Russia to Consider Cryptocurrencies a Digital Commodity

News and Analysis

According to Olga Skorobogatova, the deputy chairwoman of the Central Bank of Russia, the Bank of Russia is going to consider bitcoin and other cryptocurrencies a digital commodity.

She noted that two months ago the regulator discussed the matter with involved departments, being the Ministry of Finance, the Ministry of Economy, and law enforcement agencies.

“Our proposal is to classify cryptocurrencies as a digital commodity, and therefore apply laws to them as to a digital commodity, with certain amendments regarding taxes, control and accountability,” she said at a meeting of the working group on cryptocurrencies at the Russian parliament.

Skorobogatova added that all departments have supported the notion.

“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. 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,” she said.

Russian legislators have earlier stated they were going to develop a legal framework for miners that would be as friendly as possible. However, selling the mined bitcoins would still entail imprisonment in Russia.

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