Russian Bitcoin Ban Plans to Fine Digital Currency Users
The Russian Bitcoin ban is starting to take form as Russia's Ministry of Finance has revealed the full draft of their proposed legislation. When Russian media first reported Russia's intentions to ban Bitcoin by 2015, the world wondered how the ban would be implemented. Russia is going to have inherent trouble in tracking Bitcoin transactions. The Russian Federation is planning to impose fines on anyone caught using or spreading information about digital currencies. According to the document, individuals that are found to be creating, mining, or issuing Bitcoin or other digital currencies....
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The Russian Bitcoin Ban is still incoming, so it seems. Russian telecom regulator Roskomnadzor has finally acted on a court order from 2014. Russia is currently blocking access to several (seven at last count) Bitcoin-related sites. These websites have been blocked because Bitcoin contributes to the growth of the shadow economy." Some feel that this is just a warm-up for the upcoming Russian Bitcoin ban. Last year, Russia's Ministry of Finance revealed a full draft of their proposed Russian Bitcoin Ban legislation. Russia's stated goal has been to ban Bitcoin by 2015, despite some....
Thursday the Russian Ministry of Finance proposed to punish citizens that use so-called “money surrogates” with up to 7 years in prison. Russian authorities consider Bitcoin and other cryptocurrencies as such “surrogates”. Harsh Punishment. The exact text of these planned changes in the Russian Criminal Code has not yet been revealed, however according to the Russian News Agency Interfax, it is expected that the corrections will be aimed at those who seek to distribute, purchase in the interest of selling, or sell “monetary surrogates”. The Ministry of Finance plans to punish citizens with....
Dr. Victor Dostov has served as the President of the RussianElectronic Money Association since 2009 and is considered one of the leading experts and managers in the Russian retail payment sector. He was one of the founders of the Paycash Group as well as a managing partner. Dr. Dostov has an extensive record and experience in the digital payments industry in Russia. Recently, he spoke with Allen Scott from CoinTelegraph in an interview on Bitcoin in Russia where the good Doctor voiced his thoughts on the proposed legislation banning cryptocurrency in Russia. Also read: Russia Bitcoin Ban....
To make matters in Russia even stranger, the Russian Central Bank will continue its research into blockchain technology for now. The institution has set up a dedicated taskforce to see how this technology can be used to benefit the Central Bank of Russia. However, there are no plans to start issuing digital currency, as that would still be prohibited by law. Russia seems to be making a fair amount of media headlines again, as their regulation of digital currency has just taken a turn for the worse. A new proposal – drafted by the Russian Ministry of Finance – seeks to penalize Bitcoin....
According to a report, the Russian Finance Ministry is seeking to push for amendments to the Criminal Code by proposing two-year ‘corrective labor’ sentence, or a fine of up to 500,000 rubles for bitcoin users. The Russian Interior and Finance Ministries see cryptocurrencies as a threat to not only the Russian economy, but also its national security. ‘Corrective labor’ colonies are among the most common types of prisons in Russia. They are a combination of penal detention and forced labor. In a time where governments and regulators are taking varying approaches to popular decentralized....