Russian tax authority proposes using crypto as a foreign trade payment tool

Share This Post

The Ministry of Finance “partially supported” the proposition, adding that it needs further consideration.

Russia’s Federal Tax Service (FTS) has joined the debate around crypto regulation in Russia with an unexpectedly blunt proposition — to let Russian companies use digital currencies as a payment method when transacting internationally.

On April 20, local newspaper Izvestia reported that the FTS left its official feedback on the draft of the crypto bill prepared by the Ministry of Finance. In its remarks, the fiscal agency proposed to let Russian companies use crypto for certain operations:

“To let corporate entities pay for goods and services according to foreign trade contracts and to receive revenue from foreign entities in digital currency.”

The initiative could fundamentally alter the spirit of the proposed framework, which previously excluded any other role for digital currencies than that of investment assets. As Izvestia noted, the current draft contains a clause according to which the ban on using crypto as a payment method is in effect “in all cases where this law does not specify otherwise.”

The FTS proposed to act on this reservation to diversify payment options available to Russian companies engaged in international trade amid severe financial sanctions imposed on the country.

The FTS also reportedly specified that companies would be required to buy and sell digital currencies via regulated crypto wallets and exchange platforms.

Related: Russia’s central bank goes to war: Is cryptocurrency a friend or foe?

In response to the FTS’ feedback note, the Ministry of Finance left the “partially support” mark, elaborating that the issue requires further consideration and discussion.

On April 8, the Russian Ministry of Finance finalized the draft bill titled “On Digital Currency” (also known as the “crypto bill”) and sent it to the government for approval. A week later, the president of Russia’s Chamber of commerce and industry called for collaborating with African countries to enable cross-border settlements in crypto and central bank digital currencies (CBDCs).

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Bitcoin’s Road To $1 Million Isn’t Majic But a Logical Progression

The post Bitcoin’s Road To $1 Million Isn’t Majic But a Logical Progression appeared first on Coinpedia Fintech News Bitcoin’s journey towards becoming a true store of value is sparking renewed

World’s Popularity Soars in Argentina: Over 2.2 Million Registered Users

Argentina has become the country where World, the biometric ID project, is most popular, with over 22 million registered users despite backlash from authorities The company plans to expand its

Insider Leaks Trump ‘Considers’ A Strategic Bitcoin Reserve By Executive Order

Dennis Porter, CEO and founder of the Satoshi Act Fund—a US nonprofit advocating for Bitcoin adoption—has claimed that former President Donald Trump’s team is considering an executive order

Bitcoin Price Prediction: Is $138,000 the Next Target Before a Pullback?

The post Bitcoin Price Prediction: Is $138,000 the Next Target Before a Pullback appeared first on Coinpedia Fintech News On November 6, the Bitcoin market broke above the previous all-time high of

Hedera Price (HBAR) Analysis: Is $0.35 Within Reach?

The post Hedera Price (HBAR) Analysis: Is $035 Within Reach appeared first on Coinpedia Fintech News Hedera (HBAR) has been on an impressive bull run, with its price skyrocketing by 150% in just one

Mind Over Market – The Role of Emotional Intelligence in Trading Psychology

The post Mind Over Market – The Role of Emotional Intelligence in Trading Psychology appeared first on Coinpedia Fintech News “Money is just something you need in case you do not die tomorrow