Russia plans to ban bitcoin

[Pekelo]

http://en.ria.ru/russia/20140115/186544472/Russia-to-Tighten-Anti-Terrorism-Internet-Rules.html

It is up to the Duma now:

"Another bill will severely limit the use of payment systems that allow anonymous usage, such as the popular Yandex Money, Russia’s answer to PayPal.

Transferring money abroad using such systems will no longer be possible, while domestic usage will be capped at 15,000 rubles ($450) a month, down from the current 40,000 rubles ($1,200).

The bill package also proposes more power to the Federal Security Service (FSB) and stricter punishments for involvement in terrorism.

No review timeframe was immediately available for the package, which was drafted in cooperation with the FSB and other security agencies."

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"TS;DR; Russian government planning to ban usage of any non-identifiable (cryptocurrencies fall here) currencies for digital currency operators. Pretty much spells doom for future of bitcoin in Russia."

 

[sle]

These are proposed amendments to an existing law that might or might not get approved. This said, every EM country with strong monetary policy is probably looking for ways to prevent people from using bitcoin. General EM wisdom is that strict monetary repressions will make the prohibited asset all more desireable in the black market, albeit less liquid (think US dollars in Argentina).

 

[peilthetraveler]

Please...when have Russians with money EVER lived by the governments rules?

 

[HarbingerQ]

Quote from peilthetraveler:

Please...when have Russians with money EVER lived by the governments rules?

When have people with money ANYWHERE live by the same rules that apply to middle class and low class

For Christ's sake, rich people have special clubs where drugs and underage girls/boys are just perks of the membership.

Ever heard of bohemian grove in US
places like that are dime a dozen

If you are wealthy and are willing to Hail Satan (Baal, Marduk, Giant Owl etc) You are in.

 

[PocketChange]

Electronic stored value systems are prevalent through out the world.

Problems arise when you represent a system as a currency. FINCEN will intervene and shut down transactions with US Citizens.

Be interesting to see how this plays out. All it takes is settling oil contracts using bitcoins and our military will be deployed in full force to protect our national interest.

The moment the dollar loses reserve currency status for settling oil contracts the dollar domination game is over.

 

[Pekelo]

Quote from peilthetraveler:

Please...when have Russians with money EVER lived by the governments rules?

If your Russia based broker closes down, who cares that you can send bitcoin to Ivan, private citizen?

Quote from sle:

These are proposed amendments to an existing law that might or might not get approved.

Smart money says, they will be approved....

 

[Pekelo]

Smart money says, they will be approved....

That was quick:

http://top.rbc.ru/economics/06/02/2014/903864.shtml

Translation explanation:

"It says that the press office of the prosecutor general's office had stated that money substitutes, among which bitcoin, are banned in Russia.

And, to paraphrase the one quote in the article (and I haven't seen the original source), the motivation is, would you believe it, to protect citizens and organizations from having their rights violated when holding such currencies, since it entails a high risk of loss of value, caused by lack of anything securing real value (sic)."

 

[peilthetraveler]

Russia banned it now. Idiots.