Russia intends to criminalize cryptos

Bitcoin Talk and Cryptocurrencies Cryptocurrency In the News
1

While other countries are embracing cryptocurrencies,Russia does not just plan to ban them, it plans to criminalize them! The new legislation defines cryptocurrencies as properties and bans their circulation and issuance on Russian territory.

Once the proposed legislation is signed into law it individuals and organizations will be prohibited with operate with any cryptocurrency, including processing payments for goods and services.

People who break the law will be fined between 50k rubles ($700 on average) to 500k rubles ($7 000). Organizations that do the same can be fined up to 2 million rubles or $28K. But that is not all – Russian authorities can imprison people up to 7 years depending on the size of the illegal operation and the damage they think it has caused the Russian financial system.

So when people get scammed they’d be too scared to go to the authorities. This plan won’t have good consequences.

2

They should be scared. It will be illegal to be involved in cryptos so dont do it. It’s like me going to the police and saying the cocaine bought from my dealer is not 100% pure.

3

They’re making it the same thing when in reality it is not, and that is the problem.

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Just because everyone does it does not make it ok. If they make it illegal then stay away from it. Pretty simple. Just because cannabis is legalised in Netherlands, its illegal in the UK so I wouldn’t advise buying it.

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I hope that they don’t do it, crypto is the future.

6

Those are my thoughts exactly. They are gaining a lot of popularity in the rest of the world.

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So they didn’t criminalize cryptos, but now they are banning a full ban of all cryptocurrency investments in the country. The alleged reason for it is concerns over Russia’s financial stability during times of increased crypto transactions are the main agitators of the ban.