RATE Group | Russia Proposes Jail Sentences for Buying Bitcoin with Cash
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Russia Proposes Jail Sentences for Buying Bitcoin with Cash

26 May Russia Proposes Jail Sentences for Buying Bitcoin with Cash

Posted at 23:31h in Bitcoin News by

Bitcoin News discusses a Russia Proposal to Crackdown on Bitcoin. 

Details

  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. 

What’s It Mean Now?

  • Immediately, not much, outside of Russia. 
  • Those inside Russia will have to choose to violate the rules to transact in Bitcoin. 

What’s in Mean in the Future?

  • This is another huge warning shot along the lines of what I suggested before. 
  • If China, the US, or the EU enacts similar legislation, the price of…

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