Russia – Tax Status of Cryptocurrency Clarified

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 to allow Foreign Trading of Virtual Currency

The Russian Ministry of Finance is proposing to slightly amend its stance to ban virtual currencies. Bitcoin will still be banned in Russia as the Russian constitution mandates that the Ruble be the exclusive currency...

Russia to host a cryptocurrency conference to debate risks

According to NewsBTC “leading scientists have been invited to this cryptocurrency conference, as well as members of Parliament, representatives of the Russian Civic Chamber, experts, and Bitcoin entrepreneurs”. It appears that the conference is...

Russian Officials Disagree on Future of Cryptocurrency

In a transcript of an Interview with Putin's advisor Herman Klimenko, Mr Klimenko clearly considers bitcoin an illegal means of payment and seems to dismiss the legality of bitcoin in other countries in the world. This...

Russia – Criminal Sanctions for ‘money substitutes’

According to Interfax, the Russian Ministry of Finance is to add an amendment to make issuing or dealing in money substitutes (including cryptocurrency) involve up to a 5 year prison sentence and 7 years if...

Russian Gov Threatens Bitcoin Ban As 7% of Russians Use Bitcoin for Payment

As the Russian government threatens to ban bitcoin, 6.9% of Russians are using the cryptocurrency, according to a recent survey by Slovakian Internet security company ESET. The ESET survey, which compared credit cards, PayPal, payment...

Russian ban of ‘cash equivalents’ meeting internal objection

Russia’s proposal in Spring to ban cash equivalents to the Rouble is facing difficulties. This bill would have made bitcoin effectively illegal in Russia. It seems however that the Ministry of Economic Development objects...