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Russia Sets Sights on 7 Years in Prison Under Bitcoin Ban

Russia Sets Sights on 7 Years in Prison Under Bitcoin Ban

Russia Sets Sights on 7 Years in Prison Under Bitcoin Ban

If you have an innovative, strong economy, the invention that is Bitcoin could be an asset in the creation of new businesses and jobs that you could cultivate, and tax. It and its blockchain technology could attract businesses and investment from around the world, as London and the UK have looked to promote over the past year. A local faction within Russian government seems to want to go the other way and would rather ban it into the cornfields than embrace “The Future of Money.

Ratcheting up the rhetoric

Russia Sets Sights on 7 Years in Prison Under Bitcoin BanAccording to Bloomberg, the Russian Finance Ministry is preparing new legislation to vastly increase fines and prison sentences for Bitcoin use in Russia. Fines can range up to 2.5 million rubles, which equates to about $38,000 USD, and jail sentences of up to seven years.

“Bitcoin can be used to finance the shadow economy and crimes, and this risk we cannot allow in the Russia’s financial system, which we are striving to make transparent and healthy,” said the press service of the Russian central bank.

Some might say ‘How can they enforce such measures against Russians? How will they know you are using Bitcoin?’ Well, since Bitcoin is run on a public blockchain, the blockchain can be monitored, along with the exchanges that equine ID, and the funds followed until they are cashed in by the end user. Privacy and freedom must be exchanged for convenient use of pretty much any Bitcoin exchange worldwide, at this point. If anyone can run a surveillance state, it might be Russia, no?

“We can see how swiftly, pretty much over the course of the year, this became a reality of our economic life,” Deputy Finance Minister Alexey Moiseev said in an interview. Bitcoin “in its essence is a money surrogate, so ultimately that leads to the central bank losing control over the money supply.”

Britain’s HM Treasury has already proven that Bitcoin is not used for terrorism financing or money-laundering. And some people believe that Russia may not be able to reach their goals of a Bitcoin-free nation-state. Jon Matonis, a founding director of the Bitcoin Foundation, had this to say on the idea of banning Bitcoin on a national level.

“A ban would be impossible to enforce because it is a peer-to-peer technology, it is a file sharing technology, and all people need to do to get around the ban is to have computers with an Internet connection,” “This perspective is out of step with the rest of the world. It’s like worrying about gravity, what can you do?

Matonis’ point speaks to the elephant in the room. Russia, or any country, wants to keep their population in the dark about financial innovations like Bitcoin. It is all a matter of control, which governments are all about; I understand that. The deeper issue is you can’t summarily ban Bitcoin anymore than you can ban the Internet without coming across as a tyranny, actively working against Russians.

They are a marked improvement over the status quo, so they aren’t going anywhere, and now that people know there is a better way to send and receive funds, you can’t put that genie back in the bottle. Russia is going to try anyway, but for people worldwide, Bitcoin rings a bell of freedom, technology and empowerment. They’re really doing this because their economy is so weak they fear Bitcoin is direct competition to the nation’s ruble, even if Russia is just a tiny fraction of the national economy.

If your economy is that weak that you need to protect it from Bitcoin, you have much bigger problems to worry about, don’t you?

Author : Evander Smart

Evander Smart worked for many years as a Wall Street banker, and has learned how the economy is self-destructing from the inside. His travels, experience and research have led him to Bitcoin as the best way forward for the common man. He looks to spread the word on how Bitcoin can help anyone break the shackles of economic slavery being created by global establishment forces. Evander gets you thinking about what money really is, and how it will work for you going forward. The world of finance is getting ready for incredible changes, and he is getting ready for what's coming next. Are you? Learn more about "The Future of Money" @ Bitcoin Video University

Bitcoin Ban Bitcoin Bank Bitcoin Government Future of money Russia Russian government