Russian Finance Minister Confirms Government Plans to Ban Bitcoin and Ruble Exchanges

Bitcoin House News October 29 CoinDesk news Russia 's Deputy Finance Minister has confirmed that the country plans to impose penalties on Bitcoin transactions, such as converting Bitcoin into rubles .

Alexey Moiseev told CoinDesk that a draft law has been drafted that, if passed, would mean people trading cryptocurrencies and fiat currencies could face four years in prison.

He explained:

" It is true that we have drafted a law that would impose a four-year prison sentence on people who engage in these types of activities, including quasi-currency. This type of activity is usually carried out in Russia by trading virtual currencies such as Bitcoin for legal tender. For this activity alone, we propose to punish it with a criminal sentence. "

But under the proposed law, trading between cryptocurrencies and mining activities would not be punished.