Categories: News

Russian Ministry wants to punish bitcoin users with prison

Recent reports that Russia’s Ministry of Finance is taking a hard stance against the use of bitcoin inside the federation, by making a harsh proposal, meant to punish bitcoin users and the so-called ‘traffickers’.

According to sources in Russia, until now, their Ministry of Finance had supported fines of around 500,000 rubles, or 1-2 years of community service, but the change in their stance might have something to do with the rising popularity of the cryptocurrency, as they’re now militating for a prison sentence of 4 years, for those caught using bitcoin.

What’s surprising is that regardless of the fact that a big percentage of the population which has heard about the digital currency, the Russian government will reportedly go ahead and concretize the proposal. In fact, the Ministry that came up with the idea, is also supported by the ministry of Economic Development in Russia, as related by Vesti, a Russian publication.

If you recall, last year, Russia’s Central Bank has decided to take a careful approach towards the currency, while also closely monitoring it. There’ve been numerous plans to completely ban the use of other currencies as well, apart from the ruble. The reason behind this is that the use of bitcoin and other surrogates represent a high level of risk for the country’s economy.

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One plausible reason for the hostile attitude towards the digital currency may be the sanctions imposed by the U.S. in 2014, and in the first part of 2015. Perhaps this is why Russia is wary of its economy, and wishes to keep it pure.

However, it’s important for Russia to note that most governing bodies around the world are currently looking for ways to adopt the digital currency, and its underlying technology- the blockchain.

What do you personally think about Russia’s newest proposal for bitcoin users? Let us know your thoughts.

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Daniel Dob

Daniel is a bitcoin investor and journalist for numerous news outlets in the financial sector. When he's not writing, trading, or interviewing people, you can find him swimming, reading or taking one of his hobbies to the next level.

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Daniel Dob
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