by Mike ‘Mish’ Shedlock
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.
- People face seven years in jail and fines of as much as $7,000 for utilizing BTC in monetary transactions.
- Penalties apply to buying crypto with cash or transferring to accounts opened with Russian banks.
- 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.
- One of proposals is to fully cease digital property from being used at all. in transactions.
- People who already hold digital assets will be forced to register them with Russia’s tax agency and explain how they acquired them.