The Russian Ministry of Finance considers banning the secondary sale of ICO tokens and proposed criminal penalties for the issuance of cryptocurrencies.

Deputy Finance Minister of Russia Alexey Moiseev revealed the latest development of the first cryptocurrency bill in Russia.

Thus, the ministry stands for the criminal liability for persons issuing cryptocurrencies, which are used for large-scale settlements. Moiseev recalled that, according to the Russian constitution, the only monetary unit in the country is the ruble, and the issue of other currencies is not allowed.

Also, the ministry plans to impose criminal liability for using cryptocurrencies in tax evading.

Furthermore, according to Moiseev, the Ministry of Finance supports the prohibition of reselling tokens issued within ICOs.

"We will regulate ICOs as a form of crowdfunding. I mean, people who participate in ICOs could pay any currency for tokens, including cryptocurrencies, but at the same time they will be banned from selling these tokens, except to the issuer," Moiseev said.

Tokens issued within offerings will be treated as equivalent to a security.

"If the person who bought these tokens will consider that he was deceived, he will have the opportunity to go to court, as it happens now with electronic securities," the deputy minister explained.

According to the Ministry of Finance, this will protect the interests of investors.

The Russian Ministry of fFnance does not try to ​​impose criminal punishment for cryptocurrency use for the first time. In 2015, it proposed to introduce this measure of restraint for all operations with cryptocurrencies, including buying, selling and mining. In 2016, the Ministry of Finance came up with an even tougher initiative, proposing to imprison persons, who issue and sell cryptocurrency, for a period of up to 7 years.