In 2014, the central bank issued an official letter stating Phone Number List that the transaction of goods or services in "virtual currencies" and the exchange of such currencies into rubles or foreign currencies could be used for money Phone Number List laundering and terrorist financing. While the warning has no legal force, it alerts Russian banks and companies that cryptocurrency transactions may be subject to special Phone Number List scrutiny.
Proposed Amendment . At the beginning of 2016, Russian authorities Phone Number List appeared to be poised to further oppose Phone Number List cryptocurrencies. The Treasury Department has reportedly prepared draft amendments to existing laws that would impose administrative fines and criminal penalties for the issuance, purchase Phone Number List or sale of bitcoin.
These include fines of up to 2.5 million rubles (about $39,000 at Phone Number List current exchange rates) for financial organizations and up to seven years in prison for senior managers. Several other Russian government agencies have Phone Number List expressed support for the proposals, including the Ministry of Economic Development and the Investigative Committee, a federal agency with the power to conduct criminal Phone Number List investigations.