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Russian lawmakers have proposed new laws that seek to ban the use of Bitcoin and other cryptocurrencies in the country, local media reported.

According to draft bills submitted by a group of deputies to the Russian parliament recently, individuals may face up to seven years in prison and fines of up to $7,000 for using BTC in financial transactions.

People will also be penalized for buying crypto with cash or transferring to accounts opened with Russian banks.

If signed into law, the bills will punish companies that issue or operate virtual currencies without approval from the Russian central bank, with fines of up to two million rubles or about $28,000.

Furthermore, “for violation of the rules for transactions with cryptocurrencies, if they are used as payment for goods or services,” companies would have to pay the equivalent of one million rubles ($13,900) and individuals at least 200,000 rubles ($2,800).

The draft bills were lodged with Russia’s Ministry of Economic Development earlier this week, says a report published by local news company RBC on May 21.

One of the proposed laws plans to completely stop digital assets from being used as a means of payment by citizens or corporations. People that already hold digital assets will be forced to register them with Russia’s tax agency and explain how they acquired them.

Another bill proposes to add new sections to the country’s criminal law for illegal operations with cryptocurrencies. Companies that issue or circulate digital financial assets “using sites registered in Russia or technical equipment located in Russia” are especially liable under this second draft proposal.

Penalties may be compounded for both individuals and firms “if major or especially large damage was caused to citizens, organizations or the state, or if these actions led to enrichment on a large or especially large scale.”

Local lawyers fear that if these laws are enforced, they will paralyze the Russian cryptocurrency industry. Dmitry Kirillov, a senior tax lawyer at Bryan Cave Leighton Paisner and a teacher at Moscow Digital School, told RBC:

“People who currently own cryptocurrencies will be forced to get rid of them before the law comes into force or risk ‘going underground.’ Goals that will be achieved this way are the direct opposite of what’s being declared. In general, the idea of dropping a crypto ‘Iron Curtain,’ in my opinion, does not contribute to the development of businesses or Russia’s interaction with the world economy on a digital level.”

In other trending Bitcoin News today:

Chorus of Crypto Analysts Predict the Start of Altseason As Bitcoin Consolidates Around $9,000

As Bitcoin bulls and bears slug it out around the $9,000 price area, a handful of widely-followed analysts say they believe that an altcoin season may be on the horizon.

In a recent tweet, crypto strategist Crypto Ed NL tells his 92,000 followers that while he’s been bearish on altcoins since the fourth quarter of 2019, he is now changing his stance.

“Okay guys I’ve been annoying you all since October saying ‘no altseason’ yet but… This is how an altseason starts. Ready to rumble?”

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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.

Show Notes / Resources:

https://news.bitcoin.com/russia-law-criminalizes-buying-bitcoin-7-years-jail/

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Raoul Pal of Global Macro Investor is breaking down the potential paths ahead for Bitcoin as the BTC halving approaches.

He says Bitcoin is currently in one of the best positions of any asset he’s ever seen, trading inside a “perfect wedge” that he believes is a precursor to a massive new bull run.

Pal’s first depiction of the wedge using traditional charting techniques has the Bitcoin price targeting $40,000.

But when switching to a log price scale to get a long-term perspective, Pal says the BTC price is on a trajectory to $1 million.

Using linear regression channels, which highlight the upper, lower and middle portions of a trend or price move, Pal says BTC displays a move to $400,000 to $1 million.

He says his analysis aligns with Bitcoin predictions from the anonymous strategist PlanB. “Whatever plays out, after a key technical break like today, the probability of vastly higher prices has risen dramatically. And this is confirmed by the stock to flow models by PlanB and the breakout has happened almost exactly at the halvening.”

Pal also points to a rapid increase in money printing and struggling currencies in places like Venezuela and Argentina as a sign of what’s to come.

“Add to that the entire world’s central banks are either seeing their currencies collapse to the almighty dollar (BRL, TRY, ARG, etc) or they are printing money like crazy. Huge quantitative easing fiat meets the hardest money that automatically quantitatively tightens. BTC wins.

This is the one of the best setups in any asset class I’ve ever witnessed… technical, fundamental, flow of funds and plumbing. All. Now. Again, to be clear, even if it has 90% odds, doesn’t mean its definitely going to work…I can and will be wrong…often and dramatically.”

Pal says he recently allocated 25% of his liquid net cash to Bitcoin, along with 25% to gold.

He’s reserving another 25% for trading opportunities and plans to keep the last 25% in cash.

In other trending Bitcoin News today:

THESE 4 TRENDS SUGGEST BITCOIN WILL ROCKET HIGHER TOWARDS $15,000: FUNDSTRAT

Since the $3,700 lows, Bitcoin has roared higher, crossing above resistance after resistance in succession. 

Just recently, BTC tapped $10,000.

Although impressive, top analyst Tom Lee expects for the cryptocurrency to head even higher, citing three “solid” tailwinds for this market.

“There’s a confluence of four fundamental factors that indicate Bitcoin’s medium-term to long-term trend is shaping positive, analyst Thomas Lee has said. The co-founder of Fundstrat Global Advisors, a New York-based research firm, identified them as follows:

1 – Bitcoin is the best-performing “asset class” in 2020, beating U.S. Treasuries and Gold amid a global recession. Treasuries are up 21% while the precious metal is up 13% — already much better performances than the S&P 500’s 10% drop, the 5% drop in emerging market corporate bonds, and the 20% drop in the Russell 2000 index.

2 – In a similar vein, BTC was the best-performing asset class of 2019, rallying 92% while the U.S. stock market gained around 20%.

3 – The block reward reduction, known as a “halving,” is taking place in four days, estimates suggest.

4 – Paul Tudor Jones, one of the world’s biggest macro investors, just announced his fund is taking a stake in Bitcoin futures. Jones believes the cryptocurrency will act as a hedge against inflation.”

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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.

Show Notes / Resources:

https://bitcoinblockhalf.com/

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On Wednesday, just before Bitcoin surpassed the digital asset’s all-time high (ATH), the crypto analyst known as “Techdev” said the “2-week chart looks strong and ready for much higher highs.” 

Just 26 days ago, Techdev said that “$200-300K BTC looks almost too programmed” and this week, the analyst noted that we are “nowhere near a top.”

Also BTC_Archive tweeted this morning to his 550,000 Twitter followers: “The last time Bitcoin weekly RSI was at this level on the way up, the price was $13K and went up 5x. IF that repeats = $322K. We are just getting started!”

In other trending Bitcoin News today: Bitcoin Futures ETF Hits $1B AUM In A Record-Breaking Two Days!

Since the ProShares Bitcoin Strategy ETF started trading this week, it has become the fastest fund ever to reach $1 billion in assets under management (AUM).

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🔥 Binance – Buy, Sell or Trade Over 400 Altcoins: ► http://binance.cryptonewsalerts.net

🔥 [IMPORTANT] – Secure your crypto with a Trezor or Ledger hardware wallet:

Trezor: ► http://trezor.cryptonewsalerts.net

Ledger: ► http://ledger.cryptonewsalerts.net

DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.

Show Notes / Resources:

https://news.bitcoin.com/analyst-that-said-200-300k-bitcoin-looks-programmed-still-says-btc-price-nowhere-near-a-top/

https://cointelegraph.com/news/bitcoin-futures-etf-hits-1b-aum-in-a-record-breaking-two-days

https://cointelegraph.com/news/breaking-2-2t-asset-manager-pimco-plans-to-buy-more-crypto

https://cointelegraph.com/news/bitcoin-gains-2k-in-an-hour-after-btc-price-bounces-near-previous-all-time-high