Categories: News

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.”

Related Post

 

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

Image Source: 1

If you liked this article follow us on twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.

Traderman

Avid blogger, entrepreneur, and cryptocurrency enthusiast. I love writing about cryptocurrency, NFTs, price analysis, and much more!

Share
Published by
Traderman

Recent Posts

Dogecoin Community Donates $1M DOGE For Animal Welfare

While the Dogecoin community has always had its share of news to talk about, it…

4 hours ago

Polymarket Natively Integrated With The Bitget Wallet As AI Tools Integrates Prediction Market

In a major development, Bitget Wallet has announced the integration of Polymarket directly into its…

24 hours ago

Aave Freeze Sparks Immediate Exit of $274M

The Aave rsETH/wrsETH market froze abruptly, leading to a rapid series of withdrawals, including one…

1 day ago

Strategy Increases Bitcoin Holdings With $2.54B Record Purchase

Last week saw major investment firm Strategy Inc. (MSTR) bust into the crypto world with…

2 days ago

Bitmine Sets Record In Weekly ETH Purchase, Ramping Up 101,627 ETH In Just Seven Days

One of Bitmine Immersion Technologies came out to be the most aggressive in its cryptocurrency…

2 days ago

Three Major Exchanges Investigate RAVE Accusations of Market Manipulation

The RAVE controversy is now one of the most significant market integrity matters in recent…

3 days ago