FTS of Russia: we are actively studying the cryptocurrency market

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According to the head of the department, it has already set up a system of machine-readable powers of attorney on the blockchain

FTS of Russia: we are actively studying the cryptocurrency market

22.11.2021 - 09:00

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What’s new? The Federal Tax Service (FTS) of Russia is now actively studying the cryptocurrency market. This was stated by the head of the department Daniil Egorov in an interview with RBC.

Material on the RBC website

“We are now quite closely involved in this market, realizing that this payment system can create quite significant erosion for the tax base,” he said.

What did the head of the FTS say? According to Egorov, in the process of studying the virtual currencies market, the department has already created a system of machine-readable powers of attorney on the blockchain. In the future, it may become a replacement for the current electronic document management systems.

The head of the FTS also stated the need for a further declaration of “the points and volumes of calculation both by key stakeholders of any such systems and by the users.”

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