Russia to impose heavy taxes for trading cryptocurrencies such as Bitcoin

The Russian Finance Ministry announced that it will begin enforcing regulations on trading Bitcoin and other cryptocurrencies. "A total ban will lead to illegal activity - imposing taxes on transactions will help the country's budget," the ministry stated.
Photo Credit: AntanaCoins/Wikipedia

The Russian Finance Ministry announced on Thursday that Russia intends to enforce regulations on trading cryptocurrency, such as Bitcoin. “A total ban will lead to illegal activity – imposing taxes on transactions will help the country’s budget,” the ministry stated.

The Russian Finance Ministry emphasized that it will not allow the use of cryptocurrencies as a payment method. However, the ministry asserted that regulations will reduce also reduce the risk of fraud.

Bitcoin lost 18% of its market value over a week ago when its market price dropped under $10,000. The plummet occurred after South Korea announced its intention to limit cryptocurrency trading along with China’s announcement to restrict Bitcoin mining. The cryptocurrency’s market value has recovered over the past few days and it is currently valued above $11,000.



Click Here for more reports by Judith Abramson

Found mistakes in this report? - Click Here

JerusalemOnline News Feed