Russian Cryptocurrency Holders Should Prepare to Declare Their “Properties”
New changes for Russian cryptocurrencies holdings. The deputy Anatoly Aksakov announced these days that the country’s officials will be asked to declare their cryptocurrency holdings. These will be bound to bring a bill emitted by a financial public institution.
The bill is supposed to be completely done in February 2018. The cryptocurrency’s income will be registered as “other property”.
Anatoly Aksanov replied for national magazine Gazeta, that “If the law prescribes that this [cryptocurrency] is property, then any property owned by a State Duma deputy must be declared”.
It seems that Russia is not the only one who prepares to implement such changes. South Korea wants to take the same measures. They have also introduced a bill for cryptocurrencies properties.
Actually, in Russia, there are going to be implemented two bills. One for cryptocurrencies and another one for mining activities. The second one is being added for situations when an institution goes bankrupt.
The Ministry of Finance is preparing to adopt another regulation to stabilize the crypto exchanges. Mr. Anatoly Aksanov claimed that “The central bank is very cautious about this, but I think that we will nevertheless follow a faster path than the central bank expected. Since there is a phenomenon, we are unlikely to prohibit it. And if we do not resolve it, then we will drive people into criminal activities”.
The President of Russia, Vladimir Putin is total agree with this decision. In an official meeting with local media, organized on 18 January 2018, he claimed that “It is known that there is nothing behind cryptocurrency. It cannot be a means of accumulation, there are no material values behind it, it is not provided with anything, it can be, in a certain degree and in certain situations, a means of settlement, which is quickly done and effectively”.
What do you think about this new regulation? Will it produce negative or positive consequences?