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September 23, 2020
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A new bill in Russia may outlaw cryptocurrencies – Blocksats

Trade kryptowalutami in Russia it may soon become a crime, and their owners may go to jail for many years. A new bill has just arrived in the Russian parliament, thanks to which Russia could regulate digital assets to the detriment of users and even completely outlaw them.

The new law will outlaw Russia kryptowaluty

How informed the Russian TV station, Russia Today, members of the Russian parliament have proposed a bill that would impose severe penalties for using cryptocurrencies. According to the new provision, a fine imposed for trading digital assets could be between 500,000 and 2 million rubles for people who earn “big money” through it. However, people using cryptocurrencies for illegal activities, e.g. money laundering, could be imprisoned for up to 7 years.

The new law does not provide for a total ban on the use of cryptocurrencies, but some analysts believe that its approval by the government will completely outlaw it. If the new law is adopted, such activities as mining, running stock exchanges and trading crypto– Fiat, through any Russian financial institution, will become illegal.

Russian cryptocurrency users are concerned

Due to the recent change of the Russian government’s position on cryptocurrencies, many investors are concerned about the situation.

Recently, the Russian Central Bank has published an amended bill on the regulation of digital assets, which prohibits the issuance of cryptocurrencies due to the risks associated with them.

“We believe that there is a great risk associated with legalizing cryptocurrencies. From a financial stability perspective, preventing money laundering and protecting consumers. “

– said Alex Guznov, Bank of Russia spokesman in March 2019.

Despite the fears, the Russian Federal Ministry for Economic Development recently proposed another new law to legalize cryptocurrencies and technology-based solutions blockchain. The whole point is that it would be introduced through a special regulatory framework. According to the Ministry of Economy, the Russian Central Bank would be the only body regulating this financial sector.

What is your opinion on this subject? Do you think Russia’s fears are justified, or do you think that cryptocurrencies should be completely legal and no state authority should control them?

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