Simple math says Russia could collect up to $13B in crypto tax each year
The analytic note mentioned that the estimates are purely an overview and based on a basic tax slab of 6%, which would be quite different once regulations are set in place. The Russian government is expected to collect up to 1 trillion rubles ($13 billion) in crypto tax each year, as per an estimation by the authorities.The Bell, a local Russian publication, reportedly got its hands on the government analytic note that estimated the yearly tax revenue. According to the letter's authors, Russians hold 12% or nearly $214 billion in crypto. The number of users on foreign exchanges is....
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Russia and digital currency are in the news together yet again, only this time, it's not out of an ongoing war of words, but because Russia is in the process of creating a cryptocurrency of its own. Known as the bitruble, the virtual currency will likely be launched next year through its parent company Qiwi if financial advisors in Russia are willing to look beyond their fears and distrust of bitcoin, a regular topic amongst monetary experts in the country. So far, the nation has had a public up-and-down relationship with cryptocurrency. Following a 50 percent drop in the value of the....
The Russian prosecutor general allegedly reports that cryptocurrencies are being utilized for bribing. As a result, Russia introduced cryptocurrencies into its legal system and as a taxable value in 2020. The country has also banned its public officials from possessing crypto with effect from this year. Russia is now assembling legislation to ensure that law-enforcement […]