New bills on the regulation of cryptocurrency circulation in Russia do not suppose criminal liability for the purchase of cryptocurrencies, said the Russian State Duma parliamentarian.

Chairman of the State Duma Committee on the Financial Market Anatoly Aksakov said that the new bills on regulation of digital currencies, digital financial assets and digital rights, which were widely discussed because they included clauses with criminal liability for cryptocurrency turnover, do not suppose criminal liability for the purchase of cryptocurrencies.

“What has now been sent for approval does not suppose [criminal] liability for the purchase of cryptocurrency, but it provides responsibility for organizing the process of circulation of cryptocurrencies. Accordingly, if you have purchased cryptocurrency, you must declare it,” said Aksakov. He added that it will be possible not to declare owned cryptocurrencies, but then the owner will not be able to receive judicial protection in the event of theft or violation of inheritance rights. 

The idea to limit the use of cryptocurrencies in the Russian Federation belongs primarily to the Bank of Russia, the official noted.

“The Central Bank believes that it is necessary to limit the ability to acquire such tools, especially for the unskilled part of our society, since they can lose investments,” Aksakov explained.

In the interview, Aksakov mentioned crypto mining, saying that “in fact, this type of activity is a thing of the past.” “Moreover, its value has halved, and now it is no longer profitable. I think that as a business it will no longer be alive,” the official said.

Earlier, crypto enthusiasts criticized new bills on the regulation of digital currencies, as the documents included fines for the illegal circulation of cryptocurrencies up to 2 million rubles ($24 000) or a prison term of up to 7 years.