Bitcoin Legal by Default in Russia, Confirms New Federal Tax Document
A document by the federal tax authority in Russia has revealed its first official stance on the legal status of cryptocurrencies and it makes for good reading for adopters of bitcoin and other digital countries in the Russian federation. Bitcoin cannot be blocked or banned as they can be deemed foreign currency transactions according to Russian laws. First reported by regional publication Coinfox, the document deems trading of bitcoin and other digital currencies as foreign currency transactions according to Russian law. The notable parallel means that bitcoin transactions do not require....
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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....
A document issued by the Russian Federal Tax Service finally presents the first official position on the status of Bitcoin and cryptocurrencies in Russia, equating them to foreign currency. ‘No Specific Legislation’ Banning Bitcoin in Russia. The formal letter, dated 3 October 2016, states that for legal purposes, cryptocurrencies should be treated as any other foreign currency. These require no financial reporting of transactions. The legal consultant for Deloitte and head of the Russian blockchain community, Artem Tolkachev summarized the document: The concepts of surrogate money,....
It is impossible to stop the Bitcoin movement, that much has become evident. Excluding Bitcoin from Russia would do more harm than good in the long run. Russia has always had an unusual relationship with Bitcoin and cryptocurrency. It has been unclear how the situation will evolve for quite some time now. A new statement by the Bank of Russia hints at no further action being taken against the usage of Bitcoin. Another positive sign for Bitcoin on a global scale, although this does not mean cryptocurrency is legal in Russia all of a sudden. People have to keep in mind this statement does....
Sberbank, Russia’s largest bank by assets and the Federal Antimonopoly Service of the Russian Federation (FAS Russia) have launched a blockchain pilot for the encrypted exchange of documents. The blockchain binge doesn’t quit, especially in Russia. Just a week after the Russian central bank and prominent banks like Sberbank announced the successful testing of a blockchain prototype among major banks in the country, Sberbank has revealed yet another blockchain endeavor. This time, the bank has partnered with FAS Russia, to pilot a blockchain project called the “Digital Ecosystem”, according....
Latest Update: Mt. Gox has been hit with a Subpeona filed by federal prosecutors in New York. We may get our answers sooner than we thought... This also explains why Gox/Karpeles was so close-lipped. This morning I updated y'all on Mt. Gox's website's newest announcement and hashed out my theory that the leaked document was authentic. Assuming the authenticity of the document leads us to the conclusion that Mt. Gox, specifically Mark Karpeles, is searching for a buyer for Mt. Gox. Up until this point there were still many people who believed the leaked document was simply FUD. Mark....