Russia Proposes Monetary Penalties for Bitcoin Use and Promotion

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The Ministry of Finance of the Russian Federation has released the full version of the draft bill that, if passed in current form, would effectively ban the creation and distribution of software that allows for the use of money substitutes, including bitcoin and all digital currencies.

First announced as a proposal in August, the news marks the first time that the Ministry of Finance has made the proposed law public, as well as its definition of “money surrogates” under which bitcoin and digital currencies may be prohibited.

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