Russian Ministry of Finance Proposes Seven-year Jail Sentence for Bitcoin Activity
To make matters in Russia even stranger, the Russian Central Bank will continue its research into blockchain technology for now. The institution has set up a dedicated taskforce to see how this technology can be used to benefit the Central Bank of Russia. However, there are no plans to start issuing digital currency, as that would still be prohibited by law. Russia seems to be making a fair amount of media headlines again, as their regulation of digital currency has just taken a turn for the worse. A new proposal – drafted by the Russian Ministry of Finance – seeks to penalize Bitcoin....
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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....
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....
According to a report, the Russian Finance Ministry is seeking to push for amendments to the Criminal Code by proposing two-year ‘corrective labor’ sentence, or a fine of up to 500,000 rubles for bitcoin users. The Russian Interior and Finance Ministries see cryptocurrencies as a threat to not only the Russian economy, but also its national security. ‘Corrective labor’ colonies are among the most common types of prisons in Russia. They are a combination of penal detention and forced labor. In a time where governments and regulators are taking varying approaches to popular decentralized....
Thursday the Russian Ministry of Finance proposed to punish citizens that use so-called “money surrogates” with up to 7 years in prison. Russian authorities consider Bitcoin and other cryptocurrencies as such “surrogates”. Harsh Punishment. The exact text of these planned changes in the Russian Criminal Code has not yet been revealed, however according to the Russian News Agency Interfax, it is expected that the corrections will be aimed at those who seek to distribute, purchase in the interest of selling, or sell “monetary surrogates”. The Ministry of Finance plans to punish citizens with....
Russia’s Ministry of Finance has drafted a bill with harsh penalties for anyone who does not report their cryptocurrency holdings above a certain level. Penalties include jail terms and fines. New Russian Crypto Bill The Russian Ministry of Finance has sent out a new draft bill addressing the circulation of cryptocurrency in Russia to interested government departments, local news outlet Kommersant reported this week. The bill contains amendments to the Russian Criminal Code, the Criminal Procedure Code, the Administrative Code, the Tax Code, and the law on combating money laundering,....