Russian Officials Do Not Have To Declare Their Crypto

Russian officials do not have to declare their crypto

Russia continues its ever-evolving relationship with cryptocurrencies with its latest move. The country has previously been very vocal about their plans to control and regulate the digital currency industry.
Russian President Vladmir Putin has declared July this year as the deadline for a definitive framework for the industry, and his government has even submitted a draft law detailing processes for issuing, taxing, buying and trading virtual currencies.
The country’s Ministry of Labor has released its income, expenses and property declaration guidelines for government employees, and its got an interesting little side note. The framework states that state workers do not have to declare any “virtual currencies” they may have attained.
Government employees already do not have to declare “goods and services in their natural forms”, and now cryptocurrencies form part of that.
A reason for this, according to the ministry’s representative is due to the lack of clear legislation:
“At present, approaches to the definition and regulation ofcryptocurrenciesin the Russian Federation at the legislative level are not defined.”
According to the Russian news portal, Izvestia, some experts believe that this new addendum will increase the level of corruption in the country’s government, a problem that is continuing to grow. Over the last 10 years, state corruption has increased by 30%.
In 2009, it became mandatory for government employees to declare their income. In addition, state workers also have to publicize any gifts of traditional fiat money that they have received from friends or the family.
Russian officials do not have to declare their crypto
Vladislav Tsepkov, who is part of the Business Against Corruption Center, does not feel as though crypto corruption will be an issue though. The government-created organization aims to protect the rights of entrepreneurs. Tsepkov had this to say:
“But cryptocurrency is not a means of payment, it cannot be spent. If they [government workers] sell it and get real income, then it will need to be declared, so the risks are minimal.”
Even though clear and concrete crypto regulations still need to be approved and adopted, Russia has made no secret of the fact that they are against crypto usage. Authorities have even cautioned investors that they are “high risk”.
They may not be on board with Bitcoin, but Russia definitely sees the potential of Blockchain Technology. The country recently announced that they hope to develop and issue a state-controlled virtual currency known as the CryptoRuble. Some government officials believe that this state-run crypto could be used to circumvent financial sanctions placed on the country.

Now your take on this argument.

We would also like to hear what you feel about the topic we discussed today. Your feedback is very important to us. Feel free to drop your comments and recommendations. If you have a contrary opinion, you can drop that too.

 

YOU CAN ALSO READ  Bitcoin’s Price could triple in 2018 - Tom Lee

You can also join our Facebook Page CRMNigeria for more updates. You can do that by clicking on the link or searching for our page on Facebook.

 

Action Point.
You need to confirm your subscription by clicking on the link sent to you. You can check the spam folder for it. Add us to your mailing list to receive directly from us.

 

PS: Click on the link below to sign up for my Online E-Course CRM Training. Make sure you confirm your subscription by clicking on the link sent to you. Thanks.

new horizons online training

Leave a Reply

Your email address will not be published. Required fields are marked *

CommentLuv badge