Authorities Hint At Potential Bitcoin Taxation In Russia

Bitcoin in Russia will never be a favorite combination by the look of things. Even though the government and central bank want to explore blockchain technology, using cryptocurrency is a different matter altogether. For now, it seems like the Russian tax authorities want to have all Bitcoin operations reported. This is not set in stone just yet, though.

Bitcoin Taxation in Russia?

Things are very confusing for Bitcoin users in Russia right now. While cryptocurrency is not officially recognized – and probably never will – it is not prohibited by law just yet. At the same time, there is a proposal on the table to make Bitcoin activity punishable by law, including a jail sentence of up to seven years.

But that is not all, as the local tax authorities now want to collect logs of all Bitcoin transactions taking place in Russia. By the look of things, Bitcoin usage will become taxable in the country very soon. If this is to be the case, the plans to make cryptocurrency illegal by law will have to be put on ice, as the government can’t have it both ways.

Russian sources stated the following:

“Resident natural persons are obliged to provide

Read more ... source: TheBitcoinNews