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In Russia, any action with cryptocurrency are equated to usual currency transactions

The Federal Tax Service of the Russian Federation published a letter on measures to monitor the circulation of cryptocurrency.

As Chairman of the Board of the International Public Movement Change the World Together (CWT) Aleksey Muratov noted, the main thesis of this letter is that all transactions related to the acquisition or sale of cryptocurrency are equated to the usual currency transactions.

"The Federal Tax Service of the Russian Federation once again confirmed that the Russian legislation does not prohibit citizens of the Russian Federation to use cryptocurrency in any operations. In other words, Bitcoin, Blockchain, E-dinar and all cryptocurrencies are equated to rubles, dollars, pounds, and the like monetary units. FTS explains that in Russia it is possible to equally engage in financial transactions both for rubles, foreign currency, securities and cryptocurrency," Muratov emphasised.

He noted that the order of conducting such operations established by the Law N 173-FZ. "As it is said in the statement by the FTS, the existing system of currency exchange control doesn't provide obtaining by bodies of currency exchange control of information on transactions of purchase and sale of cryptocurrencies. However, in order to monitor compliance with the requirements of the currency legislation, such information may be requested by the tax authorities from other authorized bodies," Chairman of the Board of CWT told.

As Aleksey Muratov explained, the number of financial transactions in this segment is increasing day by day and is gaining popularity. At the same time, while the Russian legislation does not even have fixed concepts such as cryptocurrency or virtual currency. "The interest of Russian citizens to cryptocurrency grows, so public authorities appropriately respond to these trends, planning to make certain changes in the legislation in the near future, but only taking into account interests of ordinary citizens," Muratov said

Source: CWT News

  • December 1, 2016 4:50 PM MSK