In Russia there is a way to determine the official value of the cryptocurrency. It was developed by the Russian Association of cryptocurrency and blockchain (RAKIB) and the Commission on legal empowerment of the digital economy of the Moscow branch of Association of lawyers of Russia, Izvestia reports.
Tool every 30 seconds during the day asks for the bitcoins from several exchanges and captures its weighted average as of 23:59:40 GMT. Then calculates the cross rate to the dollar and the ruble.
According to the developers, a single indicator for bitcoin is particularly popular in commercial and institutional accounts. The new system will allow businesses to make an official deal with digital assets and to pay taxes. It also helps to assess the damage in court proceedings.
«The draft law on digital of financial assets has not yet passed, and its current version does not allow to legalize cryptocurrency. If the Bank of Russia will take a different point of view on legalization, albeit with strict controls, the tool RAKIB can be applied,» — says the Chairman of the Duma Committee on financial market Anatoly Aksakov.
Previously, the IRS offered to individuals to self-assess tax on transactions with cryptocurrencies and to provide the tax authority the Declaration. The operations were regulated as a transfer of property in exchange for the purchased goods.
The provisions for payment of taxes for business tax service not specified.