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RUSSIA'S ECONOMY

Russia Finance Ministry suggests to equal cryptocurrency issue, turnover to serious crimes

The maximum term of imprisonment for that was proposed to be increased for up to 7 years

© EPA/JEROME FAVRE

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Russia ranks 5th for number of cryptocurrency users — lawmaker

MOSCOW, March 15. /TASS/. The Russian Finance Ministry proposes to equal issue and turnover of cryptocurrency to serious offense punishable by imprisonment for up to 7 years, Deputy Finance Minister Alexei Moiseev told TASS Tuesday.

It was reported earlier that the Finance Ministry developed amendments to the Criminal Code that included imprisonment for up to 4 years for issue and turnover of cryptocurrency.

"We have developed draft amendments to the Criminal Code. We propose to increase the maximum term of imprisonment up to 7 years," Moiseev said, adding that the proposals agreed with the Investigative Committee.

According to him, the Finance Ministry expects to introduce draft amendments to the State Duma in April-May.

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At the end of 2015, the media reported that the Finance Ministry has developed amendments to the Penal Code providing for a sentence of imprisonment for a term up to four years for the release and circulation of cryptocurrency.

Bitcoin is the most famous cryptocurrency in the world. It was launched in January 2009 and since then has steadily gained popularity among Internet users. Recently, however, her situation began to deteriorate due to the legal restrictions are imposed on its use in a number of countries around the world.

Bitcoin is a "virtual money" - program online code, which is not regulated by any country or bank supervisory authority. One feature of Bitcoins is that it is able to guarantee full anonymity of a person or group of people making purchases with it.

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Passions run high over need for virtual money in Russia

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Economy Finance Ministry Currency

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