[2017-07-20] How Businesses In Russia Accept Bitcoin and Pay Taxes

[Vladdirescu87]

The government of Russia is still discussing the possibility of official acceptance of cryptocurrencies. However, several businesses are already accepting Bitcoin payments and claim that they do it absolutely legally. But how?

Businesses in Russia show growing interest in accepting cryptocurrencies for their goods and services. Several retailers and restaurants have announced that they are already accepting Bitcoin payments, while some others plan to do so.

Read the full article: https://coinidol.com/businesses-in-russia-accept-bitcoin-and-pay-taxes/

[SvenBomvolen]

Hmm interesting. So the point is they calculate in the moment of sale how many money in the national currency the buyer payed and from this sum they pay the tax from the profit to the goverment and the government kinda doesn't care what the price of bitcoin was in the moment of buying and in the moment of paying the tax. Well it is smart from the one side and complicated from the other. Because of as I know Russian government didn't accept any concrete law about crypto-currency regulation, so, such firms may have problems the next year when the tax from the profit for this year should be paid.

[VadikZimnyayaRezina]

Hmm interesting. So the point is they calculate in the moment of sale how many money in the national currency the buyer payed and from this sum they pay the tax from the profit to the goverment and the government kinda doesn't care what the price of bitcoin was in the moment of buying and in the moment of paying the tax. Well it is smart from the one side and complicated from the other. Because of as I know Russian government didn't accept any concrete law about crypto-currency regulation, so, such firms may have problems the next year when the tax from the profit for this year should be paid.

You are right, in Russia now there is no law that regulates the crypto currency. This causes difficulty in humans when using bitcoin. It is very difficult to conduct business using the Crypto currency, at a time when you do not know how such a monetary transaction will be treated by the tax police

[Netnox]

That is good news, because a lot of the early adopters were from Russia and the other Russian-speaking countries. But the negative attitude form the government forced many of the promising ventures to move out of Russia. The case of BTC-e is a perfect example. That exchange was started by two guys from Moscow. But since the government was not supportive, they had to shift the operations to Bulgaria.

[Taki]

Hmm interesting. So the point is they calculate in the moment of sale how many money in the national currency the buyer payed and from this sum they pay the tax from the profit to the goverment and the government kinda doesn't care what the price of bitcoin was in the moment of buying and in the moment of paying the tax. Well it is smart from the one side and complicated from the other. Because of as I know Russian government didn't accept any concrete law about crypto-currency regulation, so, such firms may have problems the next year when the tax from the profit for this year should be paid.

I am agree with you here. I live in Russia and here on the forum I read many news in the "press" section and on local board about bitcoin acceptance in here. Burger King, this grocery store and many other places who already began to accept bitcoin for payment in the country where there still there is no any clear regulation of crypto-currencies. Our government is only makeing a project of the necessary law yet, but in fact, as I noticed, the date of the final release of the law is still extended in time. Firstly I have heard that the necessary law should be taken this spring already. It wasn't. Now they are talking about 2018 year, in the case of the law, and about 2019 year, in the case of total regulation. Now I am asking myseld will it happen? Doubt. I suppose it's going to be new prolongations...

[Vishnu.Reang]

Burger King, this grocery store and many other places who already began to accept bitcoin for payment in the country where there still there is no any clear regulation of crypto-currencies.

The rumor that Burger King began accepting Bitcoin payments was later proven to be a fake news item spread by the Coin Telegraph. Are you willing to pay $5 in transaction fee for a burger which costs $2?

[karabasss]

Burger King, this grocery store and many other places who already began to accept bitcoin for payment in the country where there still there is no any clear regulation of crypto-currencies.

The rumor that Burger King began accepting Bitcoin payments was later proven to be a fake news item spread by the Coin Telegraph. Are you willing to pay $5 in transaction fee for a burger which costs $2?

Yes, it's very stupid. Small payments are now difficult to implement with the help of bitcoin. Few will agree to such large commissions. And even more so in Russia, where the incomes of the population are not very high

[jerk10]

Burger King, this grocery store and many other places who already began to accept bitcoin for payment in the country where there still there is no any clear regulation of crypto-currencies.

The rumor that Burger King began accepting Bitcoin payments was later proven to be a fake news item spread by the Coin Telegraph. Are you willing to pay $5 in transaction fee for a burger which costs $2?

Yes, it's very stupid. Small payments are now difficult to implement with the help of bitcoin. Few will agree to such large commissions. And even more so in Russia, where the incomes of the population are not very high

Looking at the enormous price of bitcoin I think instead of using bitcoin as a currency, a country must accept some AltCoin as a medium for payment.

[Flyyyy]

Burger King, this grocery store and many other places who already began to accept bitcoin for payment in the country where there still there is no any clear regulation of crypto-currencies.

The rumor that Burger King began accepting Bitcoin payments was later proven to be a fake news item spread by the Coin Telegraph. Are you willing to pay $5 in transaction fee for a burger which costs $2?

Yes, it's very stupid. Small payments are now difficult to implement with the help of bitcoin. Few will agree to such large commissions. And even more so in Russia, where the incomes of the population are not very high

Looking at the enormous price of bitcoin I think instead of using bitcoin as a currency, a country must accept some AltCoin as a medium for payment.

If the country has not recognized Bitcoin, then alternative coins can not be accepted. In Russia, the crypto-currency has not yet been recognized and it is unlikely that it will be recognized in the near future. Some businesses take bitcoin at their own risk