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Russian Finance Ministry: we are not specifically taxing Bitcoin deals right now

12 November 2017 21:00, UTC

The Ministry of Finance of the Russian Federation has published Letter 03-04-05/66994, which explains that the current Tax Code of the country does not describe financial operations related to cryptocurrency and bitcoins.

However, Articles 41, 225 and 228 of the Code tell that in the event when a citizen of the Russian Federation gets a natural revenue, he/she can calculate the necessary sum of tax payment based on the outlined algorithms and send taxes to his/her local tax authority.

The document notes that this letter is for informational purposes only and other interpretations of the current law are also applicable. This additionally indicates the current vague status of cryptocurrency in Russia. However, this letter might become history very soon — in 2018, when, according to the high-ranking officials, special cryptocurrency laws will be implemented.

In other news from Russia, the Vice Chairman of the Central Bank has taken a stance against cryptocurrency derivatives trading platforms and called cryptocurrencies a pyramid, while telling he works with the state prosecutors to block access to sites where Russians can buy “assets of that kind”. This contradicts the views of other, more liberal government officials. All in all, the legal status of cryptocurrency in Russia will be decided next year.