Saturday, December 5, 2020
Home Uncategorized Downside of legalizing bitcoin? From 2021, Russian officials will be required to...

Downside of legalizing bitcoin? From 2021, Russian officials will be required to declare assets held in cryptocurrency as income

Also on rt.com

FILE PHOTO © Getty Images / South_agency
Putin signs law legalizing Bitcoin & other cryptocurrencies, lifting them out of Russian legal ‘grey-zone’

Prior to the new legislation, virtual assets were in an unregulated ‘grey zone’. With this rule change, Russians will benefit from having the law on their side, the downside being they will no longer be able to keep their assets hidden. Cryptocurrencies will still be prohibited as a means of payment, however, and so won’t be used in shops any time soon.

Earlier this year, a Russian financial institution made international headlines for issuing a loan secured by cryptocurrency for the first time. The loan, issued by Expobank to businessman Mikhail Uspensky, used the currency ‘Waves’ as collateral. While not being classed as money, it was deemed as “other property” and was therefore accepted.

Like this story? Share it with a friend!

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Camila Cabello Reaction To Boyfriend Shawn Mendes’ Netflix Documentary Shows That They Are A Dream Couple

Two young singers, Camila Cabello and Shawn Mendes, who are also both very successful in their fields, are almost over a year in their...

Hulk Hogan’s Daughter Brooke Flashes Her Toned Midriff As She Poses Up A Storm In Floral Knotted Shirt

The daughter of iconic WWE wrestler Hulk Hogan and famous singer, Brooke Hogan, has shared yet another stunning pose of herself via her Instagram...

Channing Tatum Surprises Everyone With His New Photo While Explaining Why He Did It

The other day, actor Channing Tatum, who shared a post two months ago, shared a selfie of his new style on his Instagram account,...

Eniko Hart Turns Heads In White Sweatshirt And Leggings As She Heads Out For A Stroll With Daughter Kaori

The successful comedian and actor Kevin Hart‘s wife, Eniko Hart, has shared a recent photo of herself with her newborn daughter, Kaori Mai, on...

Recent Comments