Russia’s Federal Tax Service (FTS) has entered the discussion over cryptocurrency legislation in the country with a proposal – to allow Russian businesses to utilise digital currencies as a payment method for international transactions.
According to local newspaper Izvestia, the FTS commented on the cryptocurrency bill drafted by the Ministry of Finance. The financial body recommended that Russian enterprises be allowed to utilise cryptocurrency for specific transactions:
“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 can potentially change the proposed framework, which previously prohibited digital currencies from serving any purpose other than that of investment assets. According to Izvestia, the current draft states that the prohibition on using cryptocurrency as a payment method applies “in all cases where this law does not specify otherwise.”
The FTS suggested acting on this reservation to diversify payment choices accessible to Russian enterprises involved in foreign trade.
Additionally, businesses will be obliged to purchase and sell digital currencies using regulated cryptocurrency wallets and exchange platforms.
The Ministry of Finance responded to the FTS’ feedback letter with a “partially support” mark, stressing that the issue needs additional discussion and considerations.
On April 8, the Russian Ministry of Finance prepared the draft crypto bill “On Digital Currency” and sent it to the Cabinet for approval. A week later, the head of Russia’s Chamber of Commerce and Industry urged African nations to collaborate in order to facilitate cross-border transactions in crypto and central bank digital currencies (CBDCs).
