Friday, October 23, 2020

Crypto Ownership In Russia Counts As Income Begins 2021

 Public officials in Russia are required to declare digital currency as part of their opinion starting 2021.

The decision was announced by Russian prosecutor Igor Krasnov on October 20 at a corruption-related meeting involving 15 other prosecutors from Shanghai Cooperation Organization (SCO) member states and other countries.

The SCO is an allied political, economic and security organization established in 2001 with the consent of China, Russia, Kazakhstan and Tajikistan, as well as several allied countries such as Iran, Belarus, Cambodia and Afghanistan.

The need for public officials to declare cryptocurrencies as part of their income is to monitor all the income of these groups in the country.

At the same time, amid concerns over the use of cryptocurrencies in oil misappropriation, the chief prosecutor revealed that he had confiscated more than $ 440 million in cash from civil servants, a number of assets that were not disclosed in the last three years.

The new law imposed on public officials was followed by ratification by Russian President Vladimir Putin on new rules that allow the use of Bitcoin (BTC) but restrict cryptocurrencies from becoming legitimate offers, which can be used to pay for goods and services.

The law, the Digital Financial Assets Act is expected to take effect on 1 January 2021.