Russian bitcoin ban law to enter Duma by August

Regulation | March 28, 2016 By:

Russian Deputy Minister of Finance Alexey Moiseev confirms that the draft law criminalising circulation of bitcoin in Russia will be passed to the State Duma during the current session.

“I hope we will manage to do this in a reasonably short period of time. I believe, we will be able to bring it in before the end of the spring session, but I don’t know if it will be passed in a first reading,” said Deputy Minister of Finance Alexey Moiseev.

Moiseev also confirmed the proposed penalty for top managers of financial institutions for a period of up to 7 years of imprisonment for the violation of the Act.

“Because things like these are very difficult to carry out on a large scale without aid from banks’ senior executives. After all, the banking system is the principal element and the front line in our fight against terrorism laundering,” Moiseev added.