Russia – Criminal Sanctions for ‘money substitutes’

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According to Interfax, the Russian Ministry of Finance is to add an amendment to make issuing or dealing in money substitutes (including cryptocurrency) involve up to a 5 year prison sentence and 7 years if done by a financial institution. This is a harsher penalty than was previously the case where the penalties were predominately fines. That said, the Central Bank of Russia is investigating the benefits and use of blockchain technology.