Russian Law Would Send Bitcoin Users to Jail as Cybercriminals

[Evildrum]

7 years does not sound like Russia is taking bitcoin seriously,was expecting more like 25 years to be honest.
If you look at bitcoin and its popularity in Countries that are not exactly in line with Russia you may worry that it could potentially become a issue that becomes a lion.
Falls in line with Putin requiring his oligarch and generals to re-patriot their money back to Russia. He does not want his generals being compromised when their children are held hostage by the enemy. Its known that a lot of these generals where funneling their funds to their children who all mostly live abroad.
So you think about that and then add bitcoin shaking things up,its a issue they really do not want to get into.
Any potential worm that cracks the door open just a little for America to come in the back is not a good thing for them.

Cold war is still on do not believe the hype.

[Amph]

well they just excluded all russian from the next revolutionary tech

we are lucky that we don't need that everyone use bitcoin to have global adoption, even if the whole russia country will be out of this, nothing rally change

besides this they still need to catch those that will keep using it,r egardless of the law

[cpfreeplz]

Holy crap. 7 years in jail for using Bitcoins. What a joke. I'm glad I don't live there hahaha! They sure don't like freedom in Russia!

[MingLee]

Congratulation Russian oligarch pricks, send the smartest and computer stuff aware
youngsters where they belong! Society much safe, so much.

Saying that bitcoiners are "the smartest and computer stuff aware" is like saying tweakers cookin' up shake 'n' bake are the best chemists

You're right, there truly isn't much technical knowledge required to use Bitcoin. I'm not a very technical person myself, and I think I know how o use Bitcoin fairly well. I think this legislation from Russia is piss poor, though, because it limits what some of the people in there can do, and it would be a (albeit small) benefit to the economy if they would let them use Bitcoin freely.

[Bit_Happy]

http://www.bloomberg.com/news/articles/2016-04-28/russian-law-would-send-bitcoin-users-to-jail-as-cybercriminals

Russia is planning to punish users of cryptocurrencies such as bitcoin, saying anonymous, difficult to trace transactions help kidnappers and money launderers.

The Finance Ministry in Moscow plans to submit legislation next month that would punish those who use digital currencies with fines as high as 2.5 million rubles ($38,000) and jail sentences of up to seven years. As opponents criticize such regulations as futile in the face of the growing popularity of bitcoin, Russia joins countries including Bolivia, Iceland and Vietnam in taking steps to criminalize it.

“Bitcoin can be used to finance the shadow economy and crimes, and this risk we cannot allow in the Russia’s financial system, which we are striving to make transparent and healthy,” the press service of the central bank said in an e-mail.

What if a tourist is found to have some on their iPhone, are they at risk of going to jail for 7 years?

[DimensionZ]

Wow Russia is one of the most corrupt countries regarding government officials and politicians yet the finance ministry is banning Bitcoin because they want to make the financial system of Russia more transparent and healthy what a hypocrisy   Whatever ruling they pass I don't think this will stop the population from using Bitcoin. Russians are hardcore when it comes to bypassing government laws so I guess there will be probably underground meetings where people will still exchange coins something like a rogue Russian Localbitcoins.

[Amph]

i'm wondering what about vitalik that is dumping 25% of his ethereum, how he would deal with this law?

[pinger]

http://www.bloomberg.com/news/articles/2016-04-28/russian-law-would-send-bitcoin-users-to-jail-as-cybercriminals

Russia is planning to punish users of cryptocurrencies such as bitcoin, saying anonymous, difficult to trace transactions help kidnappers and money launderers.

The Finance Ministry in Moscow plans to submit legislation next month that would punish those who use digital currencies with fines as high as 2.5 million rubles ($38,000) and jail sentences of up to seven years. As opponents criticize such regulations as futile in the face of the growing popularity of bitcoin, Russia joins countries including Bolivia, Iceland and Vietnam in taking steps to criminalize it.

“Bitcoin can be used to finance the shadow economy and crimes, and this risk we cannot allow in the Russia’s financial system, which we are striving to make transparent and healthy,” the press service of the central bank said in an e-mail.

What if a tourist is found to have some on their iPhone, are they at risk of going to jail for 7 years?

Try to ban this: 1,"18sDzCWjYZWAXsywCXboxQcr7KFuRTBpXV","5KHPuxuz8i96Kgc7sZttr27eQ2PioDZJR4xvprynsmufH8acv9G"

Somebody have to show this to politicians. Ok, create a law to forbid to have numbers and letters. You can even encrypt it, even you can put it on a image. Toll is going to have lots of work trying to found a shit.

[pinger]

I have no access to actual numbers, but some article quoted a Russian official claiming bitcoin use by criminals in Russia went up x12 in the past year. Have no idea how such stats are gathered/what they even mean, but if bitcoin is really becoming a problem, then the hardships of a few legit bitcoiners will be outweighed by the overall win for Russia as a whole. Pragmatic.

I guess it can be about the mafia use from Cryptolockers.

[eternalgloom]

Damn, when I saw the title, I though this was just another unconfirmed rumour from a shady source, but seeing that it's Bloomberg, that's pretty bad news.
Plus, I didn't know Iceland was planning to ban Bitcoin, gotta look into that, I though European countries in general would be fairly safe.

[alyssa85]

http://www.bloomberg.com/news/articles/2016-04-28/russian-law-would-send-bitcoin-users-to-jail-as-cybercriminals

Russia is planning to punish users of cryptocurrencies such as bitcoin, saying anonymous, difficult to trace transactions help kidnappers and money launderers.

The Finance Ministry in Moscow plans to submit legislation next month that would punish those who use digital currencies with fines as high as 2.5 million rubles ($38,000) and jail sentences of up to seven years. As opponents criticize such regulations as futile in the face of the growing popularity of bitcoin, Russia joins countries including Bolivia, Iceland and Vietnam in taking steps to criminalize it.

“Bitcoin can be used to finance the shadow economy and crimes, and this risk we cannot allow in the Russia’s financial system, which we are striving to make transparent and healthy,” the press service of the central bank said in an e-mail.

What if a tourist is found to have some on their iPhone, are they at risk of going to jail for 7 years?

Do many tourists visit Russia? I can't think of a reason anyone would visit, it's not like they have a nice climate.

[mirana12345]

Russians are not the smartest ones, we all knew that, but this just proves that they are afraid of losing the control over people's wealth now more than ever.
Criminals my arse ; the only reason they are fighting (and everyone else that is doing the same) is because they want people to stick to their worthless printed notes.

[Ultrafinery]

So many here have daddy issues with governments

[DimensionZ]

Russians are not the smartest ones, we all knew that, but this just proves that they are afraid of losing the control over people's wealth now more than ever.
Criminals my arse ; the only reason they are fighting (and everyone else that is doing the same) is because they want people to stick to their worthless printed notes.

Please don't compare the Russian government to the Russian people. Actually I know Russian programmers and scientists who are some of the smartest people around and are on par if not better than sicentists from other leading countries. Plus Russians in general are tech-savvy despite living in a corrupt country with limited resources but they can make up for that with intelligence. I can't say that for some Western countries though.

[Enotche]

Everything here is not so simple.
Firstly, the reason for this, control authorities and the desire to control everything. They can not live without control!
Secondly. No commissions from transactions. And how well that money is transferred, and they were not able to steal some of them, that they do not like.
Thirdly. They still do not understand all this. And constantly contradict themselves. That they want to ban, you want to take the next fork, and monopolize, to no one else had the right to main currency.
And finally. The government is sitting extremely stupid imbeciles and idiots. They do not understand the technology. And if they do not understand, it means you need to be banned. Here we must understand that the government did not fall for his outstanding ability, knowledge and experience, but only as an acquaintance.

So still nothing is clear.Yet they try to just scare people.

[mirana12345]

Russians are not the smartest ones, we all knew that, but this just proves that they are afraid of losing the control over people's wealth now more than ever.
Criminals my arse ; the only reason they are fighting (and everyone else that is doing the same) is because they want people to stick to their worthless printed notes.

Please don't compare the Russian government to the Russian people. Actually I know Russian programmers and scientists who are some of the smartest people around and are on par if not better than sicentists from other leading countries. Plus Russians in general are tech-savvy despite living in a corrupt country with limited resources but they can make up for that with intelligence. I can't say that for some Western countries though.

I'm sorry if you got personally offended, it was not my intention to do so. I was referring to both russian political side and people in general - it's obvious how that
doesnt include every single person located there. One question tho: doesn't Russian people choose their government in a democratic way like everyone else ?
If it is so , government is a reflection of people. It is known.

[whored]

If it is so , government is a reflection of people. It is known.

Just curious, which third-world backwater do you hail from? Nice government there?

[mirana12345]

If it is so , government is a reflection of people. It is known.

Just curious, which third-world backwater do you hail from? Nice government there?

Actually no, it is not nice government here either. But that just proves my point because our people are also pretty dumb as well in general,
what one would refer to as : "nation of sheeps". Compared to russians we are the same, and it wouldnt surprise me if the same laws come
facing our way as well.

[Superbitzz]

really disappointed but it seems that they are failed to do so up to know. as they they given such statement in past and from the  present statement it is proof that they are unable to control it as they are giving warning again and again.

[virtualkeybuyer]

It is because of the criminals who use bitcoin, because of these criminals a lot of other people also lost access to that beneficial currency, the government should have to device some other procedures to stop the criminals to use it.