Russian Politicians Recommend Up To Seven Years Detention For Unlawful Cryptocurrency Use

Russian politicians propose fines and detention of up to seven years for prohibited issuance and use of virtual assets.

The policymakers have recommended sentences of up to two million rubles (around twenty-seven thousand eight hundred USD) and seven years detention for illegitimate turnover of cryptocurrencies.

According to a report published by RBC, a Russian business channel, the draft modifications to the administrative and criminal felonies codes were established as genuine. Nonetheless, the alterations have not yet been settled into law.

Notably, the penalties proposed are on a descending scale, starting with administrative crimes for infringing recommended rules governing transactions using cryptocurrencies in payment for goods or services extended.

Furthermore, there is also a punishment for buying crypto for cash on Russian land or for moving funds from digital assets to Russian bank accounts. Russia has been ambiguous as to which course to take on crypto assets for quite a few years, even though it has lately been taking more tangible steps concerning regulation of cryptocurrencies.