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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.

7 of 99 comments (clear)

  1. In Soviet Russia by idbeholda · · Score: 4, Funny

    The bank robs you.

    1. Re:In Soviet Russia by Anonymous Coward · · Score: 4, Interesting

      Also in Japan, Switzerland, Sweden, and Denmark. Also, the ECB. And probably coming soon to a country very near you.

    2. Re:In Soviet Russia by ClickOnThis · · Score: 4, Insightful

      Not just in Soviet Russia, comrade.

      --
      If it weren't for deadlines, nothing would be late.
  2. 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
  3. Re:Of course bitcoin facilitates money laundering! by Coren22 · · Score: 4, Interesting

    How do I take the money from my drug enterprise into bitcoin without any tracing back to me?
    Is there a bank where I can walk up with $10 million and ask to convert it into bitcoin without the bank requiring ID?

    --
    APK likes to ask for responses to the same things over and over. Maybe he just likes the responses?
  4. Re:Of course bitcoin facilitates money laundering! by Archangel+Michael · · Score: 4, Insightful

    Because "Control"

    If the government can't control you, you are a danger to the government. And government cannot allow its people to be uncontrolled.

    And this "war on crypto-currency" will fare about as well as the War on Drugs has.

    --
    Agent K: A *person* is smart. People are dumb, stupid, panicky animals, and you know it.
  5. Re:Of course bitcoin facilitates money laundering! by MightyYar · · Score: 4, Insightful

    It's basically exactly analogous to cash.

    With cash, you can trace it with the serial number and with bitcoin you need the chain - both are trivial to work around, though laundering physical money is harder.

    With cash you cannot tell who gave you the cash- this is also the case with a "laundered" bitcoin. Here cash has the edge since you don't need to take any action.

    With cash, you can hide it anywhere - just like your bitcoin wallet. Bitcoin has an edge here because the wallet is ultimately just a number. It is easier to hide a slice of information than a physical pile of cash.

    Both seem to scare the hell out of authorities. That's perhaps the best "feature".

    --
    W..w..W - Willy Waterloo washes Warren Wiggins who is washing Waldo Woo.