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HomeBitcoin NewsRussian Authorities Are Concerned About Cryptos as Means for Tax Evasion

Russian Authorities Are Concerned About Cryptos as Means for Tax Evasion


Russian Authorities Are Worried About Cryptos as Means for Tax Evasion

Daniil Egorov, head of the Russian Federal Tax Service (FTS ), is concerned that cryptocurrencies could be a course for tax evasion. Throughout an interview with news agency RBC, Egorov mentioned that the tax authority is ‘carefully viewing’ the crypto market and assessing its possible to ‘significantly erode the nation’s taxation base.

“When you get into the digital area, you still leave a trail someplace. And it refers time prior to this path is recognized,” Egorov commented. Although the chief of the tax company said that the matter needs to be resolved systemically, he didn’t provide more information in that regard.Still, he recognized that the FTS utilizes blockchain innovation to save electronic power of lawyer letters.”We would like to discover solutions that shut down an issue as a phenomenon instead of just identifying actions by a particular gamer,”Egorov pointed out.In June, the Russian Foreign Minister

, Sergei Lavrov, specified that cryptocurrencies might play a critical role in global settlement deals at the Primakov Readings Online Forum. The comments came in the context of the Minister’s speech, where he clarified that Moscow does not prepare to abandon the United States dollar completely.Suggested posts How Blockchain is Helping Half A Billion Africans Fix the Identity ProblemGo to article >

> Lavrov commented that cryptos could fit in some international settlement’s usage cases when the time comes.”I think the time will undoubtedly

come when cryptocurrencies will play a really significant role [in trade and financing] and occupy a very substantial section of the worldwide settlements sector,”he said.Digital Ruble in the Making Moreover, Russia has actually progressed even more with its central bank digital currency (CBDC)initiative as the country is identified to establish a digital

ruble prototype in early 2022 and is set to release a pilot program. The Bank of Russia is reportedly preparing to charge costs for all CBDC transactions. However, according to Prime, estimating Kirill Pronin, the Bank of Russia’s Director of the Financial Technologies department, the fees will still be lower than those charged for wire transfers.Also, the transactions carried out with CBDCs, digital ruble, will not be higher than those finished through the Russian Faster Payments System( FPS ), an instantaneous interbank transfers system. Published at Mon, 22 Nov 2021 18:00:49 +0000


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