Russia Proposes Jail Sentences for Buying Bitcoin with Cash

by Mike ‘Mish’ Shedlock
The Street

Russia seeks to crack down on Bitcoin purchases with huge fines and even jail sentences.

Bitcoin News discusses a Russia Proposal to Crackdown on Bitcoin.


  1. People face seven years in jail and fines of as much as $7,000 for utilizing BTC in monetary transactions.
  2. Penalties apply to buying crypto with cash or transferring to accounts opened with Russian banks.
  3. For corporations buying Bitcoin without approval from Russian central bank (there won’t be any approvals), fines are as much as two million rubles or about $28,000.
  4. One of proposals is to fully cease digital property from being used at all. in transactions.
  5. People who already hold digital assets will be forced to register them with Russia’s tax agency and explain how they acquired them.

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