The Russian Ministry of Finance is taking a hard stance against Russian adopters of bitcoin and cryptocurrencies, with a proposal that –while not yet legal or enforced—aims to punish users engaging in Bitcoin trading with a prison sentence of up to 4 years.
While most governing bodies around the world looks to adopt bitcoin or block chain technology or look for ways to regulate the cryptocurrency, Russia is unrelenting in its stance toward what it sees as the “trafficking” of Bitcoin.
The Russian Ministry of Finance that had previously supported fines of up to 500,000 rubles or a 2-year community service sentence is now pressing ahead for a 4-year
Notably, the proposal for this ‘revision’ to the law from the Russian Finance Ministry has found an influential supporter – the Ministry of Economic Development in Russia, reports Russian finance publication Vesti.
Russia and Bitcoin
Russian has had a volatile past with Bitcoin and the legality of cryptocurrencies in general. Last year,