Russian business asked authorities to legalize foreign trade settlements in cryptocurrency

Representatives of the business community also proposed to expand cross-border systems for transmitting financial messages

29.04.2022 - 07:40

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1 min

Main point. Representatives of major Russian companies, financial organizations, and the business community have addressed the country’s authorities with a proposal to legalize foreign trade settlements in cryptocurrency. The initiative was voiced within the framework of the commission of the Russian Union of Industrialists and Entrepreneurs (RSPP) on banks and banking activities, RBC reports.

RBC’s material

What else did business offer? At the meeting of business representatives with the authorities, proposals were also voiced to expand cross-border financial messaging systems and allow non-bank credit institutions to open correspondent accounts in foreign banks.

What had happened before? In mid-April, the Federal Taxation Service of Russia proposed a number of additions to the Finance Ministry’s draft law “On Digital Currency.” In particular, the department advocated allowing companies to make settlements in cryptocurrency when carrying out export-import operations.

Earlier, the head of the Chamber of Commerce and Industry (CCI) of Russia, Sergey Katyrin, proposed using cryptocurrencies and national currencies when making payments with countries of the African continent. He sent the relevant theses in a letter to Russian Prime Minister Mikhail Mishustin.

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