A 7-Yr Prison Term for Bitcoin Use, Says Russian Finance Ministry …

A 7-Yr Prison Term for Bitcoin Use, Says Russian Finance Ministry …

A new amendment to the Criminal Code by the Ministry of Finance in Russia sees the regulator – for the use of bitcoin – propose up to 7 years in prison for management and executives of banks and financial services firms. For the everyday citizen adopting bitcoin, the proposed term for imprisonment is 4 years.

The latest amendment is one among a long list of proposals drawn up by the Ministry of Finance in Russia to crack down on bitcoin and other crypto and electronic currencies’ usage in the country. Regulators and those of influence in positions of government have frequently deemed bitcoin as ‘surrogates’ or money substitutes. One Russian official even deemed digital currencies as a threat to the Russian economy, in recent times.

The revelation came via a source for Interfax, a non-governmental news agency in Russia.

The latest amendment, prepared this month, March 2016, lays out the new terms for punishing those who engage in bitcoin trade or mining activities.

For normal citizens and individuals:

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