[2014-10-03] RIA: Finance Ministry proposes huge fines for BTC use in Russia

[Arvicco]

Ministry of Finance proposes to fine cryptocurrency users up to 1 million rubles (Google Translate)

Finance Ministry of Russan Federation proposes to introduce fines of up to 1 million rubles for the issuance of any digital currency, distribution of software for the emission of such currencies, as well as for operations using it, draft law published on the official portal of Russian legal acts.

[1713925101]

1713925101

[LiteCoinGuy]

1 million rubles = 100 USD

[notthematrix]

The same fineś go for use of dollar and euro!
so notting inresting here....

[notthematrix]

1 million rubles = 100 USD

Not really, it's actually about $25K. Not negligible, at any rate.

and how will they enforce this???
if you can exchange on btc-e
you only need one place in the word to exchange remember

[Arvicco]

The same fineś go for use of dollar and euro!
so notting inresting here....

This is not correct. Proposed legislation does not concern foreign currencies at all and is targeted specifically to cryptocurrencies. Foreign currencies and their exchange will still be legal, but any operations in digital currencies will be criminalized. Now, the question of enforcement is still an open one of course. But you won't be able to legally accept BTC in your local business - they'll fine you. And it is expected that access to any websites with bitcoin-related information will be blocked from Russia.

[notthematrix]

The same fineś go for use of dollar and euro!
so notting inresting here....

This is not correct. Proposed legislation does not concern foreign currencies at all and is targeted specifically to cryptocurrencies. Foreign currencies and their exchange will still be legal, but any operations in digital currencies will be criminalized. Now, the question of enforcement is still an open one of course. But you won't be able to legally accept BTC in your local business - they'll fine you. And it is expected that access to any websites with bitcoin-related information will be blocked from Russia.

Russia is here just as powerful as me making this law...
I dont care about its laws , if they have no way to enforce them ,,,, look at http://thepiratebay.se/
or http://silkroaddrugs.org/tag/silk-road-2-0/
it does not realy matter what law russia makes ore Santa makes of father chrismas makes...
if you can enforce them they are just emty words
to change to rubbles use http://www.btc-e.com
he explaines it very well , at a bilderberg like cobference.....
https://www.youtube.com/watch?v=06wUSPCoRpg&list=PL8ucbgLbIE-sR9U17GuJF8RZChrUWySl_&index=4
its simple if you cant enforce it your laws are just empty words.

[TheButterZone]

No summary executions? Worthless.

[shawshankinmate37927]

For anyone who enjoys freedom, I guess it's time to pack up and GTFO of Russia.

[notthematrix]

its symbolic 60.000 rub is 1149 euro http://themoneyconverter.com/RUB/EUR.aspx not that mutch.....
further there is no way for them to ennforce this.......
and when rubble drops because of crypto it will only be cheaper

[LiteCoinGuy]

http://www.coindesk.com/russia-proposes-fines-bitcoin/