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Cryptocurrency Prohibition
March 27, 2016 16:02


The Ministry of Finance has developed amendments to the law “On the Central Bank” prohibiting the production and turnover of cryptocurrency. The agency has also developed amendments to the Code of Administrative Violations toughening the sanctions for the businesses for emission of cryptocurrency.

In accordance with the draft law of the Ministry of Finance, businesses-violators will face a fine of 3-5 million roubles or an administrative suspension of activity for up to 90 days. The initiative of the Finance Ministry is supported by Ministry of Economic Development, Federal Financial Monitoring Service, as well as lawyers and bankers.

“The official monetary unit (currency) of the Russian Federation is the rouble. One rouble is divided into 100 kopeckts” - the Ministry of Finance said in the refined Article 27 of the Law “On the Central Bank”. Production and carrying out of operations with money substitutes is forbidden, as it says. The Assistant of the Minister of Economic Development Aleksei Ulyukayev Elena Lashkina explained that the use of money substitutes was associated with a high level of risk, particularly in relation to insecurity of their assets, lack of single regulation of emission and legally obliged subjects in charge of them. The Finance Ministry has also prepared a bill introducing criminal liability for bitcoins.

The document is undergoing interagency coordination. In accordance with the bill, violators will face a fine of up to 500 thousand roubles or a prison term of up to four years for issue, purchase and sale of money substitutes. The members of an organized group will face a fine from 500 thousand to one million roubles or imprisonment for up to six years. Top managers of banks, insurance companies and other financial institutions and professional participants of the securities market can face a penalty from one million to 2.5 million roubles, and the maximum sentence will make up seven years in prison.


Author: Anna Dorozhkina

Tags: Cryptocurrency Russian economy    

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