Russia’s Finance Ministry proposes to punish with a jail term for the circulation of cryptocurrency

Russia’s Finance Ministry proposes to punish with a jail term for the circulation of cryptocurrency


The Ministry assess the turnover of the bitcoin as an illegal currency operation, which entails an criminal liability. A bill toughening punishment will be submitted to the state Duma in the coming months.

MOSCOW, 26 Jan. The Ministry of Finance has prepared a bill that criminalizes the circulation of cryptocurrency, wrote on Monday the newspaper “Izvestia” with reference to the press service of the Ministry.

Earlier it was reported about the proposal of the Finance Ministry to introduce criminal liability for the exchange of cryptocurrency for dollars.

“The office of Anton Siluanov has developed amendments to the criminal code under which offenders will be put in prison for four years. Earlier, the Finance Ministry has proposed more lenient punishment for the circulation of cryptocurrency — the penalty to 500 thousand roubles or corrective works for the term up to two years” — the material of the newspaper.

According to the publication, the initiative is supported by the Ministry of economic development. A bill toughening penalties for production and trafficking of cryptocurrency will be submitted to the state Duma in the coming months. It is noted that this decision has pushed the plans of the companies involved in the production of cryptocurrencies, in particular, the development of Qiwi its counterpart bitcoin — bigtrouble.