The Russian Ministry of Finance is preparing to add an amendment to the Criminal Code which will dish out severe punishment for those using bitcoin, according to an unknown source within the government communicating with Interfax.
This version of the amendment is much harsher compared to the older version which sentenced the everyday bitcoin user to a year of “corrective labor” and two for the “organized groups”.
These punishments have been ramped up to four years of imprisonment for the everyday bitcoin user or a fine of 500,000 rubles (7,200 USD). If the fine can’t be paid, their salary or other income for the next three years will do.
Organized groups will be imprisoned for six years or fined 1,000,000 rubles (14,300 USD). If the the fine can’t be paid, their salary or other income for the next two to four years will do.
The top managers of banks and financial services companies will be punished the harshest. They face up to seven years of imprisonment with the inability to occupy certain positions and engage in certain activities for up to three years, or fined 1,000,000 to 2,500,000 rubles (35,750 USD). If the fine can’t be paid, their salary or other income for the next two to four years will do.
| Imprisonment | Fine | Alternative Fine | |
| Normal Person | 4 years | 500,000 rubles
(7,200 USD) |
Salary or other income for
3 years |
| Organized Group | 6 years | 1,000,000 rubles
(14,300 USD) |
Salary or other income for
2 to 4 years |
| Top Manager At Financial Institution | 7 years | 1,000,000 to 2,500,000 rubles
(14,300 USD, 35,750 USD)
|
Salary or other income for
2 to 4 years |
Movement to add this amendment was sparked by the Ministry’s belief that bitcoin is only used for illegal activities such as money laundering. Russian authorities reportedly have said that because of the decentralization and anonymity that comes with bitcoin, it is very appealing to commit crimes with it.
The head of the Central Bank of Russia, Elvira Nabiullina has said many times that they will look into bitcoin but they only view it as a way to execute “suspicious” transactions. On the other hand, the head of Sberbank of Russia, Herman Gref has said that the cryptocurrency shouldn’t be banned; saying that it seems to professionals like himself that it isn’t what you should be banning.
holy crap, someone derail this run away train before it catches on!!!!!
You can commit crimes with fiat! Does that mean we need to call all fiat now?????
*ban all fiat
at stupidity – they plan on doing that too – check out Sweden or google BAN ON CASH
The plan is to have more and more European countries ban cash and use only bank cards so that everything will be monitored. Like buying a bus ticket and so on. In this way they want to be able to have a Big Brother panopticon.
The Jewish bankers have put all their efforts to impose electronic transactions and the obligatory use of electronic cards instead of cash.
looks as if they’re still a bunch of KGB-control freak commie cunts in Russia after all, eh?
hope they try that sorta crap in the US…it might spark a full-on civil war and we can, finally, ‘off’ all the niggers and jews!
lmao
hope all the ruskies out there stay safe. how does russia even plan to find the people using bitcoin?
Um?
Alpha bay is run directly from Russia and has ties with the Russian Mob and the FSB. The whole site runs on Bitcoin, not to mention all the fraud enthusiasts based in Russia with their shops selling stolen data and targeting American Banks and consumers.
Russia will not ban bitcoin, it may propose an idea to but we all know that Russia will be the Mecca of Fraudulent activity and anonymous currency.