The Russian tax authority proposes using cryptocurrencies as a payment tool for foreign trade

The Russian Federal Tax Service (FTS) has joined the debate on cryptocurrency regulation in Russia with an unexpectedly powerful proposal: enable Russian companies to use digital currencies as a payment method in international transactions.

On Wednesday, local newspaper Izvestia reported that the FTS left its official comments on the draft crypto law prepared by the Ministry of Finance. In its comments, the tax authority suggested allowing Russian companies to use cryptocurrencies for certain operations:

“Allow companies to pay for goods and services under foreign trade contracts and receive income from foreign companies in digital currencies”

The initiative could fundamentally change the spirit of the proposed framework, which previously ruled out any other role for digital currencies as fixed assets. As noted by Izvestia, the current draft includes a clause according to which the ban on the use of cryptocurrencies as a payment method “is in force in all cases where this law does not provide otherwise”.

The Russian tax authority proposes using cryptocurrencies as a payment tool for foreign trade
The Russian tax authority proposes using cryptocurrencies as a payment tool for foreign trade

The FTT proposed responding to this caveat to diversify the payment options available to Russian companies engaged in international trade amid severe financial sanctions against the country.

the AGV It would also have stipulated that businesses would have to buy and sell digital currencies through regulated cryptocurrency wallets and exchange platforms.

In response to the FTS feedback note, the Treasury Department left a “partial support” mark, emphasizing that the issue requires further consideration and discussion.

On April 8, the Russian Ministry of Finance finalized the draft law titled “On Digital Currency” (also known as the “Cryptocurrency Bill”) and sent it to the government for approval. A week later, the President of the Russian Chamber of Commerce and Industry called for this Work with African countries to enable cross-border settlements in cryptocurrencies and digital currencies issued by central banks (CBDC).

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