Bitcoin and Other Digital Currencies Banned in Russia
If BTC-e's move this morning to officially halt Ruble deposits and withdrawals was any hint, it now seems a sure thing that the Russian Central Bank is quite simply saying no to bitcoin and other digital currencies. "The monitoring of the use of virtual currencies shows an increasing interest in them, including for the purpose of money laundering, profit obtained through illegal means," the Prosecutor General's Office said following a meeting with the central bank of Russia. "Russia's official currency is the ruble. The introduction of other types of currencies and the issue of money....
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The Central Bank of Russia has released their view on cryptocurrencies like Bitcoin. We have earlier argued that Russia may outlaw the use of Bitcoin due to its strict monetary policy. It seems our presumption was correct as the press release from the Central Bank of Russia is hostile against the use of Bitcoin and other digital currencies. A Russian source has told us that the Central Bank's new stance on virtual currencies means that they have banned the use of it, affecting both their partners and customers. This will make it hard to operate both Bitcoin-exchanges and Bitcoin-businesses....
Russia's tax agency is encouraging its citizens to report the purchase or sale of digital currencies as currency transactions. In a tax letter obtained by CoinDesk dated this May, the Ministry of Finance's Federal Tax Service responded to an electronic query on the subject in which it issued new guidance. The statements come amid larger debates domestically about whether bitcoin and other digital currencies should be banned entirely or allowed for specific uses. The letter includes language describing how the agency treats the purchase and sale of digital currencies between Russia citizens....
There has been no shortage of chatter surrounding the legalities of bitcoin in Russia, but a new proposal from the country's Ministry of Finance could see the usage of bitcoin effectively banned moving forward. Last week, an announcement came through on the Ministry's own website at regulation.gov.ru with reference to Article 27 of Russian Federal Law. It reads, in part (via CoinDesk.com): According to Article 27 of the Federal Law 'On the Central Bank of the Russian Federation' (Bank of Russia) the official Russian currency is ruble. The issuance of monetary surrogates in Russia is....
The Central Bank in the United Arab Emirates (UAE) issued the ‘Regulatory Framework for Stored Values and Electronic Payment Systems’ on January 1 which appeared to ban all virtual currencies. However, the Bank’s Governor recently corrected this misconception, confirming that virtual currencies, including bitcoin, are not banned. Bitcoin is not Banned.....