Russian Ministry Proposes Correctional Labor for Bitcoin Crimes
Sep 25, 2015
Russia’s Ministry of Finance has developed a new version of its proposed law that would seek to both outlaw and apply criminal penalties for activities involving digital currencies, according to a report by Russian news source Interfax.
Citing sources from within the Russian government, Interfax reports that acquiring, selling and distributing cryptocurrencies would be punishable with fines of 300,000 rubles ($4,574) or through up to 360 hours of correctional labor under the new bill.
Should such infractions be committed by an agency or group, the fines for such activities would increase to 500,000 rubles ($7,623).
The federal executive body responsible for government policy and regulation, the Ministry of Finance has been seeking to ban cryptocurrencies domestically since it introduced a draft bill in August of 2014. The measure was followed by a series of proposed fines in October, and comes amid a broader push to fight against capital flight.