Russian Ministry of Finance postpones bitcoin ban bill

Regulation | April 21, 2016 By:

The Ministry of Finance announced that the draft law that seeks to ban circulation of digital currencies such as bitcoin in Russia still needs a lot of corrections and will enter the State Duma later than expected.

Deputy Finance Minister Alexei Moiseev told Banki.ru that various additions and corrections to what was regarded as the final version of the draft are being made after several comments and suggestions were received from reviewers.

According to Moiseev, the basic guideline of the document remains the same: it suggests up to 7 years in prison for issuance and exchange operations with cryptocurrency, bitcoin included.

“We carry on working on the draft law, however, it is taking its time. Every person who starts reading it again and again says we need to clarify the wording. So we are clarifying it,” said Moiseev.

The ministry still plans to introduce the bill to the parliament before the closing of the spring session early in July.