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IANAL, but this official news states clearly that bitcoin is illegal in Russia. Really, it doesn't get more clear than a Prosecutor citing a law and exemplifyin
by Smirnoff 13y ago
IANAL, but this official news states clearly that bitcoin is illegal in Russia. Really, it doesn't get more clear than a Prosecutor citing a law and exemplifying bitcoin as being illegal.
You don't need a new law to ban something. All you need is one stupid official to apply an old law to a new concept.
Based on the old law, one cannot mine, trade, accept, and even use bitcoin to buy stuff in Russia.
- nikcub 13y agoIt is 'illegal' in the same way all foreign currency (more accurately, anything that isn't the ruble) is illegal - that is, you need specific permission to trade, hold or settle in any other currency. In Russia currency is extremely regulated - you won't find rubles outside of Russia and within Russia what you can do with other currencies is extremely limited (and requires permission/licensing). They did this to stop locals fleeing the ruble and causing a crash. At one point 90%+ of all cash transactions in Russia were in foreign currency - so these laws stem from that period. The best way to interpret this guidance would be as a reminder from the Russian government that bitcoin is not a replacement nor alternate currency for the ruble, and the same laws apply to it as apply to the USD and other foreign currencies. This is far from a 'ban' on bitcoin, you can still hold bitcoin in the same way you can hold USD or any other foreign currency. You just can't settle domestic transactions in bitcoin.
- coldtea 13y ago>You don't need a new law to ban something. All you need is one stupid official to apply an old law to a new concept. Or a SMART official. I, for one, am all for banning bitcoin.