Fintech Digest: the most popular products of 2018, doubling the volume of transfers from card to card, tax on cryptocurrency

    In the last digest of the year:

    • The most popular products from the customers of Yandex.Market for 2018;
    • Double increase in transfers from card to card in Russia;
    • Cryptocurrency taxes;
    • Western Union Initiative.

    Yandex.Market and products

    According to the service , home goods have become the most popular among buyers. In this category, buyers most often chose building materials, including insulation, as well as tools and plumbing.

    The second most popular is electronics. Buyers were interested in mobile phones, accessories, plus TVs. The most popular product in this category was Xiaomi Redmi Note 5 4 / 64GB.

    The third most popular category is computer hardware. Here, buyers chose laptops, power supplies for them and tablets.

    This is followed by "Household appliances", "Auto" and "Children's products."

    Card to Card Transfer

    Russians are increasingly transferring money to each other from card to card. In just one year, the volume of such transactions doubled, while the average transfer amount decreased by 12%, up to 8,208 rubles. Among the most popular operations are credit card replenishment, transfers to friends and relatives, birthday gifts, and debt recovery.

    In addition, there is another side of the market, "gray." The fact is that with the help of transfers, attackers often cash out criminal proceeds. Entrepreneurs also operate without paying taxes. But despite these problems, the authorities are not going to tightly regulate operations. In this case, care in cash can occur, which will be extremely difficult to control.

    Whatever it was, but bank transfers to each other more and more quickly push cash out of circulation.

    Cryptocurrency taxes

    Cryptocurrency is still outside the framework of the Russian legal field, but revenues from operations with cryptocurrencies may be taxable. Unfortunately, there are no clear rules for calculating cryptocurrency taxes, which can cause tax problems.

    Experts say that “cryptocurrency orders resulting from transactions made on a crypto exchange are one of the key to choosing an approach for taxing income received”. That is, if the cryptocurrency order is held by the exchange, then one of the reporting options is to indicate in the tax return income from operations with cryptocurrency that were withdrawn from the cryptobirth into personal accounts.

    On the other hand, “tax authorities may insist that the receipt of cryptocurrency on a cryptographic network is a taxable event.”

    And about what to do in each case, of course, it is better to consult with experts .

    Western Union and startups

    It became known that the company Western Union entered into cooperation with two Fintech startups at once. The first is jD Digits, the second is the American company TerraPay.

    WU plans to develop a system of electronic cross-border payments between customers around the world and enterprises in China. As part of the cooperation, it is planned to explore new Fintech-methods for ensuring fast transfers abroad.

    We are pleased to team up with JD Digits, one of the most innovative digital technologies in Chinese companies, to offer payment services to tech-savvy Chinese customers. This agreement opens a new era in our more than 23-year-old relations with China.
    - Said Senior Vice President and General Director of Western Union Asia Pacific Molly Shi.

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