The Russian Bitcoin ban is starting to take form as Russia’s Ministry of Finance has revealed the full draft of their proposed legislation. When Russian media first reported Russia’s intentions to ban Bitcoin by 2015, the world wondered how the ban would be implemented. Russia is going to have inherent trouble in tracking Bitcoin transactions.
The Russian Federation is planning to impose fines on anyone caught using or spreading information about digital currencies. According to the document, individuals that are found to be creating, mining, or issuing Bitcoin or other digital currencies will be penalized 30,000 to 50,000 rubles. The fine gets steeper for government officials, whom are supposedly held to a higher standard despite rampant reports of corruption in Russian government. Businesses, or legal entities, would be liable for up to 1 million rubles in fines if caught. In an unanticipated development, Russia will also be fining those that simply disseminate information that promotes digital currencies. Russia’s Bitcoin ban is the most heinous that the community has seen thus far.