Russia Proposes Jail Sentence for Bitcoin Activities

[bitcoinmar]

Ministry of Finance is cracking down on cryptocurrencies in general, and this new proposal could just be the beginning of things to come


http://bitcoinist.net/russia-proposes-jail-sentence-bitcoin-activities/

[InvoKing]

Up until this point, Bitcoin users in Russia could get convicted of this “criminal activity”, and pay up to 500,000 RUR or be forced to commit to correctional labor for up to two years.

Yea.. Few years ago before bitcoin the criminals was using the RUR so please ban it too!

Owning or mining need to be punished!.... Great! Someone give them a lollipopS so we cannot hear their stupid ideas anymore!

[dothebeats]

Great, after the whole EU zone seemed to accept and loosen the screws of regulation on bitcoin, Russia wants to tighten its grip on bitcoin. :/

[7788bitcoin]

I thought it is only targeting bitcoin exchanges services in Russia? Is owning bitcoin also considered illegal in Russia? How to prove that you own bitcoin?

[Blawpaw]

this is absurd. The Russian government is really trying to stifle the development of this industry in the country. They are only going to realize the stupid mistake they are making when it's too late. Digital currency and the blockchain tech is going mainstream, so if they turn their backs at it now, they will stay far behind in the long run.

[unamis76]

I don't see this getting through... What would be the difference of trading in Bitcoin, Rubles, Dollars, Euros etc that would make a Bitcoin sale illegal? Might as well deem all currencies illegal...

[BitcoinAccepted]

this is absurd. The Russian government is really trying to stifle the development of this industry in the country. They are only going to realize the stupid mistake they are making when it's too late. Digital currency and the blockchain tech is going mainstream, so if they turn their backs at it now, they will stay far behind in the long run.

Russia has historically never fared too badly from sidestepping "the mainstream" though.

[emelac]

I don't see this getting through... What would be the difference of trading in Bitcoin, Rubles, Dollars, Euros etc that would make a Bitcoin sale illegal? Might as well deem all currencies illegal...

There is a conflict between two state bodies with differing views on Bitcoin in Russia. I think it's the Ministry of Finance that wants to outlaw it and the state bank that wants to go easy on it, though I'm not certain I got the institutions correct. It reminds me of China, but more extreme. First they say it's banned and you'll get fined for it, then they say it's unbanned, then it's banned again and you'll get jail for it.

[intristin]

It seems certain parts of the Russian government want to kill it while other parts seem open to it.

The Russian president said during an educational youth forum in the Vladimir region, that the usage of cryptocurrencies in some segments of payments in Russia perhaps would be possible one day, but stressed that "today there are still some real, serious, fundamental problems" with cryptocurrencies, coming from the fact that they are "not really tied to anything and are in no way guaranteed."

Taken from: http://sputniknews.com/russia/20150714/1024630555.html#ixzz3poW3J5Zj

That is not an endorsement by Putin by any means but I don't think jail time isn't the final chapter in Russia.

[mallard]

I thought it is only targeting bitcoin exchanges services in Russia?

>Should this proposal become law in Russia, it would affect all aspects of Bitcoin in the country.
>Regardless of whether someone owns, mines, or trades Bitcoin, every single one of the
>scenarios would be punishable by law in the form of a jail sentence

- the article linked in the OP

[SwagGirl]

Net result? Increased interest in crypto! People want what they cant have! Plus they truly NEED it. More free promotion. Thank you Russia!

[visual111]

Just like china said they'd ban it. These governments will eventually realize that censorship will become quite difficult in it's traditional sense with the emergence of internet.

[neurotypical]

Putin is an idiot. While he bans it, more and more money from his country keeps going into Bitcoin



The revolution will not be televised, in fact it will be banned, with completely opposite results as expected by those morons trying to censorship technological progress.

[christycalhoun]

How are they going to even go about catching people with bitcoins? Searching flash drives? sniffing packets?

[Pab]

p2p money make people independent,Russiawants to have full control on people,Learn what is dictatorship,it is just one of example,look Syria war,you can expect more from Russia now

[ranochigo]

It is literally impossible to jail everyone who owns Bitcoin. Bitcoin transactions don't give locations and information about the owner. Even if they ban all Bitcoin related sites and IP, people would find another way to by pass it (e.g. through tor). Banning businesses is a whole different story. It could at most hinder the acceptance there.

[tokeweed]

Ministry of Finance is cracking down on cryptocurrencies in general, and this new proposal could just be the beginning of things to come


http://bitcoinist.net/russia-proposes-jail-sentence-bitcoin-activities/

What if people decided to transact using pebbles.  Would that be enough to get you imprisoned?

These scare tactics is all they can do.  They can't stop Bitcoin.

[dothebeats]

It is literally impossible to jail everyone who owns Bitcoin. Bitcoin transactions don't give locations and information about the owner. Even if they ban all Bitcoin related sites and IP, people would find another way to by pass it (e.g. through tor). Banning businesses is a whole different story. It could at most hinder the acceptance there.

But what if say, an underground exchange who holds personal information from a buyer would get noticed by the government and they hand out credentials? That could help in the arrest of the bitcoin users too.

[OROBTC]

Ministry of Finance is cracking down on cryptocurrencies in general, and this new proposal could just be the beginning of things to come


http://bitcoinist.net/russia-proposes-jail-sentence-bitcoin-activities/

Actually, I welcome this development in Russia as it might be a great experiment for the world to see.  Russia is a place that is mighty close to a seriously authoritarian country, and it would be of great interest to see if the Oppression Apparatus of Russia can squash the individuals seeking the freedom to exchange currencies as they wish...

I would like to know WHAT Russia would be banning, and how they would go about it.

Same comments about China and Venezuela.  Interesting experiments worth keeping an eye on.

[Betwrong]

All the dictatorship regimes are afraid of everything which is associated with freedom. I strongly believe that they will not succeed in banning freedom though. The times has changed.