Bitcoin may get recognized as Digital Asset in Russia.

There was a time when only using of Bitcoin in Russia could land up the user into jail. But now, time has changed.

As the poluarity of Bitcoin is increasing day by day, countries are starting to accept it as a Legal Tender of Money. Russia too had announced that it will recognize Bitcoins by 2018.

But it semms like Russia is in a hurry and would recognize Digital currencies such as Bitcoin very soon.

The central bank of Russia may soon recognize Bitcoins and other digital currencies as digital commodities and tax it accordingly

According to the Russia’s Central Bank’s deputy chairwoman, Olga Skaorobogatva, the central bank is preparing legal drafts and papers to recognize and monitor the transactions carried out in digital currencies.

Skaorobogatva also mentioned that “The preliminary draft regulation could be presented to the Russian State Duma, the lower chamber of the Russian Parliament, as soon as June”, while speaking at the Parliament.

She also stated that  “Digital currencies already circulating in Russia will see] certain regulations with regard to taxes, monitoring and reporting, as a digital commoditiy”

Furthermore, Skaorobogatva mentioned that the Central Bank had a meeting with Ministry of Finance, Ministry of Economic Development and other law enforcement agencies in order to plan out as to how to monitor and tax the transactions carried out in Bitcoins.

Russia’s Ministry of Finance had previously tried to criminalize the Bitcoin usage. But now all the legal departments mentioned above are supporting the proposal of legalizing the virtu al currencyand taxing the transactions accordingly.

While Russia’s deputy finance minister Alexei Moiseev had put all the effort to ban and criminalize Bitcoin activity in Russia in 2014, Skorobogatova revealed that authorities could recognize and regulate the cryptocurrency as a legal tender in 2018.

Bitcoin situation in other Countries

Japan and Australia has already legalized Bitcoin earlier this year. Chances are that Indian government may also recognize Bitcoin soon in 2017. If Russia too legalizes Bitcoin, it will be a big boost to Bitcoin market from Eastern side of the world.

Not only it will increase the demand for Bitcoin but  it will also lead to a significant price surge globally.

Since Bitcoin was legalized on Apri 1 2017 in Japan, the price of the cryptocurrency is continuously rising. Also making new All-Time highs everyday. The same thing can happen again if both Russia and India legalizes the digital currency.

KryptoMoney.com posted an article yesterday about “Bitcoin tax policies in various countries”. Click here to read the article

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Also Read:

Russia’s largest Online Retailer planning to accept Bitcoins

Russia successfully concluded Blockchain and Bitcoin conference

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