Russia to Treat Bitcoin as Foreign Currency and Enable Trading
Nearly a week after the proposal of Party of Growth—a political party in Russia which represents the liberal free market economy—to legalize bitcoin, the Russian Ministry of Finance and the country’s lawmakers are set to treat cryptocurrencies including bitcoin as a foreign currency. Deputy Finance Minister Alexei Moiseev, who featured in an interview hosted by the Russian Newspaper, stated that while cryptocurrency-based business operations are still illegal in Russia, the Ministry of Finance is currently developing a set of regulations to enable purchasing and selling of Bitcoin. Moiseev....
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Russia’s Deputy Finance Minister, Alexey Moiseev, has revealed that the latest version of the draft law would treat cryptocurrency trading just like foreign currency exchange (forex), allowing its purchase and subsequent use abroad for Russian citizens. From Russia with Bitcoin. Russian authorities want to equate Bitcoin to foreign currency, revealed....
Depending on how soon all involved parties can come to an agreement, the law proposal will be submitted to the Duma by the end of 2016. The status of Bitcoin in Russia has been up in the air for quite some time now. There only seems to be two courses of action: either Bitcoin would be banned, or it would be allowed. But perhaps there is a third option on the table, as authorities want to label Bitcoin as “foreign currency”. Russia Still Tangoes With Bitcoin. Putting Bitcoin on the same level as foreign currency in Russia would have some interesting consequences. Using Bitcoin in the....
In early December there was a mention of members in the Swiss Parliament wanting to treat bitcoin as a foreign currency. In that article, we wrote, "Forty-five members of the Swiss parliament have agreed to sign a postulate that considers bitcoin a foreign currency." Now, the Swiss Parliament is gearing up to vote on proposals that treat the digital currency as such. According to Finextra, "If approved by Parliament, the questions will be posed to the Swiss executive arm of government, the Federal Council for judgment." Approval from high office could set an example to other governments,....
Australia chooses not to treat bitcoin as currency. Australia's Tax Office has spoken, and it has declared that it will not treat Bitcoin as money or as foreign currency. It has instead opted to treat Bitcoin transactions as barter transactions, in a move that would have far reaching implications on Bitcoin use down under. Australia's Approach to Definition of a Currency. Definition of a currency or money in Australia falls under the Currency Act. To summarize, the Australian Currency Act permits transactions relating to money in Australia only to be undertaken using Australian currency or....
As a result of this official document, there is no legal prohibition related to Bitcoin or other cryptocurrencies in Russia. The Bitcoin situation in Russia has taken yet another dramatic turn. But contrary to what most people may expect, this is some positive news for a change. A new document has been released by the government which goes to show Bitcoin is, in fact, legal in the country. Although this change had been rumored for quite some time, the document makes it all official. This particular document is living proof cryptocurrencies are considered legal in Russia. Or to be more....