Jail time awaits Bitcoin users in Russia, report says

Bitcoin users in Russia could be sent to jail, if the government gets its way.

Officials in Russia has been actively opposing the use of bitcoin and other digital currencies in the country on grounds the electronic currencies, considered as money substitutes, will only bring problems to the country.

The latest proposal comes from the Ministry of Finance of the Russian Federation, which laid out new terms of punishment for those who use bitcoins and engage in cryptocurrency trade and mining activities.

A source told Russian news agency Interfax that ordinary Russians found guilty of using digital currencies will face imprisonment of up to four years and a maximum penalty of 4000 rubles or about US$7,000, which the person will have to pay upfront of “with any salary or other income for the next three years.”