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The concept of cryptocurrency adoption is prepared by the Association of Banks of Russia (ADB). The Association suggests that the owners of the digital asset disclose their holdings, failing which they might bear criminal liability.

The concepts proposed by the association details the procedure for collecting the cryptocurrencies under procedures related to law enforcement, bankruptcy, and taxation.

“Authorized market makers” are supposed to identify the owners of digital assets per the request of creditors. The latter is likely to transfer passwords from electronic wallets to creditors upon decisions from the court.

The authors who prepared the adoption document have proposed two types of taxation. The first kind of taxation is about, the goods and the services which are purchased for cryptocurrency should be taxed as exchange transactions. The second kind of taxation is about, subjecting the proceeds from the buying and selling of cryptocurrency to income tax.

Therefore, following the purchase of cryptocurrencies, individuals are supposed to declare the cryptocurrencies and pay the after-sales taxes. The taxation for individuals will be a lot similar to the taxation of investors in the securities market.

The ABR is a non-governmental organization, and it does not include the largest banks in Russia likes the Sberbank, Alfa-Bank or VTB.

The ups and downs in a cryptocurrency market can be interpreted in a dozen different ways. The current fall in the value of different tokens in the cryptocurrency market cannot be overlooked. The crypto market has lost a whopping $25 billion over the past three weeks.

Lack of trading volume and a decline in the price of the cryptocurrencies, analysts and investors are beginning to get jitters.

Dalbir Kumari analyst stated, “Crypto enthusiasts, on the whole, tend to be the sort of people who like to see big business and big institutions being disrupted.”

Cryptocurrencies are currently not near the very high price ranges, and they are not close to the kind of optimism that was experienced some time ago. At present, everything in the cryptocurrency market is about how Bitcoin is performing in the market.

The cryptocurrency market continues to be in uncertain times concerning the place of the cryptocurrency in the financial industry. The bullish and bearish price trend is happening alternatively in the market, and the price of the Bitcoin is on the limbo around $10,000.

Donald Trump has been talking about Bitcoin, and this means that the Big Altcoins and Bitcoin are correctly doing what they want the president and world leaders to do — talk about them.

By DAN SAADA

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