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Russian Bitcoin Issuers Will Risk 7 Years In Prison (thestack.com)

Posted by timothy on from the what's-your-theory-of-the-state? dept.

An anonymous reader writes: The Russian Ministry of Finance has announced an amendment to the country's criminal code which will impose prison sentences of up to seven years for the issuing of Bitcoin or other cryptocurrencies. A government source speaking to Interfax (Russian) said that the maximum prison sentence for individuals found issuing cryptocurrencies would be 2-4 years, and/or up to three years' worth of salary or income, whilst managers of dispensing institutions could face seven years in prison, up to four years of income equivalent in fines, and a lifetime ban from similar posts. Russia announced the ban on Bitcoin or other 'money surrogates' in February of 2014, asserting that cryptocurrencies facilitate money-laundering and other criminal activity.

4 of 99 comments (clear)

  1. In Soviet Russia? by Nidi62 · · Score: 4, Informative

    Russia announced the ban on Bitcoin or other 'money surrogates' in February of 2014, asserting that cryptocurrencies facilitate money-laundering and other criminal activity.

    I believe that was mistranslated. I think it should actually read that cryptocurrencies don't facilitate the graft and money grabbing of Putin and his friends. Sure, I might be nitpicking on a little error of translation, but it's important to get things right.

    --
    The only thing necessary for evil to triumph is for it to be pitted against a slightly greater evil
  2. Don't steal, the government hates competition. by s13g3 · · Score: 2, Informative

    "Russia announced the ban on Bitcoin or other 'money surrogates' in February of 2014, asserting that cryptocurrencies facilitates public competition to the government's own money-laundering and other criminal activity while making it more difficult for the government to interfere with legitimate private economic activity."

    FTFY.

    --
    "Inveniemus Viam Aut Faciemus" 'We will find a way... Or we will make one!' --Hannibal of Carthage
  3. Re:In Soviet Russia by mrlibertarian · · Score: 3, Informative

    I believe the AC was referring to negative interest rates.

  4. Re:In Soviet Russia by Aighearach · · Score: 1, Informative

    People who think bank fees are robbery should probably read more. Maybe that "fine print" is important documentation, and not just entertainment for silly nerds?

    As an American, every time I've ever had a bank fee I didn't think was fair, I just went into my bank and asked them to rescind the fee (or challenged it if it was a technical error) and they agreed to do it every single time.

    Of course, I only complained about incorrect, confusing, or unclear fees, not just regular ones that are part of the offered service.

    It is the same in most countries with modern banking. There are a few sucky banks of course, so choose the bank that has a good reputation for the type of services you're interested in and not just the one with the most branches or the best advertisement.

    You can just read the headline of your link and understand the difference: Bank fees in the West are simply "annoying" and can be "avoided" by collecting knowledge. Is that true in Russia? No, in Russia the rules might change and you'll still get punished for having done it before it was banned, on the theory that if they had to ban it then it must have been something awful and you should have known better than to make Puttiput mad.

    Remember, hating America is not patriotic. And electing a Democrat for President doesn't magically make the US the same as Russia.