Russia – Criminal Sanctions for ‘money substitutes’


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.