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Russia may introduce fines for use of bitcoins

October 06, 2014, 8:38 UTC+3 MOSCOW
The fines will be applicable to those involved in operations with bitcoins and in its issue
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© AP Photo/Mark Lennihan

MOSCOW, October 6. /TASS/. Russia’s Finance Ministry suggests introducing administrative responsibility for use of money substitutes. The document is published on the national resource for legal information.

The responsibility may be introduced for use of virtual currencies, like bitcoins, the Vedomosti daily wrote on Monday.

The fines will be applicable to those involved in operations with bitcoins and in its issue. The ministry suggests a fine of up to $25,000.

A representative of Russia’s Central Bank said issue of money substitutes is illegal, though the law does not give a notion of money substitutes.

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