Russia Proposes Jail Sentence for Bitcoin Activities

[OROBTC]

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.

Yes, I was just thinking about how Russia missed the boat.  As far as I know, there are no serious miners or mining pools in Russia.  Russia is missing out on a lot of wealth creation.

If Russia still has currency controls, that means that individual Russian citizens will find it hard to participate in Bitcoin.  There may be an arbitrage opportunity for visitors to Russia carrying BTC, as there apparently is in Argentina.

[Masta Splint]

Personally I am very tired of hearing of all these people and places that want to do away with bitcoin because they claim its used to fund terrorisim, drugs, prostitution, etc.. Yes it definitly is used for these things BUT it is also used for many other thing s as well like investments, saving, purchasing legitamite goods and/or services. To just get rid of it and start trying to imprison people for using it is not fair at all. If they are so worried about bitcoin being used for terrible things and want to ban because of that then I think they need to start banning all for of currencies, meaning they will have to make everything in life free. No like they always say nothing in life is free right? Well actually you can get Bitcoin for free, imagine that. I think that's the real reason so many people are so against bitcoin. It give people a way to sit in front of a computer and make money without having to answer to a boss or corporation. It allows people that are not able to get to jobs because of lack of transportation or something else like a criminal background to still make money and survive int he world today. For example I was laid off about a year ago. Since then I have had some minor run ins with the law and ended up with a criminal background I am not proud of, but over the last year I have completely turned my life around and am no longer the same person I used to be. That doesn't matter though because whn I apply for a job they just see my criminal past and don't look any further. Bitcoin has giving me a way to at least stay afloat and get by. Meaning I can put a roof over my head most of the time and food n my stomach. Without the oppertunity to get these free bitcoins myself and many others wouldnt be able to survive. SO to ban it because SOME people use it for bad is bullshi*!

[AltcoinInvestor]

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

There are also many hackers from China and the United States. The russian hackers will not care, most of them are clever enough to bypass any bullshit restrictions Russia puts in place.

[Coin Republic]

Personally I am very tired of hearing of all these people and places that want to do away with bitcoin because they claim its used to fund terrorisim, drugs, prostitution, etc.. Yes it definitly is used for these things BUT it is also used for many other thing s as well like investments, saving, purchasing legitamite goods and/or services. To just get rid of it and start trying to imprison people for using it is not fair at all. If they are so worried about bitcoin being used for terrible things and want to ban because of that then I think they need to start banning all for of currencies, meaning they will have to make everything in life free. No like they always say nothing in life is free right? Well actually you can get Bitcoin for free, imagine that. I think that's the real reason so many people are so against bitcoin. It give people a way to sit in front of a computer and make money without having to answer to a boss or corporation. It allows people that are not able to get to jobs because of lack of transportation or something else like a criminal background to still make money and survive int he world today. For example I was laid off about a year ago. Since then I have had some minor run ins with the law and ended up with a criminal background I am not proud of, but over the last year I have completely turned my life around and am no longer the same person I used to be. That doesn't matter though because whn I apply for a job they just see my criminal past and don't look any further. Bitcoin has giving me a way to at least stay afloat and get by. Meaning I can put a roof over my head most of the time and food n my stomach. Without the oppertunity to get these free bitcoins myself and many others wouldnt be able to survive. SO to ban it because SOME people use it for bad is bullshi*!

You are right. The US dollar is the most widely used drug money, but it is not banned. Because most US dollars are used for legitimate purpose.

[countryfree]

There are also many hackers from China and the United States. The russian hackers will not care, most of them are clever enough to bypass any bullshit restrictions Russia puts in place.

Yes, no doubt about this. The people who will most suffer from this will the poor. They could have got a cheap way to keep some of their savings outside the eyes of the mighty government but that mighty government don't want that. It just want its citizens to remain poor and docile.

[makcik]

Bitcoins are a great currency gaining fame worldwide but many countries are still against use of it as some people are using it against humanity, by doing illegal works with it. Many countries offer punishment for it but Russia has proposed jail sentence directly for any use of bitcoins in the country. Illegal activities of bitcoins have grown in Russia and russia's government has taken an action to stop this. This is certainly a negative face of bitcoins.

[bit3000]

Bitcoins are a great currency gaining fame worldwide but many countries are still against use of it as some people are using it against humanity, by doing illegal works with it. Many countries offer punishment for it but Russia has proposed jail sentence directly for any use of bitcoins in the country. Illegal activities of bitcoins have grown in Russia and russia's government has taken an action to stop this. This is certainly a negative face of bitcoins.

All these illegal shit can be done with fiat too.I don't think this could be a major reason for such a decision.
There is something else which is hurting there policies.
Most probably there communism is getting disturbed.

[Coin Republic]

All these illegal shit can be done with fiat too.I don't think this could be a major reason for such a decision.
There is something else which is hurting there policies.
Most probably there communism is getting disturbed.

Most criminal activities are supported by fiat. That is a known fact. Threat of jail sentence is just a deterrent. Bitoin will prosper in the other countries. It will survive in Russia.

[oblivi]

Personally I am very tired of hearing of all these people and places that want to do away with bitcoin because they claim its used to fund terrorisim, drugs, prostitution, etc.. Yes it definitly is used for these things BUT it is also used for many other thing s as well like investments, saving, purchasing legitamite goods and/or services. To just get rid of it and start trying to imprison people for using it is not fair at all. If they are so worried about bitcoin being used for terrible things and want to ban because of that then I think they need to start banning all for of currencies, meaning they will have to make everything in life free. No like they always say nothing in life is free right? Well actually you can get Bitcoin for free, imagine that. I think that's the real reason so many people are so against bitcoin. It give people a way to sit in front of a computer and make money without having to answer to a boss or corporation. It allows people that are not able to get to jobs because of lack of transportation or something else like a criminal background to still make money and survive int he world today. For example I was laid off about a year ago. Since then I have had some minor run ins with the law and ended up with a criminal background I am not proud of, but over the last year I have completely turned my life around and am no longer the same person I used to be. That doesn't matter though because whn I apply for a job they just see my criminal past and don't look any further. Bitcoin has giving me a way to at least stay afloat and get by. Meaning I can put a roof over my head most of the time and food n my stomach. Without the oppertunity to get these free bitcoins myself and many others wouldnt be able to survive. SO to ban it because SOME people use it for bad is bullshi*!

You are right. The US dollar is the most widely used drug money, but it is not banned. Because most US dollars are used for legitimate purpose.

Everything can be used for a legitimate or for an evil purpose. From a knife (you can use it for food or to stab someone) to weapons to money. I mean it's 2015, whoever is still trying to stop Bitcoin is missing the boat and being an idiot at once.

[chicken65]

Its nothing to do with the Kremlin having anything in particular against Bitcoin. The reason is Bitcoin would be (and probably has been) used by external forces (mainly US/CIA backed NGO's in the country (Fake charities and human rights organisations etc) from financing dissent within the country at the the behest of the wests establishment Its not because its a threat to the Russian economy. There has been a lot of work in the background to not only take down Putin but foster dissent and Bitcoin is an ideal way to transfer funds anonymously to various groups. The reason for them pushing for dissent is because Russia is a threat to the banking cartels. Im not saying Russia is right or wrong, Im saying I understand the reason.

[Coin Republic]

Its nothing to do with the Kremlin having anything in particular against Bitcoin. The reason is Bitcoin would be (and probably has been) used by external forces (mainly US/CIA backed NGO's in the country (Fake charities and human rights organisations etc) from financing dissent within the country at the the behest of the wests establishment Its not because its a threat to the Russian economy. There has been a lot of work in the background to not only take down Putin but foster dissent and Bitcoin is an ideal way to transfer funds anonymously to various groups. The reason for them pushing for dissent is because Russia is a threat to the banking cartels. Im not saying Russia is right or wrong, Im saying I understand the reason.

The use of bitcoin in Russia by the potential evil forces is materialized yet. The potential of bitcion in good use has much more benefits.

Russia could be the mining centre of the world with cheap and vast amount of energy.

[Miracal]

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/

Sad. This is just another example that proves that the government is very apprehensive to lose control over actual currency. This is a Draconian law for sure. Seeing the multitude of people trading in Bitcoins isn't it more sensible to just legalize it and regulate it properly?

[tom555]

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/

its complicated,just like bitcoin used for any violance,its banned or illegal,lets see anything beside bitcoin. there was many thing used for criminal,should be they illegal or banned too,i dont much know about bitcoin,but i just hope someday bitcoin will accpeted by everyoe,accepted in around the world,because i believe bitcoin such a big thing,and a good future.

[ajareselde]

Don't forget it's only a proposal, nothing is written in stone just yet. I doubt that they will go to such extreme measures just because portion of users is
using it for illegal activities. It would be much smarter to regulate exchanges in a way that would recognize investors from illicit users.

[Coin Republic]

Don't forget it's only a proposal, nothing is written in stone just yet. I doubt that they will go to such extreme measures just because portion of users is
using it for illegal activities. It would be much smarter to regulate exchanges in a way that would recognize investors from illicit users.

Bitcoin is traceable. The Russian government should develop ways to trace the illegal use of bitcoin. It should work closely with the exchanges so that money laundering is prevented/reduced.

[bill gator]

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/

If bitcoin were a crime then consider me a criminal. I refuse to let crypto-currencies get taken from us and I hope everyone stands with me on that. We can't be scared away from something just because it doesn't directly benefit the people who make the rules.

[GetClams.com]

Hey Russia, Thanks for pointing out a positive solution to govt controls: Virtual Currencies!

Thanks for the free adversitising!

[Luqman]

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!

haha, agreed, Russia should need to known theirs stupidity..

[Luqman]

Make sense, when this comes from "bleep" country . 

[S4VV4S]

Hey Russia, Thanks for pointing out a positive solution to govt controls: Virtual Currencies!

Thanks for the free adversitising!

I am sure that if they don't do anything about it (to maintain their power over the people) then it will be too late (if not already).
Btw, wasn't Russia positive towards crypto a while back?