fear that bitcoin is somehow a CIA project (they don't know who controls the hashing power etc), so decided to ban it as a safety precaution. Or they've run some analysis and figured that allowing BTC may cause outflow of money from Russia, which would further damage their economy.
But maybe there's something else.
On the funny side, the Russian propaganda tube, RT, are very positive towards BTC and cryptos (lately defended the dark wallet concept on 'Kaiser Report').
It won't be long before 50k rubles isn't worth a pack of Russian cigarettes.
Im surprised it comes from country almost cut off from financial markets. I guess Russia needs a lection first how these countries who control financial markets worldwide can cut them off from worldwide money transfers to understand why decentralized cryptocurrency is the way to go.
http://cointelegraph.com/news/112668/russia-to-issue-ban-and-fines-for-cryptocurrency-use
I'm really struggling to understand why they're so scared of bitcoin...
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