A 7-Yr Prison Term for Bitcoin Use, Says Russian Finance Ministry

[Iseecookies]

I hate speculating on anything going on in Russia due to totally not understanding the Russian thinking. This to me looks like a attempt to control a way of moving funds in and out of Russia without being tracked.

[BTCBinary]

This is completely stupid! How can this be possible. I don't think this will become a reality, or at least I do hope it does not.
Anyone has confirmation that this will be actually happening?

[bargainbin]

I hate speculating on anything going on in Russia due to totally not understanding the Russian thinking. This to me looks like a attempt to control a way of moving funds in and out of Russia without being tracked.

Russian thinking, in this case, is very cynical & pragmatic. The West plays around with regulating Bitcoin in ways which leave absolutely no hint of impropriety, surgically targeting pockets of criminality. Sort of like securing your server with "allow: all; deny: x, y, z."
Russia can afford to bypass the dog & pony show of appeasing the "muh freedoms!" brigade, look at Bitcoin's userbase, note that it's mainly criminal, and ban it.

Old joke: NASA spent millions of dollars developing an 'astronaut pen' that would work in outer space. The Russians used a pencil.

[honeyhtet]

An extremely large and unfair judgment, If it's related to doing illegal things using bitcoin then it would be like any other system but banning the coin itself is stupid, Russian government are afraid of anything that shows their currency's real price.

[FlyingSaucer]

I think this news will be mostly scare tactics by the Russian government to deter their citizens from using Bitcoin. I don't see them busting doors down to arrest everyone breaking the rules.

[bargainbin]

An extremely large and unfair judgment, If it's related to doing illegal things using bitcoin then it would be like any other system but banning the coin itself is stupid, Russian government are afraid of anything that shows their currency's real price.

It's similar to banning handguns. Most people who have handguns don't use them to commit crimez, they just like guns. And of course they're trying to protect their currency -- that's their job.

[talkbitcoin]

thats definitely not a good thing for bitcoin as in this way less people will use it what means there will be less adoption and the price will be lower

i hope this bitcoin ban will be removed and people will be given a chance to use bitcoins freely as any other real currency

I also hope that the ban is removed. All those people will pretty much have their Bitcoin rendered useless. The Russians really need to do something about this.

what?!!!
how does that make their bitcoin useless?

it is bitcoin and still have value against any currency (dollar, euro,...) even if the news is not FUD, they can easily exchange bitcoin to USD for example and change USD to their fiat

[Duomo]

thats definitely not a good thing for bitcoin as in this way less people will use it what means there will be less adoption and the price will be lower

i hope this bitcoin ban will be removed and people will be given a chance to use bitcoins freely as any other real currency

I also hope that the ban is removed. All those people will pretty much have their Bitcoin rendered useless. The Russians really need to do something about this.

what?!!!
how does that make their bitcoin useless?

it is bitcoin and still have value against any currency (dollar, euro,...) even if the news is not FUD, they can easily exchange bitcoin to USD for example and change USD to their fiat

Well, this creates a few issues. First, people will be less likely to use bitcoins if they are hard to acquire and there are legal penalties associated with it. No one wants to get into trouble, especially in Russia. Second, even if people did want to exchange their bitcoin, where would people do it? I am sure exchanges and other platforms to sell bitcoins will be taken offline. It will be really hard to get someone to purchase bitcoins if they realize that sure they hold some value, but how are you going to tap it? You would also certainly have to leave the country if you want those bitcoins in your possession to be exchanged.

[jayhawk1]

There is unfair beyond belief, They are actually thinking of locking someone in a jail for nothing exactly, but holding there bitcoins or getting them. Everyone should invest in the currency they like IMO.

[n0ne]

This is completely stupid! How can this be possible. I don't think this will become a reality, or at least I do hope it does not.
Anyone has confirmation that this will be actually happening?

There is no proof or confirmation, only ministry has revealed such a statement. In reality it won't come true.

[alyssa85]

Why are people surprised at this? Just look at the way the ruble has fallen - it has sparked a capital flight as people try to get their money into something safer before the ruble falls even further. Bitcoin is one method of getting money out, so they're clamping down on it.

BTW, this is nothing compared to what China will do if the yuan goes into freefall.

[Blackmet]

Why are people surprised at this? Just look at the way the ruble has fallen - it has sparked a capital flight as people try to get their money into something safer before the ruble falls even further. Bitcoin is one method of getting money out, so they're clamping down on it.

BTW, this is nothing compared to what China will do if the yuan goes into freefall.

Surprised because it's 7 years prison for using BTC. But on the other side, how they will find people who using btc? It's so unreal to do. haha

[ahpku]

Why are people surprised at this? Just look at the way the ruble has fallen - it has sparked a capital flight as people try to get their money into something safer before the ruble falls even further. Bitcoin is one method of getting money out, so they're clamping down on it.

BTW, this is nothing compared to what China will do if the yuan goes into freefall.

Surprised because it's 7 years prison for using BTC. But on the other side, how they will find people who using btc? It's so unreal to do. haha

You know those stickies "Bitcoin accepted here"? And Bitcoin payment option on websites? Those are all cl00s!
BTW, how did they nail DPR again?

[sachung]

That's excessive in every possible way I think, 7 Years for trading bitcoin is one of the most ridiculous punishments overall and primarily punishing the people for something that shouldn't be illegal...

[sweeeter]

I think this is not fair, There currency is priced by the government mostly and they are trying to avoid it losing value but sending your citizens to jail for just holding a currency is not fair IMO.

[richmcrich]

That's a rough punishment, I guess this at least till us Russia degree of anti-BTC they are using, not simply not supporting it but giving people this kind of punishment for using it in Russia..