RACIB and the Russian Bar Association offer a way to determine the official BTC rate

The RACIB and the Commission for the Legal Support of the Digital Economy of the Moscow branch of the Russian Bar Association have proposed to introduce a system for determining the official BTC rate.

According to organizations, after the introduction of the new system, it will be easier to deploy the taxation of cryptocurrencies, as well as consider legal cases involving crypto assets.

The Russian Association of Cryptocurrencies and Blockchain (RACIB) and the Commission for the Legal Support of the Digital Economy of the Moscow branch of the Russian Bar Association
The following principle of determining the official rate of bitcoin. During the day, every 30 seconds, the system will request a BTC rate from several cryptocurrency exchanges, and then analyze the received data.

At the end of the day, at 23:59:40, the system will fix the average value, which will be considered the official bitcoin exchange rate for the past day. Then the system will determine the cross rates of other cryptocurrencies against the dollar and the ruble. Thanks to this, it will be possible to determine the value of crypto assets that are traded in conjunction with BTC.

According to organizations, thanks to this system, it will be possible to introduce taxation of cryptocurrencies in Russia, as well as increase the efficiency of judicial processes involving crypto assets.

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Due to the presence of the official BTC rate, the investigating authorities will be able to determine the amount of damage when initiating criminal proceedings for crimes related to cryptocurrencies. In addition, these systems can be used by companies for accounting.

The issue of cryptocurrency regulation in Russia remains open. At the end of last month, the State Duma once again postponed
consideration of the bill on the regulation of cryptocurrencies. At the same time, the Prime Minister of the Russian Federation Dmitry Medvedev in August ordered the responsible departments to adopt the law before November 1, 2019. It was expected that after the meeting on September 18, the draft law “On Digital Financial Assets” will be signed as soon as possible.