Russia Proposes Jail Sentence for Bitcoin Activities

[Pierre 2]

Russia behaves so ignorantly about this whole new technology. I mean you can ban illegal use.
But why ban all activity? It is something that should be taken serious in many ways before complete ban.

[winguard]

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.

Russia is Russia. Will this affect bitcoin and how? I think not, because bitcoin is going to be the future, i dont understand why Russia wants to fight against it, and when they will realize that is better to join and support it than to fight against it.

[ranochigo]

Russia behaves so ignorantly about this whole new technology. I mean you can ban illegal use.
But why ban all activity? It is something that should be taken serious in many ways before complete ban.

just my opinion,russia choose to take this way to prevent any drugs transaction and probably because bitcoin is popular there, but popular in negative side

Even without cryptocurrencies, fiats can also be used in drug transactions. They won't stop the blackmarket by stopping Bitcoin. They would want more control over Bitcoin and want banks to be used as a primary payment method, collecting more fees. It does help to prevent tax invasion too.

[dothebeats]

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.

Russia is Russia. Will this affect bitcoin and how? I think not, because bitcoin is going to be the future, i dont understand why Russia wants to fight against it, and when they will realize that is better to join and support it than to fight against it.

Russia banning bitcoin won't affect the price that much. Also, see how Localbitcoins' volume in Russia is doing. You will be surprised how this banning affected bitcoin there.

[n2004al]

A fast view of this news make understand to everyone the fear that the economy of Russia have from bitcoin. This a clear sign of the crisis that this economy are passe. They have fear from bitcoin because have fear that most of the Russian goes to the bitcoin because of not believe in their national currency. This it would be the end for the Russian economy which even such kind of actions it is in serious difficulties after the international sanctions. This situation has one and only one name, Putin. With its delirium of greatness, with his authoritarianism in guiding its Government, with his stupidity in doing its foreign policy, with his myopia in using the force outside its national borders or stealing territory or create or support irredentism to, or in the other independents countries near Russia has bring all this situation for one country which, under another normal and fair leadership, would be one of the most prosperous and developed in the world.

[Gleb Gamow]

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.

What if a rogue exchange located in another country opted to extort Russians as an adjunct revenue stream?

[croato]

I am not suprised at all. Russia was never very democratic and if they cant control it, they try to kill it. Bitcoin is currency of free people and that dont fit in Russia.

[Andrelvogue]

Oh waw! I am glad I don't l don't live in russia 

[Timeline]

Only in Russia.

[DeathAngel]

They've threatened similar before, has anybody ever been imprisoned there for bitcoin use?

We wouldn't know any way, Russia is corrupt as hell, they probably just put people into jail & throw away the key.

I smell FEAR of bitcoin 'Mother Russia'.

[neurotypical]

A fast view of this news make understand to everyone the fear that the economy of Russia have from bitcoin. This a clear sign of the crisis that this economy are passe. They have fear from bitcoin because have fear that most of the Russian goes to the bitcoin because of not believe in their national currency. This it would be the end for the Russian economy which even such kind of actions it is in serious difficulties after the international sanctions. This situation has one and only one name, Putin. With its delirium of greatness, with his authoritarianism in guiding its Government, with his stupidity in doing its foreign policy, with his myopia in using the force outside its national borders or stealing territory or create or support irredentism to, or in the other independents countries near Russia has bring all this situation for one country which, under another normal and fair leadership, would be one of the most prosperous and developed in the world.

Putin should be studying a plan to expand the size of national jails if he wants to start putting everyone involved on Bitcoin on there because he's going to run out of space.




This picture is very revealing. Since the ban was set, the market on BTC/rubble is still growing at a steady pace. The smart Russians don't want to miss on the last opportunities to get some cheap coins no matter what Putin says about it.

[n2004al]

A fast view of this news make understand to everyone the fear that the economy of Russia have from bitcoin. This a clear sign of the crisis that this economy are passe. They have fear from bitcoin because have fear that most of the Russian goes to the bitcoin because of not believe in their national currency. This it would be the end for the Russian economy which even such kind of actions it is in serious difficulties after the international sanctions. This situation has one and only one name, Putin. With its delirium of greatness, with his authoritarianism in guiding its Government, with his stupidity in doing its foreign policy, with his myopia in using the force outside its national borders or stealing territory or create or support irredentism to, or in the other independents countries near Russia has bring all this situation for one country which, under another normal and fair leadership, would be one of the most prosperous and developed in the world.

Putin should be studying a plan to expand the size of national jails if he wants to start putting everyone involved on Bitcoin on there because he's going to run out of space.




This picture is very revealing. Since the ban was set, the market on BTC/rubble is still growing at a steady pace. The smart Russians don't want to miss on the last opportunities to get some cheap coins no matter what Putin says about it.

It is normal. I know this chart from this link: http://coin.dance/charts. Everyone who can do the right thing whatever telling the others, Putin or its Government. As for the jail if Putin decide something I'm fear that someone may be made as example. He don't care about nothing when it is in risk him's authority as an absolute leader. It is really to have fear.

[erikalui]

Russia behaves so ignorantly about this whole new technology. I mean you can ban illegal use.
But why ban all activity? It is something that should be taken serious in many ways before complete ban.

just my opinion,russia choose to take this way to prevent any drugs transaction and probably because bitcoin is popular there, but popular in negative side

That's not a valid excuse for Russia to target bitcoins. If tomorrow drug transactions take place using Amazon/Starbucks gift cards, they'll start arresting people using these websites as well? Bitcoin is just a crypto currency and people who are misusing it should be arrested. Not those who are just using the currency for their personal benefit/legal transactions. It's just an extreme step.

[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.

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.

A little late but..

As you said, it's an underground exchange. It would likely charge more fee and not require verification. Most underground sites uses services like tor to host their website and it would be impossible to trace the user. However, the user should use a mixer to minimize the possibility of getting tracked. Even without it, it is hard to identify without exposing the address yourself.

[BTCBinary]

I don't really understand why they want to stiffle digital currencies. It would be a great tool for Russia to surpass a lot of sanctions.

[lumeire]

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.

A little late but..

As you said, it's an underground exchange. It would likely charge more fee and not require verification. Most underground sites uses services like tor to host their website and it would be impossible to trace the user. However, the user should use a mixer to minimize the possibility of getting tracked. Even without it, it is hard to identify without exposing the address yourself.

The more Russia bans bitcoin, the more bitcoin becomes an embodiment of freedom.

I feel that soon they'll target and lock down LocalBitcoins sellers. I hope they don't cross the line with that.

[Coin Republic]

The more Russia bans bitcoin, the more bitcoin becomes an embodiment of freedom.

I feel that soon they'll target and lock down LocalBitcoins sellers. I hope they don't cross the line with that.

The ban just means there is no financial freedom in Russia. When the bitcoin is widely adopted in the world, the Russia is later for the game. They will lose even more.

[KokiFurihata]

I really hope russia does not do this. Russians are still a vital part of the market.

[Amph]

I really hope russia does not do this. Russians are still a vital part of the market.

chinese are more vital than russia can ever dream about, they are only cutting their legs with this

it must be said also that many hackers are from russia, this in some way can be beneficial to reduce the hacking attempt for bitcoin

[Coin Republic]

I really hope russia does not do this. Russians are still a vital part of the market.

chinese are more vital than russia can ever dream about, they are only cutting their legs with this

it must be said also that many hackers are from russia, this in some way can be beneficial to reduce the hacking attempt for bitcoin

That is right. Chinese support the bitcoin network by providing most the mining power. It supplies most of the miners. Its mining pools are the biggest in the world. The Chinese exchanges are most active. China is the most important part of bitcoin community.

Russia has cheap energy, it should mine most of the bitcoin blocks. However, it missed the boat.