Russia prepares fiscal regulation of transactions with Bitcoin

Russia prepares fiscal regulation of transactions with Bitcoin

The objective of the legal package is to understand the crypto-currencies and their use, not the prohibition of them. That has been the perspective of the Central Bank of Russia since the beginning of this year

The Central Bank of Russia intends to prepare a package of regulatory tax documents for transactions with crypto-currencies. A draft regulatory package to be submitted in one month.

Olga Skorobogatova, the vice president of the Russian Central Bank, said during her speech in the state duma (lower house of the Russian Federation), in presenting the bank's annual report, that the Bank of Russia proposes to classify the criptomonedas as digital goods. According to Skorobogatova, the Central Bank suggests making some clarifications in the existing tax regulation in terms of taxes, control and reporting. As mentioned, the regulator discussed this initiative two months ago with representatives from the Ministry of Finance, the Ministry of Economic Development and law enforcement agencies.

"I think in a month we are going to formulate how and where to prescribe, if they support us, because the volumes are growing, compared to last year. People, if they do, must pay money for it. And we must clearly understand how we will control this activity, "said the Bank's vice president.

Previously, Skorobogatova said that the institution does not intend to ban Bitcoin and other digital coins, until all risks associated with this innovative technology are examined. "The position of the regulator and the department is that we do not want to specifically ban something, but we want to understand how to handle it and based on this knowledge, build a regulatory framework," he said in January. Also in April of this year the Deputy Minister of Finance, Alexey Moiseev, spoke about the possibility of recognizing Bitcoin for the year 2018.

Source: CoinFox http://www.coindesk.com/