President Putin orders public officials to declare any cryptocurrency holdings and digital assets

Russian public officials will need to declare any cryptocurrency holdings and digital assets from Jan. 1, 2021.

President Putin orders public officials to declare any cryptocurrency holdings and digital assets
President Putin

Russian public officials will need to declare any cryptocurrency holdings and digital assets from Jan. 1, 2021, consistent with an order signed by President Putin , published on Friday.Lawmakers this year approved a bill giving cryptocurrencies status , but banned them from getting used as a way of payment. The financial institution is considering issuing a digital rouble it says would eventually make Russia’s payment systems more robust.

Any public official or person seeking to carry position must disclose their digital assets, also as those of their spouse and youngsters , before June 30, 2021, the order said.Failure to declare digital currency transactions above 600,000 roubles ($8,211) in one year could end in a fine, consistent with draft proposals for changes to Russia’s tax code by the finance ministry. A jail term of up to 3 years is additionally into account , the RBC daily newspaper has reported.

The financial institution first floated the thought of a digital rouble in October, saying it's going to issue it on top of existing cash and non-cash roubles to facilitate payments for people and businesses.

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