Russia’s Tax Authorities Recognize Bitcoin and Other Cryptocurrencies
The uncertainties surrounding the use of Bitcoin and other cryptocurrencies have been laid to rest. In a document released on Nov. 29, 2016, Russia’s federal tax service has finally taken a position concerning the legality of Bitcoin use and transactions. The document emphatically stated that there is no legal prohibition of cryptocurrencies. Three years of uncertainty. For almost three years the Russian authorities could not make up their mind whether to ban or accept Bitcoin and introduce penalties. Somewhere along the line, the ministry of finance suggested the introduction of four....
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The bill proposes to recognize cryptocurrency as property for purposes of taxation.
If passed the bill would amend tax laws to recognize digital currencies as a form of property.
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