August 9, 2020

ADB proposes to introduce a tax on mining and cryptocurrency trading in Russia

The Association of Banks of Russia (ADB) published a report proposing to tax production cryptocurrencies and any transactions with their participation. In this case, mining is proposed to be equated to the discovery of treasure.

“Applying legal fiction, one couldclaim that the first owner of the crypto assets “found” them, since receiving from an anonymous system can be conditionally considered a find, ”the document says, entitled“ Concepts of the turnover of decentralized cryptocurrencies ”.

Of course, you can’t just equate miningcryptocurrencies to detect treasure, however, you can introduce the concept of “newly created”, that is, independently produced by a citizen. In this case, transactions with cryptocurrencies can also be taxed.

According to the author of the report, ADB Vice PresidentAnatoly Kozlachkova, mining, fits perfectly the concept of “newly created assets”. It is reported that the document will be discussed at the ADB site on October 8, and then the proposal can be sent to the Russian government.

Recently, the State Duma once again postponedconsideration of the bill on the regulation of cryptocurrencies. In August, Prime Minister Dmitry Medvedev instructed the responsible departments to adopt the law before November 1, 2019, but it is not yet clear whether they will have time before this deadline.

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