admin@moneyyes.info      +

Kyrgyzstan Proposes Draft Law to Introduce Crypto Mining Taxation

Kyrgyzstan Proposes Draft Law to Introduce Crypto Mining Taxation
By: cointelegraph.com Posted On: August 31, 2019 View: 9

Kyrgyzstan Proposes Draft Law to Introduce Crypto Mining Taxation

On Aug. 28, the Ministry of Economy of Kyrgyzstan has submitted the draft law “On Amending the Tax Code” with the aim of introducing cryptocurrency mining taxation.

New tax proposal

According to news outlet Kabar, the draft law was specifically developed to allow for the possible taxation of crypto mining.

The taxation on cryptocurrency mining is expected to increase budget revenues and to contribute to the principle of fair taxation in the Kyrgyz Republic.

The Ministry of Economy of Kyrgyzstan seems to be exploring two possible options to implement taxes on cryptocurrency mining. The first option would be the taxation of income, while the second would be taxing expenses incurred during cryptocurrency mining. 

The report suggests that the Kyrgyz government stands to earn some 300 million som ($4.2 million) — significant in a country whose annual budget stands at around $1 billion.

Kyrgyzstan explicitly banned cryptocurrencies back in July 2014

As Cointelegraph previously reported, Kyrgyzstan explicitly banned cryptocurrencies back in July 2014, followed by the National Bank of the Kyrgyz Republic issuing a statement warning that the use of Bitcoin and other virtual currencies as a form of payment is illegal under the national law.

Despite the ban on cryptocurrencies, the Kyrgyz Republic has now around 80 thousand technical devices that allow for cryptocurrency mining.

Let's block ads! (Why?)

Read this on cointelegraph.com Ad1
  Contact
 Payment systems online

67/2

Tel : +
Mail : admin@moneyyes.info
Business Hours : 24

  Follow Us
Site Map
Show site map
  About

There are plenty of online payment systems out there that you can use to conduct e-commerce activities. Top online payment systems for accepting payments on the Web.