The Association of Banks of Russia (ADB) has come up with a new concept for managing decentralized cryptocurrencies,which proposes the legalization and taxation of digital assets in the country.
ADB proposes to consider cryptocurrency miningas a find of money or treasure. The document clarifies that the miner does not just find, but produces digital assets, incurring corresponding costs. Therefore, the report proposes to use the wording “newly created property independently produced by a citizen.” This makes it possible to involve cryptocurrency in barter transactions and tax it on profits.
This wording will also remove all questions about the recognition of cryptocurrency as a means of payment or a monetary surrogate.
The concept assumes that the cryptocurrency marketshould be regulated similarly to the securities market. The authors of the document believe that the cryptocurrency itself can be in free circulation and exchanged for goods, currency and tokens, subject to de-anonymization of wallets and declaration of transactions with digital assets.
The Association of Russian Banks plans to discuss the new concept on its site in early October and submit the document for consideration by the State Duma.
Meanwhile, the deadline for the adoption of the draft law ondigital assets, defined by Prime Minister Medvedev is approaching, and a unified approach to the legal definition of cryptocurrency has not yet been developed.
Read this:
Viber can launch its cryptocurrency Rakuten Coin in Russia
The Association of Banks of Russia has found a way to legalize cryptocurrencies
North Korea creates its own cryptocurrency
Germany may ban Libra and create its own cryptocurrency
Wells Fargo Bank creates cryptocurrency pegged to US dollar
North Korea creates its own cryptocurrency to circumvent sanctions