The Ministry of Finance and the Bank of Russia submitted to the State Duma a bill on fines for cryptocurrency settlements, said the director of the law department of the Central Bank Andrei Medvedev at the St. Petersburg International Law Forum.

According to Medvedev, within Russia, the regulator continues to consider cryptocurrencies an unacceptable way of payment and is ready to legislatively defend its position.

The bill supplements the Code of Administrative Offenses (Code of Administrative Offenses) with Article 15.49, in which there will be four compositions. The first part of the article introduces responsibility for the use of cryptocurrencies as a payment instrument within the country, said the representative of the Central Bank.

“The responsibility is quite tough against the general background of the Code of Administrative Offenses: for individuals 100-200 thousand rubles, for legal entities 700 thousand – 1 million rubles. But the key – the digital currency that was used illegally as a payment will be confiscated. Such a phenomenon will be such the most painful, ”Medvedev said.

The representative of the Central Bank clarified that it will still be possible to use cryptocurrency for the foreign economic activity of cryptocurrency. The most acceptable for this is the form of the experimental legal regime specially created by the Central Bank (EPR), added Medvedev.

Earlier, the chairman of the Bank of Russia Elvira Nabiullina said that the regulator will allow direct investment in cryptocurrency, but only for a limited circle of investors.