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Russia may regulate bitcoin

Russia is proposing to accord legal status to bitcoin. The country’s regulator, Bank of Russia is proposing to levy a tax on the digital currency considering it as a digital commodity. Olga Skorobogatova, deputy governor at the central bank, said the regulator will present draft legislative documents for the taxation of crypto-currencies, including bitcoin, in a month. She noted that the topic had been discussed with several ministries and institutions, including the Russian ministry of finance. The proposal has been backed by all of them, she said. Russian institutions are warming up to blockchain. Russia’s prime minister Dmitry Medvedev has instructed the ministries of telecom and mass communications and economic development to explore the possible applications of blockchain technology in several economic areas.

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