| On 4 years ago

Bitcoins and other cryptocurrencies soon to be digital goods in Russia


The Russian government has been, for over a year considering the official stance on cryptocurrencies. It was at one point even considered criminalising it as any currency unapproved by Russia’s central bank (CBR) is forbidden by law.

The CBR came up with the suggestion of moving all kinds of cryptocurrencies, including bitcoin under the digital goods category, thus putting it under taxation. This suggestion has been reportedly approved by the majority of the ministers.

“Two months ago we held a meeting with ministries and organisations on how to classify non-state cryptocurrencies, which are de facto used in Russia. We propose to treat them as digital goods, use the digital goods legislation, with certain amendments on taxes, control and record-keeping,” quoted Deputy Governor, Olga Skorobogatova of CBR.

The CBR is reportedly planning to roll out the first draft of the regulations within a month.