Russia can collect $13 Billion from crypto each year

Hello lovely people of HIVE community. Hopefully you will be enjoying your life with good health and spirit. Crypto industry play a vital role in the growth of any country. Now recent report revealed that Russian government can collect 1 Trillion Ruble or $13 Billion Tax from crpto user each year.

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According to report, more than 10 millions user are dealing with crypto exchanges with holding of almost $214 Billion. The holding is almost more than 10% of the global crypto market cap holding. Imposition of simple tax at the rate of 6% made the taxable amount more than $12 Billion. Remember this amount doesn't include mining. Currently BTC is mining very popular in Russia as Russia at third largest crypto mining country.

Russian government is planning to regulate crypto currency, regulation of crypto currency in Russia and promoting mining industry will help government collect remarkable amount of tax which will eventually help for the development of country. In my opinion regulation and taxation of crypto will definitely help for the growth of country and individual and every country should adopt it. What is your opinion my friends?

This is it for my today post. Wish you all a very happy, healthy and prosperous life ahead. Have a nice time.

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adedayoolumide 3 years ago

I don't know reason behind my country ban Cryptocurrency, I see this as an opportunity for the country, even the government will generate more money and that will help the economy situation of the country. It a pity for many countries banning Cryptocurrency

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captaincryptic 3 years ago

There is a lot of money being generated by crypto. No surprise they are deciding to tax it. But I would hate to do the paperwork for all my Hive earnings... they don't amount to much but there sure are a ton of micro-actions that might be taxable.