Bitcoin recognized by tax authorities in Russia

In an official document published a few days ago on November 29th Russia’s federal tax service expressed its new position regarding the legality of Bitcoin use and transactions.

The document finally explained that there is no legal prohibition of digital currencies in Russia.

Russian authorities changed their idea and gave the ministry of finance a new directive to write a law on Bitcoin.

The federal tax service’s document affirms the legality of Bitcoin and indicates that all trading operations related to Bitcoin and any other digital currency are to be considered as foreign and external securities.

The document emphatically stated that there is no legal prohibition of cryptocurrencies.

According to the letter published by the Russian Federal Tax Service, Russian legislation does not prohibit individuals or companies from using cryptocurrencies.