Does this mean that the Russian government are scared of Bitcoin?
I think they are still quite communist, however they are in the EU and so probably connot easily ban and enforce laws on Bitcoin (without being removed from the EU).
$38,000 and 7 years is unreasonably high compared to other laws in other countries.
If they do try to ban it, they would be one of the few to attempt it.
Topic: Russian Law Would Send Bitcoin Users to Jail as Cybercriminals - page 6. (Read 4179 times)
So it will be second time Russia would try to ban bitcoin by creating immensely stupid legislation. Can't they understand that they won't help people by criminalizing cryptocurrency?
Criminals who dudes bitcoin so far doesn't care and still will be using it - but this law will hit normal people: cryptoenthusiasts and progress seeker will suffer from this.
Russian government is officially demonstrating how inept they are - once again.
Criminals who dudes bitcoin so far doesn't care and still will be using it - but this law will hit normal people: cryptoenthusiasts and progress seeker will suffer from this.
Russian government is officially demonstrating how inept they are - once again.
Quote
“Bitcoin can be used to finance the shadow economy and crimes, and this risk we cannot allow in the Russia’s financial system, which we are striving to make transparent and healthy,”
LOL this is really funny.From recent ''Panama papers'' scandal, we learned that many Russians, very closed to the president Putin, did exactly that, used to finance the shadow economy and crimes.
If you are not Putin's close friend, other rules applied for you
Any way, I don't think that Russia can really control Bitcoin users in Russia, if they are smart enough and don't reveal their identity online.
It's not just coincidence that Bitcoin users mostly have problems in countries like Russia, Venezuela, N. Korea etc.
I bet the establishment is and will continue buying Bitcoin Beanie Babies while the plebs will be thrown in prison if they should get busted.
It had always be like that!!
They can forbid and banBitcoin Beanie Babies as much as they want. It will go underground and continue thriving.
It had always be like that!!
They can forbid and ban
Fixed. Stick it to The Man, join the BTCeanie revolution!
http://s32.postimg.org/trndnp979/Capture.png
Black market bit coin
I bet the establishment is and will continue buying Bitcoin while the plebs will be thrown in prison if they should get busted.
It had always be like that!!
They can forbid and ban Bitcoin as much as they want. It will go underground and continue thriving.
It had always be like that!!
They can forbid and ban Bitcoin as much as they want. It will go underground and continue thriving.
^^
There are no capital controls in Russia. You can trade your ruble for dollars, no prob
There are no capital controls in Russia. You can trade your ruble for dollars, no prob
Dollar is based on the same fundamentals as Rubble, so its only time when it gets to the same high inflation problems. Keeping wealth in fiat longterm is just stupid.
... can this get quashed before it becomes law?
Of course it can. These proposals are meant to be a signal, a warning to the asshat companies with business models based on exploiting loopholes, a.k.a "doing bad shit against which no laws have been written yet." No one is trying to stop Ivan from buying (real) alpaca socks from Tibet with bitcoins. Why would anyone care?
The sad thing is that this will only stop the normal users from using bitcoin. The criminals who were using it before won't stop using it because the government says so.
This just make a Bitcoin more expensive to get at black Market in Rusia. Is impossible to stop a paper wallet.
Fuck Russia (the government anyway). Americans have been saying that for decades. But hopefully this won't come to pass--can this get quashed before it becomes law?
^^
There are no capital controls in Russia. You can trade your ruble for dollars, no prob
There are no capital controls in Russia. You can trade your ruble for dollars, no prob
Dollar is based on the same fundamentals as Rubble, so its only time when it gets to the same high inflation problems. Keeping wealth in fiat longterm is just stupid.
What else you can do with the dollars in Russia than trying to save some wealth longterm and just hoping dollar will keep reasonably small inflation in meantime ?
Just another new law, they've banned bitcoin few years ago and now they even add more laws about bitcoin usage.
Seems like Russian bitcoiner don't care about this news at all, they just have to be careful when use bitcoin.
Law won't make criminals use bitcoin, so looks like their real goal is to prevent bitcoin adaption in russia
Seems like Russian bitcoiner don't care about this news at all, they just have to be careful when use bitcoin.
Law won't make criminals use bitcoin, so looks like their real goal is to prevent bitcoin adaption in russia
But how many Russian bitcoiners are there? That is the question. There are lots of Chinese exchanges, but the sole Russian exchange, BTC-E, moved to Bulgaria and announced that it doesn't accept bank transfers from Russian banks. So how do Russians cope?
^^
There are no capital controls in Russia. You can trade your ruble for dollars, no prob
People are also free to flee the country any time they want. Being allowed to live other countries tho, that's a different story.
There are no capital controls in Russia. You can trade your ruble for dollars, no prob
People are also free to flee the country any time they want. Being allowed to live other countries tho, that's a different story.
Law won't make criminals use bitcoin ...
Of course not. Laws are meant to stop criminals from using bitcoin.
It has nothing to do with kidnappers and criminals .... They are trying to protect their own currency {Ruble} and everyone knows that. Many other corrupt nations are doing the very same thing, because they
know people can flee the country with their capital and their wealth, if it comes down to that. Russia has been jumping from the one extreme to the other and nobody really knows what the official status of
Bitcoin is in that country. If they do ban Bitcoin, it will merely go underground and nobody will have control over that. If the goal was to stop criminal activities, they would have regulated the exchanges more,
but they not doing that, and that raise the red flag for their hidden agenda.
know people can flee the country with their capital and their wealth, if it comes down to that. Russia has been jumping from the one extreme to the other and nobody really knows what the official status of
Bitcoin is in that country. If they do ban Bitcoin, it will merely go underground and nobody will have control over that. If the goal was to stop criminal activities, they would have regulated the exchanges more,
but they not doing that, and that raise the red flag for their hidden agenda.
Russia joins countries including Bolivia, Iceland and Vietnam in taking steps to criminalize it.
Its just protection law. I dont know about Iceland and Vietnam, but Russia and especially Bolivia have high inflation of their currency, so it makes sence for any country in trouble with their currency protect it so people canot use more sound option to keep their wealth in - bad for people, but it keeps the concept of national currency as only viable option intact even in such hard times when it must be clear even for the average person its not worth keep fiat longterm because of such high inflation.
7 years? 
disappointed to hear this news, but if it happens yes plan will inevitably have to comply.
disappointed to hear this news, but if it happens yes plan will inevitably have to comply.
The sad thing is that this will only stop the normal users from using bitcoin. The criminals who were using it before won't stop using it because the government says so.
http://www.bloomberg.com/news/articles/2016-04-28/russian-law-would-send-bitcoin-users-to-jail-as-cybercriminals
Quote
Russia is planning to punish users of cryptocurrencies such as bitcoin, saying anonymous, difficult to trace transactions help kidnappers and money launderers.
The Finance Ministry in Moscow plans to submit legislation next month that would punish those who use digital currencies with fines as high as 2.5 million rubles ($38,000) and jail sentences of up to seven years. As opponents criticize such regulations as futile in the face of the growing popularity of bitcoin, Russia joins countries including Bolivia, Iceland and Vietnam in taking steps to criminalize it.
“Bitcoin can be used to finance the shadow economy and crimes, and this risk we cannot allow in the Russia’s financial system, which we are striving to make transparent and healthy,” the press service of the central bank said in an e-mail.
The Finance Ministry in Moscow plans to submit legislation next month that would punish those who use digital currencies with fines as high as 2.5 million rubles ($38,000) and jail sentences of up to seven years. As opponents criticize such regulations as futile in the face of the growing popularity of bitcoin, Russia joins countries including Bolivia, Iceland and Vietnam in taking steps to criminalize it.
“Bitcoin can be used to finance the shadow economy and crimes, and this risk we cannot allow in the Russia’s financial system, which we are striving to make transparent and healthy,” the press service of the central bank said in an e-mail.
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