For complete show notes and for the full premium experience with video, visit our YouTube channel at CryptoNewsAlerts.net

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.