Russia Officially Recognizes Bitcoin & Crypto As Property
Russia has been doubling down on its interest in cryptocurrencies like Bitcoin (BTC). According to recent reports, digital currencies are now formally recognized as a type of property in international trade settlements. This falls under a new law that has now been approved by Russian President Vladimir Putin. The President has jumped into the scene by embracing cryptocurrency for trade. This is being carried out under an experimental legal regime (ELR). JUST IN: Russian President Putin signs law recognizing #Bitcoin and crypto as property. — Watcher.Guru (@WatcherGuru) November 29, 2024 Also Read: Indonesia’s Crypto Transactions Surge 350% in Just One Year Russia’s Brand New Law Focuses On Mining The laws exclude cryptocurrency sales and mining from value-added tax (VAT). Without the tax burden that usually comes with traditional financial transactions, this exemption could push people and businesses to interact with cryptocurrencies more freely. Cryptocurrency miners...