Russia's Deputy Finance Minister has confirmed the country's plans to penalise the conversion of cryptocurrencies such as bitcoin into the ruble.
Speaking to CoinDesk, Alexey Moiseev said a proposed draft law has been created and, if passed, would mean people engaging in crypto-to-fiat conversions would face up to four years in prison.
Moiseev went on to say that, under the proposed law, people would not be penalised for mining cryptocurrencies or converting one cryptocurrency to another.
Bitcoin in Russia
Moiseev's comments also come after Vladimir Putin, the country's President, issued his first remarks on digital currencies in July.
Speaking during a TV broadcast, Putin said that, although the technology faced various challenges in terms of adoption, it could not be dismissed.
Prior to Putin's public address, reports about a possible bitcoin regulation meeting between Russia's central bank and representatives from the country's financial markets emerged in June.
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