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Russian officials now have permission not to declare cryptocoin incomes


Reports coming from the Russian media publications suggest that the local officials can ignore their cryptocurrency income while filing the corresponding financial declaration on the previous year. It is worth noting here that the official laws on cryptocoins and regulations on engagement with them are still pending implementation and the Ministry of Labor already has an official position on this matter. All other bodies are, as it seems, still awaiting the sign of the digital currency bill and this is why there are very little mentionings of this phenomenon in the latest government orders.

Experts believe that this permission for the officials not to tell about their taxes on cryptocurrency might easily result in corruption schemes related to finances similar to Bitcoin. The legal experience of the Republic of Belarus, the government of which allowed to operate with cryptocurrency tax-free to all citizens, naturally comes to mind.

The cryptocurrency legal framework of the CIS countries is still under development, and there were no messages on joint blockchain initiatives yet. The Russian law might be both liberal and more strict than in other countries, as seen from the contradictory statements of the representatives from the Russian Central Bank, FinMin and powerful law enforcement agencies.


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