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 users by up to seven years in jail time. Do keep in mind this level of punishment is only intended for Bitcoin business owners, as regular users will face a maximum jail time of four years.
Also read: Bank of England Set to Launch its “Centralized” Bitcoin Clone Russian Ministry of Finance Penalties Bitcoin Usage
Although this new proposal is only in a draft from for the time being, the Russian Ministry of Finance wants to seriously crack down on Bitcoin in the country. As we mentioned yesterday, the only lawfully authorized entity to bring money in circulation is the Central Bank of Russia , and Bitcoin is not issued or controlled by that – or any other – institute.
Making the usage of Bitcoin illegal in Russia is one thing, but enforcing jail time for these activities is taking things several steps too far. If the Ministry of Finance has their way, consumers will face up to four years in prison, whereas business owners face nearly twice that sentence. Neither of these scenarios is acceptable by any means.
However, making Bitcoin usage and distribution punishable by law is nothing new in Russia. The current regulation of digital currency mentions how the production, distribution, and sale of Bitcoin could warrant a one-year correctional labor sentence. The only exception to that ruling is organized groups dealing with Bitcoin on this scale, as their members would be sentenced to two years of correctional labor.
While jail sentence is the worst punishment, the Ministry of Finance wants to enforce some other […]
