[2015-10-26] Russian Ministry of Finance proposes 4 years in jail for using bitc

[milaliss]

Russian Ministry of Finance proposes 4 years in jail for using bitcoin
Russian Ministry of Finance has delivered a new legislative proposal seeking to impose penalties of up to 4 years in jail on those who mine and use bitcoins.

http://www.coinfox.info/news/3482-minfin-predlagaet-sazhat-na-chetyre-goda-za-operatsii-s-bitkoinom-2

[RustyNomad]

This is not good.

the Ministry sees bitcoin digital currency as so-called “surrogate money”, considering transactions with bitcoin illegal.

The Ministry of Economic Development supports the initiative.

“Surrogate money, including bitcoin digital currency, is backed by nothing, and there are no legal entities responsible for its release. Transactions with surrogate money are speculative, bringing high volatility risks,” says Elena Lakshina, The Ministry of Economic Development representative.

Just a week ago there was an article about bitcoin startups in Russia but guess they will close down and or move should this legislation go through.

Ironic how 'surrogate' money is speculative and highly volatile, the same can be said for the Ruble after the rollercoaster ride it had.

[RealBitcoin]

This would suck a lot if it gets implemented. I dont think it will, but I have a bad feeling it will.


Then again how it will be enforced? And how it will distinguish between tokens/mobile phone items/ and crypto currency.

I mean do these politicians realize that all online game currencies are "money substitutes", so what, they will bust all MMO gamers?

They will bust all mobile phone companies that allow sending minutes between people (they are money substitute too)?

They will bust all websites that have some forms of token/reward system (cloudflower,etc?) ?


Or how will they strictly define the "cryptocurrency", because to me it looks very stupid.

[Lover of Coin]

Ruble is backed by Russian government, it devalued a lot.

[okae]

what? only 4 years? cmon... it should be at least 15-20....

seriously, all those news just made me start to think about the success of the bitcoin is more close than we expected, seems like "they" are trying to do desperate thing to stop it, soon or later they will understand that this is unstoppable.

[Lover of Coin]

4 years in jail for using bitc will make the adoption of bitcoin in Russia less likely. Russia will miss the boat. The whole Russian GDP is less than the combined value of top 5 US tech companies.