Friday, March 11, 2016

Cyrptocurrency Users (Bitcoin!) in Russia Face 7 Years in Prison

The Russian Ministry of Finance is planning an amendment to the criminal code to establish severe penalties for those who issue the Bitcoin cryptocurrency or other ‘money substitutes’.

According to an unnamed governmental source speaking to Interfax [Russian], those found guilty of facilitating technological currencies will go to prison for up to four years, whilst managers and directors of institutions which issue them could be imprisoned for up to seven years.

The former version of the code’s amendment set the maximum penalty for these infractions at a year of corrective labour for individuals, or two years for those participating in a group effort.

The financial penalties have also been upgraded for Bitcoin-issuers – 500,000 roubles (about £5000 or $7,200), or a sum representing up to three years’ worth of salary (or income) for an individual or organisation. Managers will face fines of 1-2.5 million roubles, or income equivalent to 2-4 years.

No comments: