Russians tighten their penalties for using bitcoins

Since the Silk Road underground bazaar was closed, the role of Bitcoins in the global financial system has been severely limited. Although there are companies that accept such payments, there are fewer and fewer. And now, if we try to pay them in Russia, we will be punished by imprisonment.

As the Interfax agency reports, the Russian finance ministry is preparing changes to the law that significantly tighten penalties for using a digital cryptanalyst such as Bitcoins.

Breaking the ban will be a serious consequence, and in the worst case, you can go to jail for up to four years. It concerns ordinary citizens, because the penalties for bankers and financial services managers related to the cryptanalyst turnover are even higher and amount to as many as seven years imprisonment. In addition, directors who break new regulations will not be able to occupy similar posts in the future.

There are also fines ranging from 500,000 to one million rubles for ordinary citizens and 2.5 million rubles for bank directors.

Previous legislation related to the cryptanalysts in force in Russia was much milder. For its use, one could get a year of social work, while in the case of participating in organized groups dealing with the Bitcoin trade, it was possible to go to jail for two years.

The following two tabs change content below.

Carmen Coleman

Posted by Carmen Coleman