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

[Coinbuddy]

A new amendment to the Criminal Code by the Ministry of Finance in Russia sees the regulator – for the use of bitcoin – propose up to 7 years in prison for management and executives of banks and financial services firms. For the everyday citizen adopting bitcoin, the proposed term for imprisonment is 4 years.

SOURCE: https://www.cryptocoinsnews.com/a-7-yr-prison-term-for-bitcoin-use-says-russian-finance-ministry/

[Jet Cash]

So they want to kill the competition so that they can introduce their own coin. Not the best way to gain international acceptance of their new coin imho.

[avikz]

They say that they are communist but they are actually fascist..I am not surprised through.

Most of the govt. will react the same way when it comes to money matters. Govt. will never want free distributions of money in to their own economy, they want everything to be regulated. The sad part is that, we, the general people elect them to become our govt.

[Amph]

wait last time i've checked russis were heading to accept bitcoin and regulate it? so this must be only a vaporware proposal nothing to worry about

it will never be accepted

[Patatas]

I don't think we should be trusting this news unless its coming from a legit source.The blog will make news out of any bullshit ,

The revelation came via a source for Interfax, a non-governmental news agency in Russia.

For normal citizens and individuals:

A penalty of up to 500,000 rubles (approx. $7000 USD)

For organized groups of bitcoin enthusiasts/miners:

A penalty of 1 million rubles. (approx. $14,000 USD)

For executives or managers at financial institutions such as banks, insurance companies, pension funds, traders etc., the punishment goes up by a few notches.

A penalty between 1 million to 2.5 million rubles.

If that ever happens,its time for all the Russians exchanges to shut down.

[doublemore]

A new amendment to the Criminal Code by the Ministry of Finance in Russia sees the regulator – for the use of bitcoin – propose up to 7 years in prison for management and executives of banks and financial services firms. For the everyday citizen adopting bitcoin, the proposed term for imprisonment is 4 years.

SOURCE: https://www.cryptocoinsnews.com/a-7-yr-prison-term-for-bitcoin-use-says-russian-finance-ministry/

Yeah they also have prison time for weed over there and are pretty harsh on it but people still use weed.  I think the news is bullish as it shows the reasons why we need bitcoin in the first place.  I know BTC-e has blocked russians so it must be pretty serious though.

[ctlaltdefeat]

I don't think we should be trusting this news unless its coming from a legit source.The blog will make news out of any bullshit ,

The revelation came via a source for Interfax, a non-governmental news agency in Russia.

For normal citizens and individuals:

A penalty of up to 500,000 rubles (approx. $7000 USD)

For organized groups of bitcoin enthusiasts/miners:

A penalty of 1 million rubles. (approx. $14,000 USD)

For executives or managers at financial institutions such as banks, insurance companies, pension funds, traders etc., the punishment goes up by a few notches.

A penalty between 1 million to 2.5 million rubles.

If that ever happens,its time for all the Russians exchanges to shut down.

yeah i have been read about this before,i'm not sure if this rule and penalty already applicated in russia,because so many people from russia still axist and have no worry about this,i hope other country like china and US not do this,so scary if that happen.

[1Referee]

wait last time i've checked russis were heading to accept bitcoin and regulate it? so this must be only a vaporware proposal nothing to worry about

it will never be accepted

Exactly. One day you hear quite bullish news coming from Russia, and the other day they put you in the prison for using Bitcoin. I just laugh at these news articles. You can't believe any of this anymore. All these news articles with Russia in it should be taken with a truckload of salt.

[FlyingSaucer]

What is this for real? 4 years in prison for the personal use of Bitcoin? I think is just too excessive of a ruling hopefully they won't pass the bill.

[Raimonn]

Every week we have different news about bitcoin law development on Russia, some weeks says that laws will allow bitcoin, some weeks says that bitcoin users will have 4 years of prison. I think that Russian government needs to clarify witch is its position about bitcoin. And newspapers need to wait for official news, not writing about rumors.

[randy8777]

normal well behaving people that use bitcoin will end up in prison for using bitcoin, yeah right. this looks like a very early april fools joke from the russian ministry.

[Hirose UK]

wait last time i've checked russis were heading to accept bitcoin and regulate it? so this must be only a vaporware proposal nothing to worry about

it will never be accepted

if I'm not mistaken, I also read a thread
said that there are over 100 shops
accept bitcoin in Russia. so I think it's
still not true at all. I mean it's not really
accepted yet

[BitcoinHodler]

wait last time i've checked russis were heading to accept bitcoin and regulate it? so this must be only a vaporware proposal nothing to worry about

it will never be accepted

exactly this.

unless i hear from someone who lives in Russia right now and can vouch for this news, or i can read the news in Russian on a russion news website i wouldn't believe what i read. especially on cryptocoinsnews

[Proxiebuier]

wait last time i've checked russis were heading to accept bitcoin and regulate it? so this must be only a vaporware proposal nothing to worry about

it will never be accepted

exactly this.

unless i hear from someone who lives in Russia right now and can vouch for this news, or i can read the news in Russian on a russion news website i wouldn't believe what i read. especially on cryptocoinsnews

Yes, I agree 100%.
We need an info from a russian forum member if this is correct or not.

[European Central Bank]

Yeah they also have prison time for weed over there and are pretty harsh on it but people still use weed.  I think the news is bullish as it shows the reasons why we need bitcoin in the first place.  I know BTC-e has blocked russians so it must be pretty serious though.

People risk prison time with weed because they either make money from it or it makes them feel good. Why bother using a type of money that no one else is gonna accept? There's a ton of legal options. You can't say the same for weed.

[pbleak]

This will essentially ensure it becomes Russia's black market currency.

[franky1]

wait last time i've checked russis were heading to accept bitcoin and regulate it? so this must be only a vaporware proposal nothing to worry about

it will never be accepted

they are. the fines and jailtime are for certain groups who use bitcoin... wait for it.. FOR ILLEGAL ACTIVITIES.

its not saying that bitcoin itself is illegal, but if people are found out as scammer, drug pushers, arms dealer, kiddy fiddlers or money launderers .. there is a punishment for them.

these same rules also applies to other currencies like people on the blackmarket trading dollars without a registration, etc where the funds are used for illegal activities

the funny thing is that cryptocoin news is not quoting the real source but an mis-interpretation, from another news source.

i really wish these crappy media outlets actually bothered to include the real source.

[SFR10]

Instead of them taking measurements to eliminate illegal activities that involve BTCitcoin, they went with overall solution even though they know it's going to have serious collateral damage. Russia is neighboring country from where I live and I personally have friends who have mining farms there and if this bill goes through (which it seems accepted) then a lot of innocent people will get punishment for a crime they never committed. There's a lot of crimes that are happening with rubles as payment but they don't do anything about it, and what's worst is that, they even hate US Dollars ($) and do trades with neighboring countries in local monetary trade system. So what I think is, just them doing all they can to have absolute power on anything that goes in and out in terms of expenditures (in a ugly way).

[RealPhotoshoper]

i'm not interesting about news like this,and i dont care if this true or not,i just believe that bitcoin still accepted in many country,and only Russia doing this,its not make me scary or sureprise,everything can happen.

[NattyLiteCoin]

Pretty cool country if you like alcoholism, AIDS, and no Bitcoin.