Russia – Tax Status of Cryptocurrency Clarified

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Russia is to treat bitcoin as foreign currency for tax purposes.

Although digital currency is banned in Russia, amendments are being drafted to allow Russians to invest in digital currency and or trade outside of Russia.

A letter obtained by Coindesk points to the taxation treatment of those transactions.

The letter is from the Federal Tax Service of Russia and is a response to an online enquiry made. The Tax Service mentions clearly that transactions outside of the territory of Russia would be categorised as currency transactions.