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Home Cryptocurrency news Bitcoin

Held Accountable: Russia Wants Bitcoin Investors Jailed For Non-Compliance

Tony Spilotro by Tony Spilotro
7 months ago
in Bitcoin, Cryptocurrency news
Reading Time: 3min read
bitcoin russia

hand holding golden Bitcoin. Criminal man with handcuffs after committed a crime

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One of the biggest impacts awaiting to hit Bitcoin and the rest of the cryptocurrency space is the firm hand of regulation. It is already beginning, starting with Russia’s finance ministry seeking to put holders in prison for non-compliance when it comes to disclosing cryptocurrency valuation accruals.

Here’s what this new proposal says, and how this could start a butterfly effect across the globe where cryptocurrencies are made a target.

How Much Bitcoin Do You Hold? Not Telling The Russian Ministry Of Finance Is Punishable By Jail

Cryptocurrency investors, before buying their first Bitcoin or altcoin, are provided with a strict set of rules to follow from old-timers in the industry that have seen a thing or two in their time.

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This advice includes never investing more than you’re comfortable losing in terms of capital, relying on two-factor authentication, and to never disclose how much crypto you hold. Unless the Russian government demands you to, that is.

According to new rules put forth by the Russian Ministry of Finance, Bitcoin holders specifically are being targeted if they hold more than a certain amount of the cryptocurrency, valued in Russian rubles.

Russian citizens with a wallet address and transaction history that shows a balance of 100,000 rubles or more, must disclose this balance to the government. This translates to roughly $1,300 USD and 0.12 BTC.

Related Reading | The Most Common Bitcoin Scams And How To Avoid Them

Those that have a wallet or show transactions that lead to a balance that has accrued by 1,000,000 rubles or more, and don’t disclose this information, will face jail time. The accrual can be based on the asset’s value increasing, or by having received a sum of cryptocurrency valued at 1,000,000 rubles or more.

Failure to provide this information could result in up to three years of imprisonment.

The rules are part of a new law passed by Russian President Putin, that go into effect come January 2021. Starting in the following tax year, Russian citizens will need to report any Bitcoin holdings above these levels, or risk fallout with the law.

btcusd bitcoin

BTCUSD Estimated Price Necessary For Possible Jailtime | Source: TradingView

Why This Sets A Dangerous Precedent For Crypto Globally

Clearly, failure to disclose is a bad thing and could lead to legal trouble, or possible time in prison. But it also sets a dangerous precedent that could have a ripple effect all throughout the crypto industry globally.

All it takes is someone to cast the first stone, in this case, making it punishable by jail time to fail to disclose cryptocurrency holdings.

Related Reading | United States Regulators Begin Crack Down on Crypto and Bitcoin Crime

Recently, in the United States, the IRS began requiring uses to check a box to disclose if they owned or held what they call virtual currencies throughout the year. Those virtual currencies include Bitcoin and Ethereum, and other cryptocurrencies.

Failure to report taxes properly is already illegal in the United States, so in a sense, not disclosing this information is already punishable by the law there as well.

If the rest of the world follows suit, then any remaining layer of privacy Bitcoin offers from the government, will go out the window immediately.

Featured image from Deposit Photos, Charts from TradingView

Tags: bitcoinbtcbtcusdbtcusdcBTCUSDTcryptoxbtxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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