The Finance Ministry proposes to put on four years for the circulation of bitcoins

The Finance Ministry proposes to put on four years for the circulation of bitcoins

MOSCOW, October 26. The Ministry of Finance has developed amendments to the criminal code, providing punishment in the form of deprivation of liberty for a term up to four years for the circulation of cryptocurrency. This was reported by “Izvestia” with reference to the press service of the Russian Ministry of Finance.

The Ministry of Finance considers bitcoins to money surrogates, identifying trafficking illegal financial operations, the newspaper said.

The Ministry of economic development, which supports this initiative, the publication reported that the Finance bill will be submitted to the state Duma in the coming months. “Monetary surrogates, including cryptocurrencies, there is no collateral and legally obliged on them subjects, – the newspaper quoted the assistant Minister for economic development Elena Laskina. – Operations are of a speculative nature are the so-called “virtual exchanges” and carry a high risk of significant changes in their value.” According to her, the risks involved, particularly with the insecurity of cryptocurrency assets.

At the end of September the Ministry of Finance has proposed to introduce criminal punishment for the production and trafficking of cryptocurrencies in Russia, considering them as quasi-money, which is forbidden by the law “On the Central Bank”. UK suggested to add the following new article “the Circulation of money substitutes”. For production, acquisition of cryptocurrency for the purpose of sale, and marketing of the Ministry of Finance then proposed a fine of 500 thousand rubles or the salary or other income condemned for the period till two years, compulsory work up to 480 hours, or correctional labour for up to two years.

The publication links the decision to toughen penalties for bitcoins with the plans of a number of companies involved in the production of cryptocurrency. In particular, the press service Qiwi “news” told about development of “bigtrouble”, which from 2016, visitors will be able to pay for services.

Expert opinion

Author: Konstantin KORISHCHENKO

The best-known cryptocurrency

Bitcoin is the most famous cryptocurrency in the world. It was launched in January 2009 and since then has steadily gained popularity among the Internet users, but recently the situation began to deteriorate due to legislative restrictions that are imposed on its use, a number of countries of the world. Bitcoin is a “virtual money” program online code, which is not regulated by any country or banking Supervisory authority in the world. One of the features of bitcoin is that it is able to guarantee a complete anonymity of the person or group of people performing with it, buy. Virtual currencies accepted for settlement in more than 60 thousand online stores in the world.

In September 2014, Deputy Finance Minister Alexei Moiseyev said that the bill banning use of virtual money in Russia may be passed by the Parliament in the spring of 2015.