Russia is trying to pass new laws around the cryptocurrency Bitcoin that would cause people to get jail time or have massive fines put on them if caught accepting promoting or mining Bitcoin. The emerging currency has been going under rapid changes for years now but in Russia has been illegal according to Russian news sources since the year 2014. Now there is an effort to bring forth the punishment side of what happens to you if you use Bitcoin and are in Russia there are 3 forms of punishment outlined in the legislation coming to light in Russia.
The first punishment to roll out for Russian Bitcoin users is a 500,000 RUB and up to 4 years of imprisonment, to get this punishment you must just simply use Bitcoin. Punishing people for using a currency other then their own is interesting move for the Kremlin and will lead to people going to jail and paying fines for the people who live there. That next punishment from Russian governmental forces is 1,000,000 RUB which equals the sum of $15,000 and five hundred dollars and carries the imprisonment time of up to 6 years to earn this you have to been a major helping institution to BTC one specific example is a Bitcoin user that confirmed Bitcoin blocks to complete a part of the payment.
The largest penalty created by this single new law in Russia would be 2,500,000 RUB which equals thirty-eight thousand dollars and can carry to the tune of 7 years in jail. With these kind of fees and a median income for Russia around $500 a month it will be interesting what the Kremlin does to keep this law intact. Russia is a controlling nation that is often seen as a strong nation but with $500 a month being the average of your people you shouldn’t be too happy with it or limiting personal freedoms just to make sure that the paper currency you control holds power is just corrupt in my opinion, share your opinion about this below.