In a press statement, the Minister of Finance of the Russian Federation have suggested a four year sentence for the issuance of cryptocurrencies.
The initiative gathered support from multiple government agencies, including the Ministry of Economic Development, which noted that the bill will be passed onto the necessary departments.
Initially, the idea of ‘banning’ the circulation of virtual currency derived from the report of the Federal Service for Drug Control, which mentioned that Bitcoin and other digital currencies are actively used by drug traders and anonymous hacking groups in multiple occasions.
Furthermore, the State Duma, the lower house of the Federal Assembly of Russia announced that cryptocurrencies hamper economic stability of Russia.
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