Russian Bitcoin Users Could Face Jail Time

This story was published more than 8 years ago.

The Russian government is reportedly pressing to try to have Bitcoin and other cryptocurrencies outlawed, with users facing potential jail time if caught.

The country's Ministry of Finance has laid out a proposal that would make using Bitcoins an illegal activity, with those found guilty of using Bitcoin facing fines of 4,000 rubles and four years in prison. Those who face the fine will have to pay the money up front.

Those that mine and trade in the currency will face even harder penalties, with jail sentences of up to six years and a fine of up to 1 million rubles. Even worse, banks and other financial institution managers can face up to seven years and jail and a 2.5 million penalty.

Bitcoin is used by people throughout the world to play at online casinos and purchase goods. The currency is known for providing users with a level of privacy, allowing for the purchase of goods that may be illegal.

Casino Listings will update this story as more developments arise.

About the author

Dustin Jermalowicz // News Editor
Dustin Jermalowicz
Dustin has a long-standing passion for gambling. He has been writing professionally on the subject and breaking industry news for Casino Listings since 2011. His favorite casino games include Blackjack, Poker, and Hi/Lo. A proud native of Detroit, Dustin currently lives in Michigan.
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14 March 2016 - 8:31pm

It's very interesting news in fact, the Russian government has the right to declare cryptocurrencies for illegal I guess but it all starting to look too much like the communist USSR from more the 30 years ago and the Cold War era. And the biggest nonsense is the seize of that fine 4000 rubles which is around 57$ compared to the other part of the penalty which is 4 years in prison!!