Bitcoin legal by default in Russia, confirms new federal tax document

A document by the federal tax authority in Russia has revealed its first official stance on the legal status of cryptocurrencies and it makes for good reading for adopters of bitcoin and other digital countries in the Russian federation.

The document deems trading of bitcoin and other digital currencies as foreign currency transactions according to Russian law. The notable parallel means that bitcoin transactions do not require financial reporting to be submitted to authorities, which, in extension means transactions of bitcoin cannot see any legal prohibitory moves.