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Russian lawmakers have proposed new laws that seek to ban the use of Bitcoin and other cryptocurrencies in the country, local media reported.

According to draft bills submitted by a group of deputies to the Russian parliament recently, individuals may face up to seven years in prison and fines of up to $7,000 for using BTC in financial transactions.

People will also be penalized for buying crypto with cash or transferring to accounts opened with Russian banks.

If signed into law, the bills will punish companies that issue or operate virtual currencies without approval from the Russian central bank, with fines of up to two million rubles or about $28,000.

Furthermore, “for violation of the rules for transactions with cryptocurrencies, if they are used as payment for goods or services,” companies would have to pay the equivalent of one million rubles ($13,900) and individuals at least 200,000 rubles ($2,800).

The draft bills were lodged with Russia’s Ministry of Economic Development earlier this week, says a report published by local news company RBC on May 21. One of the proposed laws plans to completely stop digital assets from being used as a means of payment by citizens or corporations.

People that already hold digital assets will be forced to register them with Russia’s tax agency and explain how they acquired them. Another bill proposes to add new sections to the country’s criminal law for illegal operations with cryptocurrencies.

Companies that issue or circulate digital financial assets “using sites registered in Russia or technical equipment located in Russia” are especially liable under this second draft proposal.

Penalties may be compounded for both individuals and firms “if major or especially large damage was caused to citizens, organizations or the state, or if these actions led to enrichment on a large or especially large scale.”

Local lawyers fear that if these laws are enforced, they will paralyze the Russian cryptocurrency industry. Dmitry Kirillov, a senior tax lawyer at Bryan Cave Leighton Paisner and a teacher at Moscow Digital School, told RBC:

“People who currently own cryptocurrencies will be forced to get rid of them before the law comes into force or risk ‘going underground.’ Goals that will be achieved this way are the direct opposite of what’s being declared. In general, the idea of dropping a crypto ‘Iron Curtain,’ in my opinion, does not contribute to the development of businesses or Russia’s interaction with the world economy on a digital level.”

In other trending Bitcoin News today:

Chorus of Crypto Analysts Predict the Start of Altseason As Bitcoin Consolidates Around $9,000

As Bitcoin bulls and bears slug it out around the $9,000 price area, a handful of widely-followed analysts say they believe that an altcoin season may be on the horizon.

In a recent tweet, crypto strategist Crypto Ed NL tells his 92,000 followers that while he’s been bearish on altcoins since the fourth quarter of 2019, he is now changing his stance.

“Okay guys I’ve been annoying you all since October saying ‘no altseason’ yet but… This is how an altseason starts. Ready to rumble?”

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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky and so is investing into Cryptocurrency. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.

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  1. …i hope it is just FUD to let them put the finishing touches on their public crypto exchanges going online …may be the same timing as china….

  2. I've seen on the moon your channel band other where the price of a bitcoin transaction fee is small but how come I have seen some saying it was increased and it needs to be worked on to beat other crypto. I'm confused now. I don't know if it is cheap or expensively.
    I mean for me expensive is paying 10 dollars for transacting 100 or even 200 dollars. It might mean nothing to some bit it's stupid paying 10 or 5 % in those cases right ?

  3. The chief executive of Binance, Changpeng Zhao, assured the community that as long as he has a penny he would not allow the Bitcoiin price to go down to zero. One user asked if this was an open confession to conducting manipulations with the cryptoo market. Curiously, after CZ posted the tweet, large amounts of Bitcoiin and USDT started to arrive at Binance wallets, as detected by Whale Alert. So far, around 27milion worth of BTC and 2O million USDT has been sent to the exchange. However, even if CZ does plan to impact the BTC price, that amount is not sufficient to create a market manipulation strong enough to push Bitcoiin up substantially. so we might witness more crash till the halving happening in May 2O2O , for now you can only make profit by trading, for me i advice you multiply the little you have with Mark’s strategy, i was able to make 7btc with I.5btc in 3 weeks with the same strategy, Y'all can reach out to him through His * Mail * <Marktrading884 @ gmail com> or via <Telegram @ Marktrading884 >

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