Does Russia want to tax cryptocurrencies?

Does Russia want to tax cryptocurrencies? - Vladimir Putin

The theme of cryptocurrency it is always very topical in Russia. The embargo which the country has been subjected to for years now, in fact, obliges the country's political and monetary authorities to look with great interest at anything that could mitigate its effects and digital currencies are among the possible options in this regard. It is no coincidence that rumors relating toRussia's intention to launch its own cryptocurrency, in the footsteps of the Venezuela of Maduro.
In the last few days it should be stressed that the ongoing discussion has been relaunched by theAssociation of Banks, which proceeded to launch a proposal aimed at regularizing the use of Bitcoin and other virtual currencies within the country. The proposal is based on the equation of the virtual currency with an asset, whether it is an object with an economic value or money coming from an online transaction and still represents a step forward compared to the opposition to digital assets expressed several times in the past by the Russian central bank.

Taxing virtual coins, do not prohibit them

The rationale that pushed the proposing body seems clear enough: digital currencies can represent an alternative tool useful to cushion the effects of the sanctions imposed by Trump, so it does not make much sense to ban them. While it makes a lot more sense tax them, perhaps slightly, thus starting to establish state-level control over the sector, so that it cannot lend its side to intrusions of organized crime or to the maneuvers of those who intend to evade the tax authorities. According to the Association of Banks, the best way to do this is to prohibit anonymous transactionsthus pushing cryptocurrencies to act in the sunlight.

The plans of the Ministry of Economic Development

The proposal to tax digital assets also seems more responsive to the plans of the Russian government, which has already put in place a series of test on virtual coins, to be carried out in regulatory sandboxes which should arise in four pilot regions located within the national territory. It should be noted that among the main objectives of these experiments there is precisely that of developing crypto channels that are not only effective, but also stable and economic, thanks to which it could become easier to circumvent the sanctions that have been weighing against a series of sectors for some time and very important companies for the Russian economy.

Putin's statements

The same Vladimir Putin, in some of his recent speeches, he said how the Russian economy should move decisively towards one digitalization which is now seen as an indispensable goal. In a speech held on April 24 he also said that if this conversion fails the future of the Russian economy would be seriously jeopardized. It is therefore to be expected also in the immediate future new steps by the government that will eventually lead to the exploitation of blockchain technology and cryptocurrencies. In the meantime, the government is establishing ever closer ties with Japan, identified as the best possible partner in this regard, considering the skills acquired by Tokyo in this sector.