Finally, some positive news about the digital currency situation in Russia.

Reports surfaced several months ago that representatives of Russia’s Ministry of Finance, the Central Bank and government staff are seeking to abandon the idea of punishing whoever is caught involved in bitcoin operations in the country. According to Russian-language media outlet Interfax, the group is planning to submit a recommendation to President Vladimir Putin in August.

Now, the government has finally published a document that confirmed the legal status of cryptocurrencies like bitcoin in the country. In it, the government defined the bitcoin and other forms of digital currencies as foreign currencies, and since trading operations involving digital currencies are to be treated as foreign currency transactions, this means that transfers will not be subjected to financial reporting.

The document is a victory for cryptocurrency users and advocates in Russia, which has had a tense relationship with digital currencies over the past years.