Russia proposes to allow IT companies to make export payments in cryptocurrency

The initiative of the Russoft Association is aimed at reducing costs when conducting deals with foreign customers

09.11.2022 - 12:00

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What’s new? The Association of Software Developers Russoft has offered to allow Russian IT companies to make payments in cryptocurrency when selling software to foreign markets. The initiative is included in the roadmap of the Association to support exports of IT products, which has been sent to the Ministry of Digital Development, Communications and Mass Media, Vedomosti reports with reference to a Russoft spokesperson.

Vedomosti’s material

Details of the initiative. The document specifies the necessity to study the usage of alternative payment solutions to remove or lower restrictions and costs when conducting deals with foreign customers. The Association proposed the establishment of experimental legal regimes and cancellation of currency controls as support measures for IT exports.

Earlier, the Bank of Russia’s Governor Elvira Nabiullina spoke against the use of private cryptocurrencies in payments. In June, she also stated that this type of asset should not be used in the Russian Federation as a means of payment. However, she allowed the possibility of using cryptocurrencies along with the digital ruble in international trades.

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