The Bank of Russia, the country’s main financial regulator, will adopt the laissez-faire approach to cryptocurrencies for the medium term while it evaluates possible risks, an official says.
An official comment on the legal status of cryptocurrencies has been issued as a formal letter circulated by the fiscal authority.
The governmental body has changed its stance about cryptocurrencies, now claiming their use is too limited in the country to present any threat.
With the interests in the blockchain from banks, financial institutions, and corporations rapidly rising, the Coalition (DCLDC) aims to provide a friendlier regulatory environment for blockchain startups.
US District Judge Alison Nathan in Manhattan officially defined bitcoin as money since it can be utilised to settle and process transactions freely like other existing payment tools.
The Ministry shows a change of heart promising to revise its draft law on digital currencies with regard to what fintech experts have to say. Instead of seven years in jail – bitcoin legalisation?
According to the Federal Tax Service, regardless of their status, sale or purchase of cryptocurrencies are deemed currency transactions under the Russian law and should be reported to tax authorities.
For more than two years, Russian authorities have been trying to develop a single position on bitcoin. CoinFox tiptoes its way through a cobweb of polarised opinions and confusing official statements.
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