Russian Finance Minister confirms plans to ban bitcoin-to-ruble conversions

Regulation | November 11, 2015 By:

Russia’s Deputy Finance Minister Alexey Moiseev has confirmed the country’s plans to penalise the conversion of cryptocurrencies such as bitcoin into the ruble.

“It’s true that we have developed draft law which provides up to four years in prison for some types of activities which relate to … quasi-currencies. These types of activities are typically related to an exchange of those currencies into the Russian national currency – the ruble. This is the only type of activity which we propose to penalise with criminal sentences,” said Moiseev.

Moiseev went on to say that, under the proposed law, people would not be penalised for mining cryptocurrencies or converting one cryptocurrency to another.

The proposed law follows a Russian government official’s public condemnation of payment company QIWI’s plans to release its own digital currency – known as the bitruble.