Russia will probably ban Bitcon and other Cryptocurrencies

Russia's government may soon ban the use of Bitcoins and all the cryptocurrencies. It could, in part, explain the drop of the value of Bitcoin - that and one guy selling more than 15000BTC at $300... If the legislation put forward by Russia's Ministry of Finance are approved, all digital currencies would be ban, and it'll be against the law for Russians to possess Bitcoins, or any of other digital currencies.

The legislation that Russia’s Ministry of Finance wants to approve will impose a range of financial penalties on individuals and companies caught creating, generating, or using “quasi-money.” It's also expected that websites associated with Bitcoins market to be banned as well.

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The law that is to be approved proposes several penalties for those who are caught using cryptocurrencies: 50,000 rubles (US $1,251) for individuals, 100,000 rubles (US $2,503) for officials, and up to 1 million rubles (US $25,038) for businesses.

Since August, several news reported that a bill targeting the use of digital money was imminent, but the text of the legislation had not yet been made public. At the time, the Ministry of Finance said that the use of the digital currencies, like Bitcoin, created a "shadow economy" fueled by illegal goods and money laundering.

At CoinDesk you can find whether it is legal or not to use Bitcoins:
http://www.coindesk.com/information/is-bitcoin-legal/

In a statement issued this year, the Russian Central Bank warned that the use of money substitutes is already prohibited by the country's laws, the violation of which can result in harsh consequences.

Truth is that Bitcoins and other Cryptocurrencies are an hugely threat to banks and governments, and it's expected that soon or later many countries will try to protect from the menace of this truly free and liberal money, that's not chained to the strings of those who hold power.

A brief summary of the countries where it is forbidden (or restricted) to use bitcoins, as it is by far: Bangladesh; Bolivia; China (restricted); Ecuador; Iceland; India (restricted); Indonesia (restricted); Jordan (restricted); Kyrgyzstan; Lebanon (restricted); and Taiwan (restricted). At Hong Kong and Macao there are no restrictions.

#BTC: 18UtAYMy8zUUanHtkbvv4MUTajA2NoprNB

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Sources: Hang the Bankers; The Daily Dot; CoinDesk; Wikipedia.