Russian Finance Ministry Proposes a 4-Yr Prison Sentence for Bitcoin Users
The Russian Ministry of Finance is taking a hard stance against Russian adopters of bitcoin and cryptocurrencies, with a proposal that -while not yet legal or enforced-aims to punish users engaging in Bitcoin trading with a prison sentence of up to 4 years. While most governing bodies around the world looks to adopt bitcoin or block chain technology or look for ways to regulate the cryptocurrency, Russia is unrelenting in its stance toward what it sees as the "trafficking" of Bitcoin. The Russian Ministry of Finance that had previously supported fines of up to 500,000 rubles or a 2-year....
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Russia and Bitcoin will never go hand-in-hand, by the look of things. In fact, it looks like a proposal is on the table to make the trading of Bitcoin punishable by law in the country, which could lead to a four-year prison sentence. Russia’s Ministry of Finance is cracking down on cryptocurrencies in general, and this new proposal could just be the beginning of things to come. While most countries and states around the world are trying to define a regulatory framework for Bitcoin, the Russian Ministry of Finance is not sitting by idly. If government officials have their way, any Bitcoin....
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The draft law proposed by the Ministry of Finance in Russia to ban the circulation of cryptocurrencies like bitcoin in the Russian Federation is delayed in its entry to the State Duma. A proposal by the Finance Ministry that is seeking to officially ban bitcoin and cryptocurrencies in Russia has hit a delay. The draft law will enter the State Duma –the lower chamber of the Russian Parliament – later than expected. The delay in introducing the bill is due to a multitude of comments and revisions suggested by reviewers critiquing the draft. Additional details of the proposed changes have not....