Fun

Russian Public Officials Must Now Declare Their Crypto Holdings as Income

News Feed - 2020-10-23 03:10:11

Russian Public Officials Must Now Declare Their Crypto Holdings as Income


Public officials in Russia will now be required to declare all the crypto assets they hold as income. The measures are with effect from Jan. 1, 2021, local media reported.


Russia’s prosecutor general Igor Krasnov declared: “Starting next year, civil servants will be required to declare [virtual] currencies on an equal basis with other assets.”


Krasnov said this on Oct. 20 while speaking at a corruption meeting involving 15 other prosecutor generals from the Shanghai Cooperation Organization (SCO) member states and elsewhere.


The SCO is an eight-member political, economic and security alliance founded in 2001 by the likes of China, Russia, Kazakhstan, and Tajikistan. It also includes several affiliate states such as Iran, Belarus, Cambodia and Afghanistan.


According to the Russia Today report, Krasnov’s explanation also “means [that] officials will have to indicate the cryptocurrency in their income declarations, allowing the state to keep track of all civil servants’ earnings.”


Until now, public officials were not required to declare their digital assets. A 2018 advisory from the Russian labor ministry had appeared to exonerate them from doing so.


But amid concerns of crypto being used to oil corruption, the office of the prosecutor general revealed it had seized over $440 million undisclosed cash assets from public officials over the past three years, industry media reports.


The new requirement for public servants follows the signing by Russian president Vladimir Putin of a new law that legalizes bitcoin, in its generic sense, but prohibits the crypto from becoming legal tender, which can be used to pay for goods and services.


That law – the Digital Financial Assets Act – is expected to come into force on Jan. 1, 2021. It is the law that provides for the declaration of crypto holdings by all public officials.


What do you think about public officials declaring their crypto holdings in Russia? Let us know in the comments section below. "Bitcoin"s No Longer Optional" — What Investors Say About Paypal Launching Crypto Services NEWS | 18 hours ago Goldman Sachs to Settle Massive Corruption Case for $2.8 Billion With US Government NEWS | 22 hours ago Tags in this story Bitcoin, Crypto assets declaration, Digital Financial Assets Act, Igor Krasnov, Russia public officials, Shanghai Cooperation Organization (SCO), Vladimir Putin


Image Credits: Shutterstock, Pixabay, Wiki Commons Purchase Bitcoin without visiting a cryptocurrency exchange. Buy BTC and BCH here. Show comments

News Feed

New open-source ZK-proof slashes SQL query times
Josh O"Sullivan11 hours agoNew open-source ZK-proof slashes SQL query timesProof of SQL drastically reduces SQL query times from 30 minutes to sub-second speeds, promising significant efficiency gains for real-time data
Solana Holds Weekly Support At $180 – Analyst Expects $330 Mid-Term
Este artículo también está disponible en español. Solana (SOL) is navigating a turbulent period after facing a significant 33% correction from its all-time high at $264,
Amaka Nwaokocha10 hours agoUK cryptocurrency scams jump 23%, young investors prime targets: Lloyds BankAccording to the bank, potential cryptocurrency investors usually make an average of three payments before recognizin
Derek Andersen5 hours agoPayPal applies for NFT marketplace patent for on- or off-chain asset tradingPayPal’s proposed NFT purchase and transfer system would handle fractionalization, DAOs and royalties through a third
Venezuela Increases Minimum Monthly Wage to Half a Petro
Venezuela Increases Minimum Monthly Wage to Half a Petro Nicolas Maduro, president of Venezuela, announced an increase in the minimum wage of workers in the country linked to the p
Analyst’s Bitcoin Price Prediction From March Plays Out, Here’s The Rest Of It
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Polymarket odds of RFK Jr dropping out soar before Aug. 23 address
Turner Wright4 hours agoPolymarket odds of RFK Jr dropping out soar before Aug. 23 addressIt’s unclear if the Independent presidential candidate will join forces with Donald Trump, but both are scheduled to speak in th
Ana Paula Pereira5 hours agoBrazil’s USDT adoption soars in 2023, makes up 80% of all crypto transactionsUSDT has seen a significant surge in adoption in Brazil, accounting for 80% of all cryptocurrency transactions in
Dogecoin Breaking Out Of Falling Wedge Pattern – Analyst Reveals Target
Este artículo también está disponible en español. Dogecoin (DOGE) is consolidating below local highs after an impressive 200% surge over the past two weeks. As the bigges
Disney World Economics: How Coronavirus Could Be Used to Justify a Global Financial Reset
Disney World Economics: How Coronavirus Could Be Used to Justify a Global Financial Reset ‘What in the world is going on’ has now become a question of real pertinence
Former US President Trump no longer anti-Bitcoin, says can ‘live with it’
Prashant Jha13 hours agoFormer US President Trump no longer anti-Bitcoin, says can ‘live with it’Users on X pointed out that Trump’s recent change in tune toward Bitcoin could be just an election-related tactic to
There’s 30 Doge-Like Tokens Today — New Daddy Doge Jumps 57% This Week, Promises To Be First in Space
There’s 30 Doge-Like Tokens Today — New Daddy Doge Jumps 57% This Week, Promises To Be First in Space Following the hype surrounding dogecoin, shiba inu, and