Report: Russian Government to Abandon Penalties for Bitcoin Use

Russian authorities are reportedly planning to abandon efforts to institute criminal penalties for bitcoin users.
The news comes from a report issued today by Russian news agency Interfax in which it asserts that representatives from the country’s Ministry of Finance, central bank and other government bureaus are increasingly supportive of this action.
According to the report, representatives from these groups are planning to submit a report to Russian President Vladimir Putin containing this recommendation sometime in 2016.
If true, the report would end nearly two years of speculation that Russia would seek to actively discourage the use of cryptocurrencies and other “money surrogates” through administrative fines and labor penalties.
As outlined in 2014 and 2015, “legal entities” that introduced their own digital currencies would have faced fines of up to $25,000, while those who distributed the digital assets could have been punishable by correctional labor.

This post was published at Coin Desk on August 12, 2016.