Cryptocurrencies Can Destroy Russian Economy, Says State Official
The deputy general director of Russia’s Federal Financial Monitoring Service has reportedly stated that cryptocurrencies -like bitcoin- threatens the Russian economy and could lead to its destruction. Paul Livadniy, the deputy director at the Federal Financial Monitoring Service of the Russian Federation, aka Rosfinmonitrong, has warned that the cryptocurrency industry represents a threat to the Russian economy and is capable of bringing about its destruction. As reported by Russian publication Lenta.ru, Livadniy compared cryptocurrencies to traditional currencies, reasoning why the former....
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The Russian State Duma will consider a new bill on cryptocurrency taxation on Feb. 17. Russian lawmakers are actively preparing new legislation for taxing cryptocurrencies like Bitcoin (BTC).According to an official announcement by the Russian State Duma, the Duma’s Committee on State Building and Legislation has approved a bill on cryptocurrency taxation on Feb. 15. The new bill represents a set of amendments to the Russian federal tax code.As part of the draft bill, the Russian government officially recognizes cryptocurrencies like Bitcoin as property, aiming to tax profits from crypto....
Authorities expect to collect more than $13 billion as tax payments from the crypto market in Russia, according to a government document quoted by media. The estimate comes as Russian institutions are holding discussions on the future of cryptocurrencies in the country. One Trillion Rubles to Enter State Coffers in Russia as Crypto Taxes, Analysts Say While ministries and regulators are debating over Russia’s future crypto policy, a document leaked to the press has provided details about the conversations. Sources recently quoted by Bloomberg revealed that, according to an estimate....
Russia’s Investigative Committee Chairman Alexander Bastrykin spoke about the country’s economy and the usage of cryptocurrencies like Bitcoin in Russia, in an interview today. Brings up previous proposals for criminalizing the production and usage of Bitcoin and other cryptocurrencies. Claims Bitcoin’s rapid spread “will represent a real threat to the financial stability of the state.” Concludes it would be better to prevent spread of “surrogates” like Bitcoin at its initial stage in the market. The head of the Investigative Committee of Russia, Alexander Bastrykin spoke about corruption....
The Russian government considers bitcoin as a payment option for small business transactions, not for oil exports, the country’s finance ministry has indicated. A top official emphasized the department means that cryptocurrencies may be used in barter deals, but not as legal tender. Crypto Payments Not for Russian State Settlements, Ministry of Finance Says Cryptocurrency payments, in terms of international transactions, are seen by the authorities in Moscow as an alternative option for small private business contracts, but this will not affect Russian oil deliveries. The....
Prime Minister Mikhail Mishustin and the Russian Ministry of Economic Development have backed efforts to regulate cryptocurrencies and integrate them into the country’s economy. The support comes amid mounting sanctions over the war in Ukraine which restrict Russia’s access to global finances.
Finance Ministry’s Push to Legalize Russian Crypto Space Gains Traction
Russian authorities are moving towards the adoption of a comprehensive legal framework for cryptocurrencies, despite the central bank’s persisting opposition. The Finance Ministry’s....