The Russian Finance Ministry is aiming to impose huge fines against individuals and companies for using the bitcoin cryptocurrency, Russian media reported.
According to a draft bill prepared by the ministry, individuals
would have to part with 30,000 to 50,000 rubles (US$755-1,260)
for making payments using bitcoin, Vedomosti reported.
The penalty for the same violation by appointed officials would
range from 60,000 to 100,000 rubles ($1,500-2,500). Companies
would face the largest fines of all – from 500,000 to one million
rubles ($12,600-25,000).
Companies and individuals which do not use cryptocurrency, but
deliberately spread information that promotes the mining of
bitcoins and their use as payment may also be penalized.
The text of the bill mentions cryptocurrency as a “money
surrogate,” Gazeta.ru website reported.
Experts say that while the draft law indicates the desire of the
Finance Ministry to control bitcoin use in Russia, it does not
mean the cryptocurrency has no future in the country.
"I don’t want to say that it’s all nonsense, but many
financial authorities understand that with proper regulation the
cryptocurrency offers very interesting business
opportunities,” Karen Kazeryan, an analyst at the Russian
Association for Electronic Communications, said.
“A transaction value in cryptocurrency approaches zero, which
makes it a very interesting financial instrument,” he
explained.
It is also unclear how the government plans to track bitcoin
transactions, with Russia’s Central Bank already stating that
this line of work doesn’t correspond with its core functions and
aims.
Only a few businesses in Russia currently accept bitcoin,
including Killfish bar chain, IT-Bar in St. Petersburg, several
Subway outlets, and B&B Hostel Krasnoyarsk.