Russia against Bitcoin use and promotion with monetary penalties
The Ministry of Finance of the Russian Federation has published the full version of the draft bill which, if passed in current form, would effectively ban the creation and distribution of software that allows for the use of money substitutes, including bitcoin and all digital currencies.
First announced as a proposal in August, the news marks the first time that the Ministry of Finance has made the proposed law public, as well as its definition of “money surrogates” under which bitcoin and digital currencies may be prohibited.
The two-page draft bill details a series of administrative fines to be imposed on both businesses and private citizens who issue, create or deliberately disseminate information about the release or operation of digital currencies.
For instance, individuals who are found to issue or create bitcoin or digital currencies will be penalized with fines of 30,000–50,000 rubles ($750–$1,250).
Anton Vereshchagin, founder of InterMoneyExchange told: “If earlier Central Bank statements suggested Russia would follow the FATF and other recommendations and regulate bitcoins, now it seems that the chances are very very small.”
Source: coindesk- Russia against Bitcoin use and promotion with monetary penalties
