Russian Authorities Unveil Draconian Bitcoin Draft Bill

Russian lawmakers submitted a new draft bill that would effectively ban all forms of virtual currency within the Russian Federation. While prior digital currency legislative attempts did not get very far, this bill has made it to Russia’s legislative assembly, the Duma.

Under the proposed legislation, the creation of all forms of “money surrogates” and their dissemination and promotion, will be considered a crime punishable by administrative fines. Even circulating information regarding the creation of digital currency software will be considered a crime.

“Intended distribution of information sufficient and necessary for issuance of money surrogates in media and information and communication networks invoke an administrative penalty to the tune of eight thousand to ten thousand rubles for citizens; eighty thousand to one hundred thousand rubles for individual entrepreneurs; one hundred and fifty thousand to two hundred thousand rubles for officials; four million to five million rubles for legal entities.”

The creation of digital currencies will be punishable by much heavier fines, ranging from 20,000-40,000 Rubles for citizens, along with confiscation of all items involved in the infraction. The fines increase proportionally according to the status of the offender:

“fifty thousand to seventy thousand rubles along with confiscation of the administrative violation item for entrepreneurs; eighty thousand to one hundred thousand rubles for officials; two million to three million rubles along with confiscation of the administrative violation item for legal entities.”

Source: http://forklog.net/a-draft-bill-implying-bitcoin-legalization-introduced-in-the-russian-parliament/ , http://asozd2c.duma.gov.ru/addwork/scans.nsf/ID/361FFC984B318CA543257F1F004A10C2/$FILE/957581-6_18122015_957581-6.pdf

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