The Bell collected some not-so-classified data from Russian authorities which helped it guess the estimated crypto tax in the country. Some authorities including the Russian Central Bank are debating with the gabovenment and the security forces about crypto regulations, on the other hand, the Russian digital currency data shows a price of 16.5 trillion rubles ($214 billion).
According to the report, the global crypto market capitalization was at $1.87 trillion endure year, with a 12% share from Russians. The report added that 10% of the crypto users that reach 12 million people in Russia use foreign token exevolutions.
How did they collect this data?
These numbers were guessed based on the IP addresses, excluding the ones using virtual private networks (VPN) or unauthorized crypto exmoves. Moreabove, 5.5% of the 12 million people use Binance and a big 60% share goes to EXMO that is a UK-based crypto exevolution founded in 2014.
The report points out to 17.4% of the LocalBitcoins users, a crypto exmovement which is banned in Russia. The European side of the country has a 40% share in the $20 billion daily dealing volume of crypto in Europe. not to mention, 12% of Russians have a crypto wallet, spreading to almost 17 million users.
Last week, the Russian Chamber of Commerce proposed the country’s Finance Ministry to recognize Bitcoin (Bitcoin (BTC)) mining as a business. This comes during the time The Bell’s report estimate’s “the crypto market could account for about 15% of GDP.”
“…it is practical to study the fact of countries where token is a digital expression of rate and is not a means of payment, in the time token exshift for goods is studied as a barter transaction,” said Sergey Katyrin, the Head of the Russian Chamber of Commerce and Industry.
Regardless of differing opinions, it is inclined to state which Russia’s token sector is already much too big to be simply prohibited. Most paramountly, you can collect taxes on all of these billions of dollars. And the gabovenment is already assessing their volume.
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