The Russian government has refused to introduce criminal liability for the manufacture and use of monetary surrogates, the source said, “Interfax, close to financial-economic bloc of the government.
The Prosecutor General’s office and the Ministry of justice “at a meeting held this week stated that the reason for the introduction of criminal liability for the release of a cryptocurrency no, said the source. Representatives of the Ministry of Finance, Central Bank and the government agreed with this point of view.
Following the meeting it was decided that the Finance Ministry will finalize the draft report to the President of the Russian Federation on this subject and submit it to the government in the second half of August. The meeting decided to monitor the use of virtual currencies and the risks of using money substitutes for criminal purposes.
In mid-spring, the MOF began work on a bill to criminalize the production and marketing of cryptocurrencies. For the production of monetary surrogates, including cryptocurrencies, the Agency proposed to deprive of liberty for a term up to four years.
According to the Finance Ministry, the issue of cryptocurrencies should be restricted because their use is associated with high level of risk and can result in the violation of human rights involved in trafficking of bona fide persons.” Additionally, the lack of control of monetary surrogates authorities draws the shadow economy.