Bank of Russia: Bitcoin is “Digital Goods”
The Bank of Russia, the country’s central bank, is going to consider cryptocurrencies such as bitcoin a digital commodity.
Bank of Russia Deputy Governor Olga Skorobogatova said the central bank will present draft legislative documents for the taxation of cryptocurrencies in a month.
Skorobogatova noted that the matter had been discussed with a number of ministries and organizations, including the Russian Ministry of Finance.
“Two months ago we held a meeting with ministries and organizations, on how to classify non-state cryptocurrencies, which are de facto used in Russia,” said Skorobogatova. “We propose to treat them as digital goods, use the digital goods legislation, with certain amendments on taxes, control and record-keeping.”
Skorobogatova added that the proposal was supported by all ministries.
“I believe that in a month we’ll issue a take on regulatory framework to outline how and where to stipulate it all, in case you support us,” said Skorobogatova. “The amounts are growing higher even in comparison with the last year. If people do it, they have to pay. And we have to understand we’re in control of this activity.”
Russia has been mulling the official stance on virtual currencies for some time now. Late last year, Elina Sidorenko, head of the working group of cryptocurrency risk assessments, said that the working group will offer concepts of the cryptocurrency bill development to the Russian government.
Sidorenko said that there are two concepts for the future bill. The first concept suggests making the amendments to existing legislation, which will add chapters and articles of law for both mining and using cryptocurrencies in Russia. The other concept suggests creating a new law covering cryptocurrencies. It will be similar to the regulations of the Internet in Russia and should define rules for cryptocurrency markets and their participants.
