The Central Bank wants to introduce a tax on Bitcoin
By Prempal Singh
Russia’s Central Bank believes that Bitcoin and other digital currencies are commodities, and therefore should be taxed. This is yet another proposal related to the long list of e-money initiatives, which often contradict each other.
Bloomberg says that the central bank formulates a bill that would lead to the legalization and monitoring Bitcoins. The first version of the bill can be introduced to the State Duma in June. The representative of the Central Bank told about these plans at a meeting of the Duma on 25 May.
According to her, the issue of virtual money is not supported by gold reserves and their number is not limited, which can cause instability in the financial markets. For this reason, they need to be adjusted, since the number of e-currency continues to rise. Holders of such currencies have to pay the state.
Equating cryptographic exchange for goods, financial authorities can tax them, introduce monitoring and control system. Based on these plans, the intention to imprison producing surrogate currency like Bitcoin entities for several years, lawmakers finally abandoned.
Recently, the value of the virtual currency has grown significantly, which explains the increasing interest to them, including those from different countries and financial institutions.