Russia’s Federal Tax Service Says Crypto Should Be Used As A Foreign Trade Payment Tool

Crypto regulation has become a headache for Russia, and the government wants to solve this issue as soon as possible. The Federal Tax Service of Russia has jumped into the discussion regarding cryptocurrency regulation unexpectedly with a straightforward suggestion that the government should allow companies to make payments using cryptocurrencies when transacting globally.

According to the report of Izvestia, the Federal Tax Services made an official response regarding the cryptocurrency bill draft prepared by Finance Ministry. The financial agency suggested that Russian firms should be allowed to use cryptocurrency for certain activities.

Corporate bodies should be permitted to make payments for commodities and services according to overseas trading deals and to get revenue from foreign bodies in cryptocurrencies. There’s hope that the initiative could primarily modify the soul of the suggested structure, which earlier eliminated any other type of role of cryptocurrencies except investment assets.

Izvestia pointed out that there’s a clause in this draft that imposed a ban on cryptocurrency as a payment mode, which will come into effect in all those cases where this rule is not clear otherwise.

After the invasion of Ukraine, Russia is facing strict financial sanctions globally; keeping in view this whole situation, the Federal Tax Service suggested working on this reservation to provide different payment methods to Russian firms involved in trading internationally. The Federal Tax Service also made it clear that firms have to purchase and sell virtual currencies using regulated exchange platforms and cryptocurrency wallets to avoid any inconvenience.

Finance Ministry responded with partial support to the feedback note of the Federal Tax Service, explaining that the issue needs to be considered and discussed further. According to the Finance Ministry, all stakeholders have to take this issue into consideration and discussion for taking acceptable and helpful decisions to tackle with financial sanctions imposed on the country.

The Finance Ministry of Russia prepared and finalized a draft named ”On Digital Currency” (also called ”crypto bill”) and forwarded this draft to the Russian government for getting approval on April 8. After a week, the president of the Russian Chamber (commerce and industry) demanded collaboration with African nations to make across-the-border agreements between cryptocurrency and CBDCs.

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