Archive for November 2018

Every month, the state loses about 125 billion rubles in taxes and fees (VAT, customs payments, personal income tax, export duties, etc.) on the “gray” Bitcoin turnover, centered on the three main Moscow markets. The total annual turnover of cryptocurrency on them is about 6 trillion rubles (for comparison, revenues from the oil and gas industry in the Native budget for 2017 are 9 trillion). In fact, this money is the revenue that Chinese merchants immediately send back to China, bypassing various deductions. Having bought cryptocurrency in the country and sent it to wallets in China, it is cashed in Hong Kong through exchanges.

Bitcoin has no chance to fly up to a record rate

But do not rush to blame bitcoin. This is just the easiest way for the movement of non-taxable currency surrogates abroad. After all, the purchase of the same Bitcoin somehow requires the notorious cash, which in the markets, of course, is obtained directly, but in all other cases it is still bought from financial intermediaries. According to sources trustworthy and willing to preserve anonymity, the largest retailers in the country, well-known restaurant chains and hypermarkets, continue to successfully buy “cash”. As a Coinbase Alternative this is important now.

In The country, the volume of a parallel financial system, which is not, fixed anywhere and nobody is taxed, is amazing. This is hundreds of billions of rubles a month! The very existence of online transfer systems between bank cards, despite the fact that the receiving party is not obliged to explain the flow of funds, indicates the actual absence of legislative regulation in this area. Try to pay the taxi driver through an online banking service – he will willingly do it, if not even the first one to offer it.

The Native “white” and “gray” business is actively involved in the cash market because it believes in impunity. In the Criminal Code of the Native Federation, the term “cashing” did not find an exact legal framework and definitions. Article 172 of the Criminal Code of the Native Federation with the vague wording “illegal banking activity” practically does not spell out the qualifying signs of illegal cashing, which means that it is difficult to prove such an act. Therefore, court sentences in cases of illegal cashing in the country are rare, and in those cases that are brought to court, the accused are subject to other articles of the Criminal Code. Despite loud statements by officials, not just defeated, but, on the contrary, only strengthened by new digital currencies: staying in the “gray zone”, they gave him a new breath.

Cryptocurrency recognized property, but not a means of payment

How cryptocurrency didgain such popularity in the shadow market? In transactions of Native traders with Chinese, for example, they are used to lower the cost of goods transported across the border. The declaration indicates the underestimated cost, the corresponding small amount is transferred legally, and the difference is sent to China in bitcoin. It also allows Chinese merchants to avoid taxation at home. The funds are cashed through crypto birds in Hong Kong, and in China itself, where they function successfully, despite all the bans. Such a scheme is called “transit” in conjunction with “conversion” and “cash withdrawal.” These are the matters that you will have to keep in mind now.

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