A bill has been submitted by the russian lawmakers to the parliment that states individuals may face upto seven years in prison and fine upto 7000$ for using BTC in financial transactions.

The bill if passed then companies could face fines upto the 28000$ which are dealing in Cryptocurrencies without the approval of Central Bank.People who currently own cryptocurrencies will be forced to get rid of them before the law comes into force .

Local lawyers fear that if these laws are enforced, they will paralyze the Russian cryptocurrency industry