A 7-Yr Prison Term for Bitcoin Use, Says Russian Finance Ministry
A new amendment to the Criminal Code by the Ministry of Finance in Russia sees the regulator – for the use of bitcoin – propose up to 7 years in prison for management and executives of banks and financial services firms. For the everyday citizen adopting bitcoin, the proposed term for imprisonment is 4 years. The latest amendment is one among a long list of proposals drawn up by the Ministry of Finance in Russia to crack down on bitcoin and other crypto and electronic currencies’ usage in the country. Regulators and those of influence in positions of government have frequently deemed....
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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....
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....
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....
The Ministry of Justice and the Interior Ministry in Russia have – according to reports – questioned the “public danger” that Bitcoin supposedly brings, as proposed by the Russian Ministry of Finance. Unsubstantiated reports from Russian news outlets quoting prominent Russian news agency Interfax have revealed voices in the Ministry of Justice and the Interior Ministry to question and even oppose the Russian Finance Ministry’s proposal for a bitcoin banning bill. A source from “the financial and economic block” of the government has reportedly told Interfax that the Ministry of Justice....
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....