September 18, 2020

In Russia, they proposed a method for determining the official Bitcoin exchange rate

The new system will allow the introduction of taxation of cryptocurrencies and simplify the process of legal proceedings with their participation.

The way to determine the official cryptocurrency rateproposed by the Russian Association of Cryptocurrencies and Blockchain (RACIB) and the Commission for the Legal Support of the Digital Economy of the Moscow branch of the Russian Bar Association. Within a day, every 30 seconds, the Bitcoin exchange rate is requested from several exchanges, the data obtained is analyzed and, at 23:59:40 Moscow time, a weighted average value is recorded. After that, the cross rate to the dollar and the ruble is calculated. In a similar way, the cost of digital money, which is traded in conjunction with BTC, is determined, Izvestia writes.

A similar system will allow taxationcryptocurrencies; and simplify litigation involving digital money. For example, investigators will be able to determine the amount of damage in criminal proceedings for crimes with a new type of asset. Also, a similar tool will be used for accounting in companies.

At the moment, cryptocurrencies do notregulated in Russia. The corresponding law “On Digital Financial Assets” should be adopted before November 1, 2019, but the government cannot determine the status of digital money in the country. The Central Bank advocates a complete ban on a new type of asset, previously the first deputy chairman of the financial regulator called cryptocurrencies a “high-tech financial pyramid”.

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