The Bank of Russia has suggested that the government should cut taxes on long-term digital asset holders, in a bid to stimulate economic growth and encourage more people to invest in cryptocurrency.
The country's central bank is calling for an annual tax rate of 10% on profits made by digital currency traders, with a maximum of 20%, which would be applicable after three years of trading activity. The proposal comes as the country's economy continues to suffer from low oil prices and Western sanctions following its annexation of Crimea in 2014.
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