The Association of Russian Banks has drawn up a document that claims that although most states – including Russia – do not want to define cryptocurrencies as money in legal documents, token holders could still be taxed. The document explains that instead of using classifications such as altcoin, cryptocurrencies could be considered as “property” or even “treasure”.

For example, in the case of crypto mining, anyone who successfully mines BTC could be said to have “found” or “discovered” their bitcoin – just like an explorer might dig up buried gold. Such “finds,” the association emphasizes, are subject to taxation by the state.

Some courts, however, might find the fact that mined cryptocurrencies as such are “not found” but are the result of human activity, important. However, the association has come up with a legal response again. Tax code regulations stipulate that “newly created” goods are also taxable – as is the case with fruit grown on a farm, for example. The same body also says that courts may view cryptocurrencies in another way, too. They might consider them as items that have value in non-monetary barter transactions, and this would also make them taxable receivables.