Russian Bankers Deprive Cryptocurrency Owners?

Boston, MA Boston

Russian bankers want to deprive cryptocurrency owners of their anonymous status:

Russian banks have developed the framework for cryptocurrency approval. The proposal includes the taxation schemes which may apply to cryptocurrencies.

The Association of Banks of Russia (ADB) prepared the concept of cryptocurrency circulation. The banks suggest the owners of digital assets should disclose their holdings, otherwise, they will bear criminal liability.

The concept describes the procedure for collecting cryptocurrencies under the law enforcement, bankruptcy or taxation procedures.

As part of the proposed procedure, “authorized market makers” should identify the owners of digital assets upon creditors requests. The later will have to transfer passwords from their electronic wallets to creditors upon the court decision.

The authors of the document also list two types of taxation. Goods and services purchased for cryptocurrency shall be taxed as exchange transactions, while the proceeds from buying and selling digital assets should be subject to income tax.

Thus, individuals are required to declare cryptocurrencies upon purchase and pay taxes after their sale. The taxation of individuals will be like the taxation of investors in the securities market.

Incidentally, ABR is a non-governmental organization and it does not include Russia's largest banks, like Sberbank, Alfa Bank or VTB.

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