Russia is one of the many countries around the world that is always a factor in the latest in cryptocurrency regulation news. As with many countries, Russian has created a complicated situation for businesses and citizens within the country. The government accepts the legal status of some cryptocurrencies, such as Bitcoin, but it also prohibits the use of cryptocurrencies as any form of payment.
In other words, the Russian government does not recognize any cryptocurrencies or digital tokens as legal tender. The government has long held that the only legal currency in the country will be the ruble. This information was stated again by the ombudsman, Dmitry Marinichev, who represents the rights of entrepreneurs in the country.
Impact on Private Investors
In his discussion in Blockchain Life, the ombudsman indicated the law prohibiting the use of cryptocurrencies for goods and services was directed at businesses, and not at individuals. In fact, as he reports as part of the country’s cryptocurrency regulation news, individual investors are able to freely access and make purchases of Bitcoin.
Making cryptocurrency regulation news in the early part of 2021, the Russian government passed a bill that requires any citizen or legal entities in the Russian Federation to declare any holdings of cryptocurrencies as part of their income and assets for tax purposes. Any individuals or entities in Russia failing to do so will face tax liability. This includes any cryptocurrencies as well as anything identified as a digital financial asset.
For the latest in cryptocurrency regulation news from countries around the world, read the Blockchain Asset Review. To browse our latest articles and commentary, see us at SItename.
