New Bill Wants to Eradicate Crypto Activity in Russia

2020-5-26 18:00

Russia has always been an interesting country when it comes to Bitcoin and other cryptocurrencies. A new proposed law would make it illegal to buy BTC with cash, and potentially lead to a seven-year jail sentence.

Obtaining cryptocurrency in Russia is not as straightforward as one may assume.

Russia Wants Nothing to do With Bitcoin

Based on local sources, it seems as if this process will become even more difficult moving forward.

Although the proposal has yet to be approved, it certainly paints a bleak outlook.

More precisely, lawmakers want to make it illegal to buy Bitcoin with cash.

Those who do so after this bill is approved may face up to seven years in prison.

Converting crypto assets to cash through a Russian bank will also be met with the same penalties.

Any company issuing currencies or operating in crypto trading without official approval will face severe fines as well.

Using Bitcoin and altcoins for services or goods will also be considered to be illegal.

All of these developments will prove very problematic when it comes to accessing cryptocurrency in the country.

It is a well-known secret that Russian officials want nothing to do with this form of money these days.

As such, they will now try to pass this bill to ensure there is no future for these assets in the country. 

Image(s): Shutterstock.com

The post New Bill Wants to Eradicate Crypto Activity in Russia appeared first on NullTX.

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new russia make illegal buy law proposed

Источник: nulltx.com

new russia → Результатов: 126


Фото:

Russia Proposes Law That Criminalizes Buying Bitcoin With Cash, Offenders Face 7 Years in Jail

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2020-5-24 04:05


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Russian Government Set to Impose Fines and Imprisonment for Illegal Crypto Activities

The crypto landscape in Russia may soon be facing harsh laws as authorities have proposed new draft bills that seek to fine and imprison the illegal use of cryptocurrencies in the country.   Crypto Violations Attract $28,000 Fine and 7 Years Imprisonment According to a report by the local news outlet RBC on Thursday (May 21,Read MoreRead More.

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Here’s How Belarus Pressures Russia to Legalize Cryptocurrencies

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