Julin GYS автор ресурса
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22 января 2018

Prospects for the Development of Cryptocurrency in Russia

The world of digital currencies is developing day by day and they take an increasingly higher position in the currency hierarchy among population of many countries. People around the world are interested in exchanges and their functioning. States keep pace with the times and also consider the possibility of including cryptocurrencies in the national banking system. Such currencies, in the opinion of most countries, should not replace the fiat money, but can serve as a supplement and source of new funds.

Currently, some countries prohibit the use of digital currencies on their territory, while others treat them favorably. The number of the latter approaches ten, most of which are Western countries. Living standards in such countries is a model for the whole world, and the governments of other states often focus on them in many sectors of life.

That is why now it is important to compare the legal status of digital currencies in different countries of the world and Russia in order to analyze the prospects for their development.

Legal status of cryptocurrencies in different countries of the world

The spectacular examples of positive countries are the United States, Canada, Britain, Finland, Germany.

The US does not take the crypto as a currency, rather insists that it is only a base that provides some services to the Americans. However, taxation on the part of the government allows them to earn, first of all, on Bitcoins. The legislation considers cryptocurrency as valuable property, and users of exchanges fulfill a number of obligations, first of all it is registration according to passport data and taxation.

Canada takes digital currencies solely as an opportunity to earn from taxation. Transactions are allowed at all the levels, and the government considers cryptocurrency as an expensive asset. The income received from trading on stock exchanges is entered in the column "commercial".

The UK is considering the possibility of full implementation of the cryptocurrency in the banking system, but an algorithm of work has not been worked out yet, although, there is no doubt that their attitude to digital funds is positive.

Finland, like Belgium, considers cryptocurrencies as assets and does not exaggerate taxation.

Germany legalized the digital currencies and established differentiated taxation for users of different levels.

Legal status of cryptocurrency in Russia

Of course, cryptocurrency has reached Russia. Moreover, for several years the government has been considering whether to introduce digital currency into the state economy. There are some different opinions.

The "For" followers are: President, Deputy Chairman of the Central Bank, head of Sberbank, First Deputy Prime Minister, Deputy Minister of Finance.

And we remember that at first the opinion of Alexei Moiseyev, who is deputy minister of finance, was negative, but it changed during the growth and development of cryptocurrency. Now he is in favor of introducing crypto as an asset.

At the time of writing this article, there are no bans on using cryptocurrency in Russia, and the authorities are now considering its legal status.

Does Russia really need cryptocurrency?

Expert’s opinion​

We managed to get the opinion of an expert in this field - the founder of web studio tecweb.ru, a startuper in the field of information technology, web programmer, creator of mobile applications and services, engaged in workflow, specialist in Ethereum blockchain, a man from Sevastopol - Sturgurgs Stu-Llirggss (at the request of the expert, we do not give his real name).

"In world producing of cryptocurrencies the share of Russia is less than 5%. The total income of all miners per year, according to my estimates, is around $ 10 billion. Accordingly, Russia earns about $ 0.5 billion a year due to mining. Consequently, at the rate of mining tax 20%t he cryptocurrencies can give the Russian economy only $ 100 million per year. Without implementation of the state control system, individuals will not be willing to pay the tax voluntarily, most likely they will not. The development of such a system, if it is possible, can be more expensive than the profit from it. As a result, the Russian economy does not need cryptocurrency with such taxation. But at the same time, cryptocurrencies, being advanced technology and phenomenon, are very necessary for the world economy, which is beneficial for Russia in particular. Why are they needed? What is more, they allow to formalize financial relations far easier than it is going now. Due to IT evolution, the economic growth can start in those industries where it is hard, impossible or expensive now."

Our journalists have tried to explain the opinion of the expert. In this period of time the rules for cryptocurrency taxation in Russia have not been formed yet. Moreover, without resolving the issue of the legal status of the cryptocurrency the government will not be able to introduce an algorithm for their taxation or introducing into the state economy. However, for IT sphere, cryptocurrencies now play an important role, they help to develop and improve technology. Although the issue of digital currencies as a part of the state economy has not been resolved yet, it's time to determine which cryptocurrencies can be beneficial for the development of IT technologies.

Which cryptocurrency should we look at?

The pioneer in this area is Bitcoin, but it should not be considered the best choice only because of its age. We know that the old does not always mean the best. After processing a huge amount of information related to various exchanges and mining systems, we can confidently claim the victory of Dash.

Dash is an improved version of Bitcoin, but faster and anonymous. It is known that, if desired, the government has long stated about the possibility to track Bitcoins, and the idea of  Dash creating initially assumed maximum anonymity of users. In addition, Dash transactions take less than a minute, while Bitcoin transfers can take more than an hour. Dash uses a system of 11 cryptographic algorithms, which makes it possible to create a so-called effective competition among the miners. And it makes mining difficult but profitable business.

Conclusions on the prospects for the development of the cryptocurrency in Russia​

After analyzing the information on the development of the legal status of the crypto currency in the world, one can come to the conclusion that the introduction of digital funds into the state economy is quite possible in Russia. The authorities are now considering this issue. However, at the moment, without a ready algorithm of actions, this decision may not be the most profitable for the state, of course, if Russia does not want to take advantage of the ready decision of those countries that have already adopted cryptocurrencies.

In any case, the prospect of developing a cryptocurrency for Russia lies in its impact on the development of IT technologies. Due to cryptocurrency development they may come to a high level of confidence among people and become profitable in terms of introducing into the state economy. In response to the question, which digital currency is the best choice, millions of people, who have studied terabytes of information, say - it's Dash.

Find out more about Dash - here​

1393 Автор Julin
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