Russian authorities are accelerating cryptocurrency regulation with the introduction of a new bill. The bill is to govern the issuance of cryptocurrencies and crypto exchanges.
The bill put forward in the Russian parliament on June 22 stated that there would be fines for individuals and companies involved in the illegal issuance of cryptocurrencies.
If the bill is adopted into law, individuals will be fined up to 5,000 Russian rubles ( $90) and 30,000 ($550) for officials. Legal entities will part with a fine of between 700,000 and 1,000,000 rubles.
It was also stated that a business that violates the crypto issuance guidelines will pay 700,000 rubles ($13,000) in fines.
Meanwhile, the Russian government has announced it has developed a blockchain system. The aim is to launch a digital system for international payments capable of replacing the global Swift system.