Russia Could Collect 1 Trillion Rubles in Crypto Tax, Report Says

A recent report by a Russian media outlet indicates that the government may collect 1 trillion rubles worth around $13 billion in tax on digital currencies every year.

The bell collected unclassified data from Russian authorities that helped it guess the estimated crypto tax in the country. Some authorities, including the Russian Central Bank, are debating with the government and security forces over crypto regulation, on the other hand, data on Russian digital currency shows a value of 16.5 trillion rubles (214 billion of dollars).

According to the report, the global crypto market capitalization was $1.87 trillion last year, with a 12% share of Russians. The report adds that 10% of crypto users who reach 12 million people in Russia use foreign cryptocurrency exchanges.

How did they collect this data?

These numbers were guessed based on IP addresses, excluding those using virtual private networks (VPNs) or unauthorized crypto exchanges. Additionally, 5.5% of the 12 million people use Binance and a significant 60% goes to EXMO, a UK-based crypto exchange founded in 2014.

The report points to 17.4% of users of LocalBitcoins, a banned crypto exchange in Russia. The European part of the country holds a 40% share of the $20 billion daily volume of crypto exchanges in Europe. Moreover, 12% of Russians have a crypto wallet, reaching almost 17 million users.

Last week, the Russian Chamber of Commerce proposed to the country’s Ministry of Finance to recognize Bitcoin (BTC) mining as a business. This comes as The Bell report estimates that “the crypto market could be around 15% of GDP.”

“…it is convenient to study the experience of countries where cryptocurrency is a numerical expression of value and is not a means of payment, while the exchange of cryptocurrency for goods is treated as a barter transaction,” said Sergey Katyrin, the head of the Russian chamber. of Trade and Industry.

Despite differing opinions, it is safe to say that the Russian cryptocurrency sector is already far too big to simply be banned. More importantly, you can collect taxes on all those billions of dollars. And the government is already assessing their volume.

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