Total Bitcoin Prohibition: Russia will legitimize the confiscation of cryptocurrencies
Talks about regulation of cryptocurrencies in Russia almost started far in 2016 In 2017, this topic reached the state level and for a long time many were waiting for the appearance of crypto ruble. Then there were 2018 and 2019, during which several times they promised to pass laws on bitcoin , but they constantly postponed it despite orders from Medvedev and then Putin himself.
And finally this day has come, and we were shown a new edition of crypto regulation that prohibits any operations with bitcoin, jeopardizes the work of exchanges and miners, and it will also legitimize the confiscation of cryptocurrencies. What politicians and officials came up with there, and what will be the future of cryptocurrencies in the Russian Federation.
Ordinary users are forbidden to buy or sell bitcoins, or use them to pay for goods or accept as payment. There is also a ban on the organization and promotion of cryptocurrencies, and, possibly, mining also falls under the latter.
All that a user can do with his Bitcoin without the threat of running into a fine or criminal liability is to own them. So far, it seems, no one is forbidding to keep the crypto on a normal wallet , where the funds are stored on the blockchain and are protected with the private key , which only the user knows.
Do you know what this is done for, in addition to giving the tax opportunity to rummage through your pockets? In order for the cryptocurrency to be confiscated by a court decision. After all, in fact, new laws recognize it as property, and if you have debts, you declared yourself bankrupt or the court found another reason to confiscate cryptocurrency, then this will be done. By the way, there is a good moment about the possibility of passing bitcoins by inheritance, but as you can see, there are very few good moments in these new laws.
As for the punishment for violation of these types of laws, individuals and legal entities can count on fines and confiscation of crypto assets, as well as on travel to places not so remote for up to 7 years.
And if such damage is recognized as significant, then it may be possible to bring a magnet with greetings from sunny Magadan.
And in general, in order not to take or criticize everything, it must be said that the possibility of confiscation of cryptocurrencies, fines and even prison is not so bad. Indeed, thanks to this practice, it is possible to suppress the activities of cryptocurrency scammers and return to many of their funds that flowed into the pyramids that were stuck in ICO , such as reliable traders in trust and so on. But you remember that these laws were written by people with negative IQ syndrome, and they too will follow up on their implementation.
Therefore, when the next scam will shear the hamsters, they will most likely not be able to prove anything. But if you successfully traded bitcoin on the exchange and did not share it with the state, then hello fine, confiscation, and maybe even worse. As they said, the severity of punishment depends on the degree of damage to the state, which it determines.
Exchanges and miners
Let's start with exchanges and exchangers  ], since trading with cryptocurrencies is prohibited, therefore, there is no need to use these funds. In addition, in the case of the adoption of new laws in the current version, they fall under violation of the ban on organizing the circulation of cryptocurrencies. And if the IEO was held on the exchange , then they will also be credited with the illegal issue of cryptocurrencies.
We can’t help but recall the head of Binance Changpen Zhao and his praises to Putin when the exchange announced a campaign on the Russian market: