Russians may go to jail for possession of undeclared bitcoins

Financial regulators around the world are strivingestablish control over digital assets, the main advantage of which is anonymity. The Russian Ministry of Finance also took part in restrictions on freedom when performing transactions with cryptocurrency, explaining this by the fight against the financing of terrorism and the laundering of illegal proceeds.

The Ministry of Finance of the Russian Federation proposed to tighten the measures applied toholders of undeclared digital currencies such as Bitcoin, Ethereum or Monero. If the amendments to the Criminal and Criminal Procedure Code proposed by the ministry are adopted, the owners of illegal cryptocurrency may receive a prison term of up to three years, forced labor up to 5 years, or a fine of up to 2 million rubles.

To avoid conflict with the authorities, the ownersdigital money will have to provide the tax authorities with information on the receipts of cryptocurrency, indicate transactions for transferring virtual money and report on the amounts stored in electronic wallets. The report indicates the amount in rubles, recalculated taking into account the exchange rate at the time the funds were credited to the wallet. The owners of the cryptocurrency who have carried out financial transactions for a total amount exceeding 600 thousand rubles will be required to provide reporting.

Source: cnews