Russia to Issue Ban and fines for Cryptocurrency Use

Russia’s Ministry of Finance has put forward what many were expecting yet also unable to believe: a ban on the use of digital currency, and the implementation of fines as an appropriate deterrent.

Local media outlet reports that the regulator, which has been debating the issue of a Russian ban for some time, will officially issue legislation to be made public in due course.

It is expected to include penalties for the use and creation of methods of generating cryptocurrencies, specifically 50,000 rubles (US$1260) for individuals, 100,000 rubles (US$1520) for officials and up to one million rubles (US$25,200) for businesses.