How do I cash out Bitcoin in Russia?

How to legally cash out cryptocurrency

it's No secret that transactions of large sums through banks attract the attention of regulators. His fear for miners and traders. The question immediately arises, whether legally cashing out bitcoins at all?

At the moment, the digital circulation of gold in Russia is not regulated by law. This allows you to launder money with bitcoin. Despite the variety of completely anonymous coin types and cash for Monero, convert a large number of bitcoins into rubles is much easier.

But the output can escalate into illegal activities is very simple. An example is an arrest in Kostroma for cashing cryptocurrency using nominees. the Official charges as illegal banking activities. Why are these people arrested? The fact that they organized the item cash out cryptocurrency for permanent income and not pay taxes for this. Therefore, it is necessary to use only certified legal exchange offices, stock exchanges, electronic payment systems and to remember that personal income tax has not been canceled.

The legal method of withdrawal of cryptocurrencies as a Fiat is an official Declaration of income when received. How to pay tax with bitcoin, will be discussed in a separate article.

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How to cash out bitcoin in Russia

the easiest way to transfer bitcoins into Fiat — cashing cryptocurrency exchanges. Why is it the easiest? Because the majority of users who are interested in withdrawal already have verified accounts on exchanges, and they are enough to find the pair “coin/USD”, after which it will be possible to transfer Fiat to the card or electronic payment service. Consider the example of the exchange EXMO.

• If the transfer exceeds 3000 rubles, have to pay 4.5% Commission and 50 rubles fixed. The necessary account verification.
• If the output is to the e-wallet (such as QIWI), you must pay a fee of 1%. In addition, the Board of the ATM for plastic cards QIWI is 2%.
• The most attractive in the list of possible platforms for the output looks like AdvCash that does not take a Commission. But the catch users expect to work with ATM: ordering credit card — $7 Commission when you convert to rubles — a 3% flat fee — $3.
• to Cash out bitcoin in rubles is also possible via online exchangers (EXMO has a built-in exchanger). The advantage of this exchange is the in-house domestic currency EX-CODES, is intended to exchange funds without a fee. The currency is supported by many foreign exchange offices, which saves on the Commission and the stock exchange. This method is suitable for the exchange of “people-person" (p2p) and specialized exchange offices.