As of 2019, Bitcoin is legal in Russia. The country’s legislature has been working on digital asset regulation since 2015, but the process has been slow.
In 2018, the Russian Association of Blockchain and Cryptocurrency (RACIB) released a set of self-regulatory rules for the industry. While the government has not yet legalized cryptocurrencies, it appears to be moving in that direction.
In March 2019, the State Duma (the lower house of the Russian parliament) is expected to finally pass a long-awaited bill on digital financial assets. The bill will define cryptocurrencies and lay the groundwork for their regulation.
Once it becomes law, cryptocurrencies will be considered “other property” in Russia and subject to capital gains taxes.
The Russian Central Bank has been opposed to cryptocurrency adoption and has warned Russians about the risks associated with investing in digital assets. However, the bank appears to be changing its tune.
In February 2019, the Central Bank announced that it was considering launching its own cryptocurrency, the “CryptoRuble.”.
It is still too early to say whether Bitcoin will become mainstream in Russia. However, the fact that the government is finally taking steps to regulate the industry is a positive sign.