Russia could tax bitcoin and other crypto mining as a treasure
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Miners of bitcoin and other cryptocurrencies in Russia could soon be taxed if a proposal of levying a treasure tax on them gets through.
The proposal has been put forth by the Association of Banks of Russia, according to a report from local news outlet Izvestia on Thursday. Treasure tax is charged on something that a person creates or finds, e.g. fruits or products.
The association has said that cryptocurrency mining can be equated to the finding of money or any other form of treasure, adding: “Operations with virtual currencies should be taxed on profit as exchange transactions in the Tax Code.”
The proposal is scheduled to be discussed on Oct. 8, according to information on the association’s website.
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Yogita Khatri is a senior reporter at The Block and the author of The Funding newsletter. As our longest-serving editorial member, Yogita has been instrumental in breaking numerous stories, exclusives and scoops. With over 3,000 articles to her name, Yogita is The Block's most-published and most-read author of all time. Before joining The Block, Yogita wrote for CoinDesk and The Economic Times. You can reach her at [email protected] or follow her latest updates on X at @Yogita_Khatri5.
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