Russian Officials Do Not Need To Declare Their Crypto

Russia continues its constantly evolving relationship with cryptothermia with its latest move. Earlier, the country very loudly announced its plans to control and regulate the digital currency industry.

Russian President Vladimir Putin announced in July this year the deadline for the final structure of the industry, and his government even submitted a draft law detailing the processes of issuing, taxing, buying and trading virtual currencies.

The Ministry of Labor of the country promulgated its guidelines on income, expenditure and declaration of property for civil servants, and he had an interesting little note. The framework specifies that government employees do not have to declare any "virtual currencies" that they may have reached.

Government employees are no longer required to declare "goods and services in their natural forms," and now crypt costs are part of this.

The reason for this, according to the representative of the Ministry, is the lack of clear legislation:
"Currently, approaches to the definition and regulation of crypto-conversions in the Russian Federation at the legislative level have not been determined."

According to the Russian news portal Izvestiya, some experts believe that this new addition will increase the level of corruption in the government of the country, which continues to grow. Over the past 10 years, state corruption has increased by 30%.

In 2009, civil servants became obliged to declare their income. In addition, government employees should also publish any gifts from traditional money that they received from family friends.

Vladislav Tsepkov, who is part of the Anti-Corruption Center, does not feel that crypto corruption will be a problem. The state organization seeks to protect the rights of entrepreneurs. Tsepkov said the following:
"But the crypto currency is not a means of payment, it can not be spent. If they [government employees] sell it and get a real income, then it will have to be announced, so the risks are minimal. "

Despite the fact that clear and specific crypt rules still need approval and acceptance, Russia did not hide that they are against the use of cryptography. The authorities even warned investors that they are "high risk".

They can not be on board with Bitcoin, but Russia definitely sees the potential of Blockchain technology. The country recently announced that it hopes to develop and issue a state-controlled virtual currency, known as CryptoRuble. Some government officials believe that this state crypt can be used to bypass financial sanctions placed in the country.

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