Russian Government tightens its grip on Crypto Market in order to track and prevent tax evasion

  • The crypto market is under high scrutiny in Russia as the government there is trying to prevent people from evading taxes using these untraceable cryptocurrencies.
  • While the Russian government has spoken about creating the country’s own regulated digital currency, holding undeclared cryptocurrency between $1,300 and $13,000 is a finable and jail-time offense in the nation.
  • Along with Russia, other nations are also looking at ways to stitch taxation with cryptocurrencies. In India, for instance, the federal finance ministry has formed a new committee to find out if income made by cryptocurrency trading could be taxed.


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