Russia could tax bitcoin and other crypto mining as a treasure

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.

About Author

Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.