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.

Related Post

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.

If you liked this article follow us on twitter @themerklenews and make sure to subscribe to our newsletter!

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.

Share
Published by
Daniel Dob
Tags: bitcoin

Recent Posts

Ondo Facilitates Big Banks’ Connection to Blockchain in Historic Settlement

A crucial development is taking place at the intersection of legacy finance and blockchain as…

1 hour ago

Morgan Stanley Adds Crypto Trading To E*Trade With Aiming Millions Of Retail Investors

Morgan Stanley is taking a big step into digital assets space with the launch of…

2 hours ago

Brian Armstrong Sets Course for AI-Driven Transformation As Coinbase Cuts 14% of Workforce

Coinbase is about to undergo one of its largest structural reorganisations in some time, with…

12 hours ago

$150M Crypto Ponzi Scheme Crumbles, Forming Global Fraud Network As Investigators Freeze $41.5M

The suspicious DSJ Exchange (DSJEX) and BG Wealth Sharing scheme, now confirmed a Ponzi operation,…

12 hours ago

BlackRock And Fidelity Lead $532 Million In Institutional Bitcoin ETF Inflows As Demand Soars Following Ceasefire

Demand from institutions is heating up again, with U.S. spot Bitcoin ETFs logging a tally…

1 day ago

Western Union Launches USDPT Stablecoin on Solana to Transform Global Payments Infrastructure

Western Union expands its participation in the digital asset ecosystem with USDPT, a Solana native…

2 days ago