Topic: Russia intends to tax cryptocurrency transactions (Read 201 times)
I think they will not come up with anything, it is unrealistic to track a large number of people, who and how much earned on the cryptocurrency.
Crypto currencies are meant to be created as a decentralised currency where there'll be no third party intervention. If tax being imposed to it, won't the feature of it loose its value?
crypto has to play by the rules until the time is right..
In my country, this is also a problem, because the cryptocurrency itself is not regulated by the law, but taxes have already begun to collect..
This is all normal.On the end everybody will tax crypto in their countries one day.For now its still good but tax day is close
Its not a big deal 13%
That's true. As fiat taxes sum up to about 20%, taxes on cryptos are pretty small and fair. It is advantageous to people who make some business with cryptos, since they can make sure everything is legal. It's also an opportunity for the government to earn some money from this hidden for now economy. I think this decision is fair and wise.Its not a big deal 13%
Nothing new, all countries have a plan to tax cryptos accordingly, one of the main purpose of implementing regulations on cryptocurrencies is to tax cryptos so that no one can hide behind this anonymous network to save their wealth from taxes.
However 13% is too much it should be less than 5%, they should not impose unfair tax policies.
Why are you saying it's too much? Are you from a country where the usual taxes you pay are less than that? We are used to paying fiat taxes to the government, so why should it surprise us to do the same with cryptocurrencies? If 13% will be the total taxation, that would still encourage people to use cryptocurrencies. However 13% is too much it should be less than 5%, they should not impose unfair tax policies.
Nothing new, all countries have a plan to tax cryptos accordingly, one of the main purpose of implementing regulations on cryptocurrencies is to tax cryptos so that no one can hide behind this anonymous network to save their wealth from taxes.
However 13% is too much it should be less than 5%, they should not impose unfair tax policies.
However 13% is too much it should be less than 5%, they should not impose unfair tax policies.
The government has been trying to legalize cryptocurrencies for a long time, but many major players, such as banks, do not make concessions, and this is understandable, because cryptocurrencies are fraught with many "pitfalls".
This news company can at least say something. In fact, they wanted to, but now they have forgotten everything. Perhaps this will not happen, as there will be a lot of discontent.
How it will influence the market ?
Generally any tolerant legislation activity in any of world's biggest and most influential countries will likely improve the market.
It will already be the next, probably, the third or fourth bill on the crypto currency in the State Duma of Russia. It should be said that the bill is inherently quite good. If it is adopted, then in Russia the crypto currency will develop. A tax of 13 percent on profits is one of the lowest in size. However, we should not forget that there is also a draft law on criminal responsibility for any transactions with crypto-currency on the grounds that the Constitution of the Russian Federation provides that the ruble is a single means of payment for the territory of Russia and therefore all other forms of payment are illegal.
Proceeding from this and taking into account the contradictory opinion in the statements about the crypto currency of various officials of this country, let us see which of the bills will be adopted.
Proceeding from this and taking into account the contradictory opinion in the statements about the crypto currency of various officials of this country, let us see which of the bills will be adopted.
It is going to happen sooner or later. Cryptocurrency earnings should be taxed. I think this is the best way for cryptocurrencies to be widely accepted by different countries.
This is good, but the issue is, how do they go about it. How can they easily identify the miners, as well as those exchanging, because there are different means through which coins can be exchanged into the physical money. Although, if they can think of some regulations, within their jurisdictions, they may achieve that.
The decentrilized cryptocurrency is a big problem for Russia. The gorenment is willing to control everything and they will not just allow people to earn money. Russia will try to bring back the centralization system. So whether people will pay taxes or the government will create a law to ban cryptocurrency at all.
In my country they will implement tax in the near future. I think they had a meeting on the senate and its in our jurisdiction to pass a bill that are related on cryptocurrency. I hope that they will legalize ICO soon in other country so it will be easier for us to gain profits and avoid those scam ico in the future.
The world of crypto-currency units began to appear to be accepted by world governments every passing day. one of them is russia. I think this news is very good if the crypto currencies become legal
Transaction between two personal are not violate the law. And i think Government cannot tax cryptocurrencies transactions because it's private transaction. We've paid fee on exchange already, and Government should tax only that Exchanges.
My government likes to stick its nose in cases that have no idea. This is another nonsense that they came up with just can not be implemented. You correctly noted it.Russia plans to tax cryptocurrency transactions in the near future.
The State Duma and the Ministry of Finance are preparing to introduce the legislation according to the publication Kommersant.
Miners will be considered entrepreneurs, and they will have to keep records, and pay taxes/fees. Cryptocurrency transactions themselves will not be taxed unless the transaction "brings the individual financial benefits."
Lawmakers intend to set the tax rate on cryptocurrencies to 13%.
But, according to experts it will not be implemented immediately. For example, taxation does not yet know how it will identify miners and investors of cryptocurrency.
"The FTS simply does not have any experience in this area, nor understanding of how cryptocurrency exchanges operate. In addition, state regulation runs counter to the principles of anonymity and independence regarding the functioning of electronic currency," according to a letter from the Ministry of Finance addressing cryptocurrency dated October 13, 2017.
More info: http://www.innov.ru/news/economy/kommersant-operatsii-s-kr/
As long as a country is not banning cryptocurrency, taxes are no issue because the returns that one gets from these coins is so huge that no one minds paying tax at all. I myself dont mind paying taxes as long as my government lets me withdraw my money without imposing any kind of restrictions on me. The State Duma and the Ministry of Finance are preparing to introduce the legislation according to the publication Kommersant.
Miners will be considered entrepreneurs, and they will have to keep records, and pay taxes/fees. Cryptocurrency transactions themselves will not be taxed unless the transaction "brings the individual financial benefits."
Lawmakers intend to set the tax rate on cryptocurrencies to 13%.
But, according to experts it will not be implemented immediately. For example, taxation does not yet know how it will identify miners and investors of cryptocurrency.
"The FTS simply does not have any experience in this area, nor understanding of how cryptocurrency exchanges operate. In addition, state regulation runs counter to the principles of anonymity and independence regarding the functioning of electronic currency," according to a letter from the Ministry of Finance addressing cryptocurrency dated October 13, 2017.
More info: http://www.innov.ru/news/economy/kommersant-operatsii-s-kr/
Anyone who thinks governments are just going to sit by and lose control are fooling themselves. I'm just surprised it's taken this long. The way I see it, this is going to go one of two ways.
One... governments will go aggressive and attempt to ban crypto or implement huge taxes (Poland) to get their cut and control their citizens. This will ultimately fail because of privacy coins and decentralization.
Two... governments will become friendly but use their most insidious tool, gradualism. One tax here, one regulation there, and before you know it they have full control again and people wont even realize it.
That's why it's important for us to stay true to the original values of crypto, decentralization and full 100% control of your own financial wealth.
One... governments will go aggressive and attempt to ban crypto or implement huge taxes (Poland) to get their cut and control their citizens. This will ultimately fail because of privacy coins and decentralization.
Two... governments will become friendly but use their most insidious tool, gradualism. One tax here, one regulation there, and before you know it they have full control again and people wont even realize it.
That's why it's important for us to stay true to the original values of crypto, decentralization and full 100% control of your own financial wealth.
Russia plans to tax cryptocurrency transactions in the near future.
The State Duma and the Ministry of Finance are preparing to introduce the legislation according to the publication Kommersant.
Miners will be considered entrepreneurs, and they will have to keep records, and pay taxes/fees. Cryptocurrency transactions themselves will not be taxed unless the transaction "brings the individual financial benefits."
Lawmakers intend to set the tax rate on cryptocurrencies to 13%.
But, according to experts it will not be implemented immediately. For example, taxation does not yet know how it will identify miners and investors of cryptocurrency.
"The FTS simply does not have any experience in this area, nor understanding of how cryptocurrency exchanges operate. In addition, state regulation runs counter to the principles of anonymity and independence regarding the functioning of electronic currency," according to a letter from the Ministry of Finance addressing cryptocurrency dated October 13, 2017.
More info: http://www.innov.ru/news/economy/kommersant-operatsii-s-kr/
Russian government is already announced it will legalised in June month so tax is possible in Cryptocurrency transaction. Because Bitcoin is decentralised cryptocurrency so everyone is invest the bulk of asset so Many countries are looking to legalised in Cryptocurrency then only they fix the taxes in Crypto transaction and it will really helpful to the economic status of the country. The State Duma and the Ministry of Finance are preparing to introduce the legislation according to the publication Kommersant.
Miners will be considered entrepreneurs, and they will have to keep records, and pay taxes/fees. Cryptocurrency transactions themselves will not be taxed unless the transaction "brings the individual financial benefits."
Lawmakers intend to set the tax rate on cryptocurrencies to 13%.
But, according to experts it will not be implemented immediately. For example, taxation does not yet know how it will identify miners and investors of cryptocurrency.
"The FTS simply does not have any experience in this area, nor understanding of how cryptocurrency exchanges operate. In addition, state regulation runs counter to the principles of anonymity and independence regarding the functioning of electronic currency," according to a letter from the Ministry of Finance addressing cryptocurrency dated October 13, 2017.
More info: http://www.innov.ru/news/economy/kommersant-operatsii-s-kr/
they can not tax cryptocurrency transactions. they can tax only when they cash in to or cash out from exchange platforms. Cryptocurrency transactions are based on blockchain technology and totally decentralized and anonymous. they can not control it.
I don't think that Russia in the only country that is eager to tax trading, investing and mining cryptocurrencies, Every greedy county would like to implement new laws to tax the ctypro market, and they are working hard to reach their goals ASAP. So we can expect that there won't be any anonymity in crypto world in future.
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