A bill drafted last month is seeking to ban the use of Bitcoin in Russia. The content of the bill proposes a ban on all money surrogates to the Russian Ruble. A Cryptocurrency such as Bitcoin falls in the category of a money surrogate, meaning it’s use will be banned if the bill passes legislation. Any businesses operating a virtual currency business are subject to fines, depending on one’s status the fines increase proportionally:
“fifty thousand to seventy thousand rubles along with confiscation of the administrative violation item for entrepreneurs; eighty thousand to one hundred thousand rubles for officials; two million to three million rubles along with confiscation of the administrative violation item for legal entities.”
Read More and View the chart here:
http://themerkle.com/news/localbitcoins-rub-volume-drops/
