The Russian Ministry of Finance has recently released a report, stating that money surrogates, which are technically cryptocurrencies, represent a threat to the country’s security and economy.
In the light of these statements, a couple of amendments have been made to the Russian Criminal Code. According to these, those who operate with, mine and use digital currencies will face a penalty charge of up to 500,000 rubles (roughly $6390), alongside with a corrective labour sentence of up to two years.
These amendments also come after the Head of the Russian Investigative Committee has stated that operations made via bitcoin should be prosecuted, and be subject to various criminal penalties and punishments.
To advocate for bitcoin in the region, Lyudmila Bokova, who is the deputy chairwomen of the Federation Council’s Constitutional Committee, went ahead and argued that although Russia is against bitcoin, they should consider regulating the currency, rather than banning it all together. As other nations see bitcoin as a commodity or means of payment, the view that Russia has upon the coin is simply wrong and contradicts numerous acts, including a ruling made by the European Court of Justice.
Lyudmila believes that: ‘Controlling shouldn’t always start with criminal responsibility’.
Based on everything that has been outlined so far, it seems like using bitcoin is Russia is becoming more and more difficult. What do you think about the nation’s oppressive actions against the digital currency and the Russian Criminal Code amendments? Let us know your thoughts in the comment section below.
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