Bank of Russia prepared bills to ban cryptocurrencies

The Bank of Russia has prepared bills to ban the issuance and circulation of “private digital currencies” on the territory of the Russian Federation, TASS writes.

The regulator proposed fining individuals for organizing the issuance or circulation of cryptocurrencies in amounts from 300,000 to 500,000 rubles, and legal entities up to 1 million rubles. For accepting payments – up to 50,000 rubles and up to 1 million rubles respectively, RIA Novosti reports. The bans apply to crypto assets issued both inside and outside the Russian Federation.

The central bank wants to prohibit banks and other financial institutions from owning cryptocurrencies and to restrict transfers to persons associated with the issuance and circulation of such assets.

In addition, the Bank of Russia wants to consolidate the authority to consider cases of violations when financial institutions do not comply with the bans.

The central bank also spelled out a ban on disseminating information about cryptocurrencies.

Well, as far as I’m concerned this is really harsh, soon they’ll slash the limits completely for ordinary users.