Russia to Issue Ban and Fines for Cryptocurrency Use
Russia’s Ministry of Finance has put forward what many were expecting yet also unable to believe: a ban on the use of digital currency, and the implementation of fines as an appropriate deterrent. Local media outlet Lenta.ru reports that the regulator, which has been debating the issue of a Russian ban for some time, will officially issue legislation to be made public in due course. It is expected to include penalties for the use and creation of methods of generating cryptocurrencies, specifically 50,000 rubles (US$1,260) for individuals, 100,000 rubles (US$2,507) for officials and up to....
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Let's file this under not confirmed, before we get things going here, but a report published today by Russian news outlet Lenta.ru suggests that the Russian Ministry of Finance is preparing to issue fines to those who use digital currency like bitcoin, in addition to other 'money substitutes'. Legislation is pending, apparently, but the penalties are stiff: a fine of 50,000 rubles for individuals breaking the rule ($1,250 USD), 100,000 rubes for officials ($2,500 USD), and a whopping one million rubles for companies ($25,000 USD). Lenta writes "Similar penalties may be established for....
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