August 6, 2020

Russian bankers see cryptocurrency as a treasure

Russian bankers see cryptocurrency as a treasure

The Association of Banks of Russia (ADB) has launched a new concept for the management of decentralized cryptocurrencies, which offers legalization and taxation of digital assets in the country.

ADB proposes to consider cryptocurrency miningas a find of money or treasure. The document states that the miner does not just find, but produces digital assets, bearing the 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 with profit tax.

This wording will also remove all questions about the recognition of cryptocurrency as a means of payment or a monetary surrogate.

The concept suggests 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 the declaration of transactions with digital assets.

The Association of Banks of Russia plans to discuss a 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.