Russia has always been an interesting country when it comes to Bitcoin and other cryptocurrencies. A new proposed law would make it illegal to buy BTC with cash, and potentially lead to a seven-year jail sentence.
Obtaining cryptocurrency in Russia is not as straightforward as one may assume.
Russia Wants Nothing to do With Bitcoin
Based on local sources, it seems as if this process will become even more difficult moving forward.
Although the proposal has yet to be approved, it certainly paints a bleak outlook.
More precisely, lawmakers want to make it illegal to buy Bitcoin with cash.
Those who do so after this bill is approved may face up to seven years in prison.
Converting crypto assets to cash through a Russian bank will also be met with the same penalties.
Any company issuing currencies or operating in crypto trading without official approval will face severe fines as well.
Using Bitcoin and altcoins for services or goods will also be considered to be illegal.
All of these developments will prove very problematic when it comes to accessing cryptocurrency in the country.
It is a well-known secret that Russian officials want nothing to do with this form of money these days.
As such, they will now try to pass this bill to ensure there is no future for these assets in the country.