Russia Proposes Jail Sentence for Bitcoin Activities

[dothebeats]

Watching technology outdo governments is always a beautiful sight. They feel like pathetic ants trying to deal with an alien artifact that is disturbing their environment. These guys will never learn that you cannot stop progress no matter how much you try to ban it, but I guess they still haven't learned after the internet became unstoppable worldwide.

Well that seems to be always the case: governments trying to hinder—or stop completely—the growth of technology that could change the way Man looks into the world. They always want to assume control over the people that is under their power. Bitcoin has done just that, and they want it to stop before it turns all out against them.

[pereira4]

The stopping of technology because of gov agendas is always sad to see. I can see how they will stop automation of a lot of jobs because it threatens unemployment. We should be happy that technology can replace a lot of dangerous/boring jobs, but of course this creates problems within the system, that's why I think a lot of things will change in near future and money is one of them.

[countryfree]

http://www.coindesk.com/russian-minister-confirms-plans-to-ban-bitcoin-to-fiat-conversions/

I expect BTC to be more and more successful in Russia. Well, if the law don't change again.
The plan right now is to ban exchanging BTC to rubles. That means the few Russian people who own BTC will have o keep them, and that's good. Who wants rubles anyway? Russian currency has always been seen as junk money outside of Russia. Better have BTC by far.

[Velkro]

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/

They can try, but there are over 250 other countries that like bitcoin actually
Bitcoin is global, without borderds thats its strenght

[ROT13]

I think this will be a very good thing for bitcoin, as long as there are still several large countries where it can still be traded for the fiat dollar.

With a ban on exchanging fiat and bitcoin in Russia (and hopefully some other large economies) the only way for residents of these nations to obtain it would be by mining or in exchange for goods or services.   Given the right circumstances and word of mouth this could well be the catalyst for levels of everyday bitcoin use unseen in the west. 

[medUSA]

The plan right now is to ban exchanging BTC to rubles. That means the few Russian people who own BTC will have o keep them, and that's good. Who wants rubles anyway? Russian currency has always been seen as junk money outside of Russia. Better have BTC by far.

Yes, I felt the same way when I read the article. Banning Bitcoin>Ruble conversion just stops the inflow of money from other countries. Shouldn't Russia try to stop the outflow of money, such as black market money? I can only assume that the law actually bans bitcoin conversion in both directions and the article is simplifying the words.

I believe the ban can only act as a deterrent to slow down the growth of bitcoin in Russia, they can't stop people owning bitcoin. There is no effective way to track bitcoin ownership.

[SerenaL]

Not even a ban will stop russians from buying bitcoins. They dont want to keep their savings in a failing currency.

[AtheistAKASaneBrain]

It shows how much they are panicking. The governments don't know how to deal with new tech. If it was on their power, they would love to ban the entire internet too like the NK dictator pig. Of course, it's too late to do any of that because we aren't brainwashed. Bitcoin will never be stopped, you are either in or out, but it will never stop. Too late for it to stop it now.

[disamsal]

let's hope it will not happen 

[LFC_Bitcoin]

Russia is a country that didn't let its people have passport's until the late 80's / early 90's.
They're one of the most controlling countries in the world, of course they don't like bitcoin, most wealthy Russian's left the country years ago & have most of their money in dollars/euro/gbp.

When bitcoin gains mainstream adoption Russia will have no choice but to allow its people to use it.

[Betwrong]

So ponzi schemes are legal in Russia, but Bitcoin illegal?

idiots

They are not idiots. Ponzi schemes are made by those who make laws and Bitcoin is something they don't understand and fear for that reason.

[Dissonance]

Russia needs bitcoin more then bitcoin needs Russia.  The only markets that matter are US, China and the EU. Everything else is small potatoes.

[zimmah]

Russia needs bitcoin more then bitcoin needs Russia.  The only markets that matter are US, China and the EU. Everything else is small potatoes.

As you can see by the price in russia, it's lagging behind quite a lot.

All this restriction does is make the average joe in russia be left out in the bitcoin economy, potentially making them miss the boat. (While of course putin and his friends will still stock up on bitcoin to profit).

[lama-hunter]

and some day putin just forbidds the vodka like the other Dudes on his chair before 
really guys. i think the goverment will just fuck you if you do really shit with the taxes.. back in the 80`s there where also guys who burned alcohol illegal and should get 10  years in russia

but  Be Aware  It`s Russia 

[aso118]

So ponzi schemes are legal in Russia, but Bitcoin illegal?

idiots

Countries which have a weak currency / are insecure about their currency tend to attack Bitcoin. 

[bitcoinmar]

So ponzi schemes are legal in Russia, but Bitcoin illegal?

idiots

They are not idiots. Ponzi schemes are made by those who make laws and Bitcoin is something they don't understand and fear for that reason.

ok, not idiots. Just criminals.

After communists Russia is under control of criminals they all over in no one to stop them 

[OROBTC]

So ponzi schemes are legal in Russia, but Bitcoin illegal?

idiots

Countries which have a weak currency / are insecure about their currency tend to attack Bitcoin. 

^^^ True dat ^^^

They attack Bitcoin because they seek a scapegoat to hide their own venality, corruption and incompetence.  BTC is a convenient political target...

[Blue_Tiger73]

MAN. Why does Russia have to do this? Bitcoin is great and it doesn't do any harm to Russia. As Russia is a big part of the world's economy it may be quite harmful for bitcoin if Russia does this.

[medUSA]

Countries which have a weak currency / are insecure about their currency tend to attack Bitcoin. 

You've nailed it. Countries in with capital controls fear massive devaluation and inflation. Bitcoin circumvents their capital controls. They actually fear crypto currencies.

MAN. Why does Russia have to do this? Bitcoin is great and it doesn't do any harm to Russia.

Above is the reason.

[erikalui]

This was the only thing left to do. If I am not wrong, Russia said bitcoin currency is illegal and now they'll arrest people who deal with bitcoins too. They should atleast first check if the currency is being misused or not and then take a step. It's ridiculous if people just trading in bitcoins are sent to the prison.