Russia is proposing a new law to declare cryptowallets or be fined, go to jail

[Shasha80]

The Russian government passed the new law just to ensure that it gets tax revenue from Bitcoin owners. In my opinion,
even though the law is only a proposal, it will not be long before it will actually be passed. But in my opinion there is no
need to panic for the Russian people, they just need to declare the cryptowallets they own and pay taxes according to the rules,
of course there will be no problem if the rules are not broken.

[AmoreJaz]

Russia and other countries always propose some laws, some of which can be pretty impactful, but until it has actually passed, it's just a proposal, and regarding Bitcoin, there has been countless proposals that remained proposals, so this might be just another one. Though there's no doubt that the Russian government is generally anti-crypto, it's just not clear yet how far they will go in terms of making things hard for crypto users.

yeah, lets talk about it when it is already a law. because a proposal can go a long way and may not be approved at all. right now, i dont think this is one of their priorities. we still have this pandemic, no vaccine yet, and talking about someone going to jail because of crypto holdings. i dont think thats gonna happen yet.
 but we can understand that governments want to take their share from this crypto business, and not only Russia is thinking about it. but this is a long journey for them, because it is hard to regulate crypto.

[Zionatin]

This will backfire. If you pay taxes in crypto then you can trace is and find how corrupt the government is when you see your crypto go into the pockets of the true criminals.



They legalizing and understand that Cannabis should be allowed to be consumed and used all over the world and now they want to go backwards with a bill like this? No one will take this seriously or sign it. It is a joke!
If people are becoming more understanding these days then what kinds of monster woulf agree to such laws.

What sort of demented psycho wants to put another person into a cage? Esspecially for something none voilent.

If you not paying tax on crypto guess what? The government can do nothing. You earning a currency made by the people there is nothing to pay tax on. There is no money laundering that would require money. THrey honestly such a bunch of idiots.

We living in a world where one human being wants to throw another human being into a cage for 3 fucking years for using crypto. Thats sick. The person making this bill needs serious help.

I want to see russian come do something about me dealing with Russian transactions. If I am running an exchange the can fuck right off. I would never give the personal info of my users no matter who asks. Arrest me!! 

Talking about evading taxes what about goverment curroption? How about we actually go full on crypto and pay tax in crypto and then the goverment must spend that crypto so it can be traced and fianlly our tax money will not be stolen since it can be tracked so please Russia bring this law in then we can expose your currupt government.

[ipanks]

It will not stop people by using crypto wallets on their devices. They will search for other crypto wallets that can fit them, and they don't have to worry about the ban, fined, or even go to jail. People will get their wallets, and they can hide their crypto assets in the other way. Besides that, people already have a hardware wallet that they can hide to the safe places, so they don't have to tell anyone they have crypto.

[Saisher]

Can they keep up and are they good on tracking wallets that have over $1200 on it, if I am a resident of Russia I will be aware of this and make a way not to track my wallets I can use mixer or go underground but I will make sure that I will not go over the limit of what is required of me so I can keep my account in good standing.

[lovesmayfamilis]

Today, Russian cryptocurrency laws change regularly and cryptocurrency holders should always keep an eye on the news. In the latest news, they write that the government is proposing to verify crypto wallets. Thus, according to the government, all cryptocurrencies should become fully centralized.
Legislators do not want to take into account all the fundamental cryptocurrency decentralization.
The fact that it is explained that there is a control of terrorism and money laundering, in fact, looks like the establishment of complete control over cryptocurrencies.

[bryant.coleman]

Once again, unsubstantiated rumors. A few days back there was a flood of threads here claiming that India is going to ban cryptocurrency. It continued, even after I posted here and clarified that no such law is scheduled to be discussed during the current parliament session (as per the documents released by the government of India). I have noticed a huge increase in the FUD levels during the last 1-2 months. Something fishy is definitely going on. Whales seems to be accumulating BTC, after manipulating the exchange rates. 

[bL4nkcode]

If this bill becomes a law in Russia or whatever country it follows, then more users will go seek more privacy, security online, alternatives where to buy/sell and using some decent DEX.

Developers, businesses and the community will find ways on how things will continue to work as what it is today so just chill.

[Yatsan]

The point is in there that the government of Russia wanted to ensure safety and secure that crypto is not being used as a tool for money laundering and other related illegal activities but surely once that law will be passed, people using crypto in Russia will most likely feel unsecured in a sense that they still do want no declaration of their crypto wallets for the sake of their own privacy as well as the assets they do hold into their crypto wallets.

But as for now it is still just a proposal so either way, there are still possibilities that this might not be passed as a new law due to some circumstances. Let's just get back in here once the news become true that the proposal become already a law. Although we are not all in Russia, we must be aware of such news for there might be certain instances that governments of other countries would adapt such law once it become successfully being implemented in Russia.

[ChiBitCTy]

Well this is certainly not very surprising coming from Putin, a straight up dictator.  Dictatorships often want to completely control everything and no surprise they want to have complete oversight of a currency that is hard for them to controls.  I could easily see other countries doing this. I could even see the United States doing this..all governments desire control and power over citizens..this is just another way to do that.

[Ozero]

Russia and other countries always propose some laws, some of which can be pretty impactful, but until it has actually passed, it's just a proposal, and regarding Bitcoin, there has been countless proposals that remained proposals, so this might be just another one. Though there's no doubt that the Russian government is generally anti-crypto, it's just not clear yet how far they will go in terms of making things hard for crypto users.

At the very least they are trying their best to make a fair and just regulation that will benefit both sides. If the measure the Russian Government makes sure that money laundering will be possible then I think that it is a good thing after all. I too wouldn't want cryptocurrency to be associated with illicit activities, the only problem here is that there are a lot of cryptocurrency out there and I hope that the regulation covers them too

Permission to have cryptocurrency, but not allow it to be used as a means of payment, do you consider it fair regulation? I consider this a mockery and mockery of my citizens. There are not many states in the world that are now introducing such severe restrictions on cryptocurrencies. This is done only by states where the rights of citizens are ignored. I am still surprised at such softness of criminal liability. I won't be surprised if the responsibility becomes even tougher.
On the other hand, how can you receive cryptocurrency, pay tax for it and still not use it as a means of payment?

[target]

Well this is certainly not very surprising coming from Putin, a straight up dictator.  Dictatorships often want to completely control everything and no surprise they want to have complete oversight of a currency that is hard for them to controls.  I could easily see other countries doing this. I could even see the United States doing this..all governments desire control and power over citizens..this is just another way to do that.

Its their law and thei country though. I wouldn't think this proposal actually would be signed.  This is even not a very tight law to grip the control since anyone of their citizen can create a wallet that nobody knew and only them can operate.  If Putin is a straight-up dictator he would have banned it all and force everyone to only  use the digital rubbles and then from that system they can monitor each of thier people's wealth.

Declaring wallets is not a good way actually, why don't they just monitor exchanges in their country like the yobit that up to this day isn't collecting KYC?

[pixie85]

Well, this will only make people go even more underground, seek more privacy increasing options, go more P2P, and more decentralized alternatives.

If this bill becomes a law in Russia or whatever country it follows, then more users will go seek more privacy, security online, alternatives where to buy/sell and using some decent DEX.

You guys managed to say the same thing there and I agree.

They won't achieve anything with this law because trading cryptocurrencies for fiat in Russia is already forbidden so nobody is going to leave a trace in the bank.

The only way to get crypto is to buy it with fiat money or get it as a payment for something and this is untraceable until you get caught in the act so trading bitcoin will become like trading drugs.

Holders aren't going to report what they have because they don't have to. People who get paid in bitcoin will have to go abroad to exchange because they can't do it in Russia anyway so they won't report anything or they will sell for cash on the street.

[BlackFor3st]

If the tax is not that high then it is not a problem in following this rules if in case the bill will likely to pass. Paying tax to our government is our
duty as a citizen because it will help the government to grow especially if the tax will be use correctly.

But I will wonder also if what will be the moves of the authorities if in case there will be some that will not follow the bill if in case it can pass because
I am sure that there should be people who are hard headed and will try his best to hide his crypto assets as much as possible.

[zasad@]

Again you wrote terribly about Russia 
Russians have already been intimidated by a complete ban on cryptocurrencies in 2017. Since that time, nothing has changed.
Previously, it was proposed to put in jail for 7 years for using cryptocurrency, but now only for corrective work for 3 years.
Not one foreign cryptocurrency exchange or exchanger will transfer data to the tax authorities of the Russian Federation.
I doubt that this bill will be adopted in this interpretation.

[Mahanton]

Im aint surprised with this one yet anytime there would be such news about regulation, laws blah blah blah about crypto holdings or wallets which should really be needed to be taxed.This isnt something new and had already anticipated.Yeah its a bad thing for those people whose involved into crypto into those countries but
if we do really think up clearly there are still viable options to take without getting traced nor tracked.Government is always been a fan on seeking or tracking outt everything in vicinity and they had been always like that.

Why would go to jail, if you can actually hide yourself? hehe

[buwaytress]

Holders aren't going to report what they have because they don't have to. People who get paid in bitcoin will have to go abroad to exchange because they can't do it in Russia anyway so they won't report anything or they will sell for cash on the street.

Not that Russians don't already have accounts all over the world -- and I'm not saying that as a bad thing, they just have Russian branches of banks all over former USSR, and it's not so difficult to, say, for example, sell Bitcoin P2P in Kazakhstan and have a local trader send X amount to your Sberbank branch, which then allows easily to send back rubles to your account in Russia. Bank might need to know their customer, but they don't need to know your customer's customer.