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

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.

Comments

In Soviet Russia?

[Nidi62]

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.

Don't steal, the government hates competition.

[s13g3]

"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.

Re:In Soviet Russia

[mrlibertarian]

I believe the AC was referring to negative interest rates.