How Russia can earn $13 billion annually by regulating cryptocurrency?
Cryptocurrencies
A new report has claimed that Russia can earn $13 billion annually by regulating cryptocurrency.
Published by Moscow-based news outlet 'The Bell,' the report suggests that taxes should imposed on exchanges and intermediaries, as well as income from investments.
A piece of similar advice was given by Finance Ministry official Ivan Chebeskov who said Russia should regulate the crypto market, not ban it.
Also see |How much tax is imposed on cryptocurrency in different countries worldwide?
President Vladimir Putin has asked Russian politicians and the central bank to reach consensus, following a clash over how much control is needed on cryptocurrencies as they gain traction in Russia.
Russia has argued for years against cryptocurrencies, saying they could be used in money laundering or to finance terrorism. It eventually gave them legal status in 2020 but banned their use as a means of payment.
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The central bank last week said financial stability, citizens' wellbeing and its monetary policy sovereignty were all under threat.
The bank proposed preventing financial institutions from carrying out any operations with cryptocurrencies and said mechanisms should be developed to block transactions aimed at buying or selling cryptocurrencies for fiat currencies.
The central bank said it would work with regulators in countries where crypto exchanges are registered to collect information about the operations of Russian clients. It pointed to steps taken in other countries, such as China, to curb cryptocurrency activity.
In September last year, China intensified its crackdown on cryptocurrencies with a blanket ban on all crypto transactions and mining, hitting bitcoin and other major coins and pressuring crypto and blockchain-related stocks.
Kremlin had estimated the Russian cryptocurrency market at more than 16.5 trillion rubles ($214 billion), which is around 12 per cent of the total value of global crypto market capitalisation.
Russia is the world's third-largest player in bitcoin mining, behind the United States and Kazakhstan, though the latter may see a miner exodus over fears of tightening regulation following unrest earlier this month.
Bitcoin and other cryptocurrencies are "mined" by powerful computers that compete against others hooked up to a global network to solve complex mathematical puzzles, a process that requires heavy use of electricity.
This year, Russia plans to test a digital rouble to facilitate payments for individuals and businesses and try to make its currency more global in the face of Western sanctions.
(With inputs from agencies)