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Steep fines may be introduced for operations with digital currency in Russia

11:47 03/10/2014

MOSCOW, October 3 (RAPSI) - Russian Finance Ministry has presented a bill introducing 1-million-rubles (over $25,000) fine for businesses for transactions through cryptocurrency, or “digital currencies”, including Bitcoin.

Individuals face fine of up to 50,000 rubles ($1,200) for violation, while public officials may be fined for up to 100,000 rubles (about $2,500), according to the bill.

The bill also introduces monetary penalties for cryptocurrency issuance, development and distribution of software used for  this purpose, and dissemination of information that leads to the cryptocurrency issuance and transactions.

Bitcoin is a widely used currency in many countries. Since its launch in 2009, it has seen its exchange rate climb to $1,000 per unit, but the rate has been plagued with wide fluctuations.

Russia’s Central Bank slammed digital currencies in January, warning that Bitcoin use can lead to criminal charges in the country.

Digital currencies lack any backing and are used for financial speculation, which increases risks for users, the Central Bank claimed.

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Steep fines may be introduced for operations with digital currency in Russia

11:47 03/10/2014 Russian Finance Ministry has presented a bill introducing 1-million-rubles (over $25,000) fine for businesses for transactions through cryptocurrency, or “digital currencies”, including bitcoin.
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