​Russian businesses ask to legalize foreign payments in cryptocurrency

What’s new? The business community in Russia has put forward a number of proposals to support business. Entrepreneurs asked the authorities to legalize foreign payments in cryptocurrency and introduce cashback on the purchase of Russian electronics and home appliances. The full list of proposals was formed in a special report “Key business problems under sanctions and structural transformation in 2023,” which was included in the annual report of business ombudsman Boris Titov to President Vladimir Putin.

News on the RBC website

Proposals by businessmen. In a special report, the business community noted the importance of forming a regulatory framework for the circulation of cryptocurrencies in Russia for settlements with foreign counterparties. Entrepreneurs suggest considering the use of digital assets to pay for goods, works, and services to foreign companies and individuals who are not tax residents of the Russian Federation. The proposals also include determining the status of such transactions and the taxation scheme.

For operators of digital trading platforms, it is proposed to create an internal system of mutual settlement or clearing, as well as the issue of special digital currencies for these purposes.

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According to Internet ombudsman Dmitry Marinichev, the discussion on the fate of cryptocurrencies with the Bank of Russia has been going on for five years. At the same time, entrepreneurs are experiencing serious difficulties with the delivery of goods and payments. Marinichev believes it is time to advocate for the speedy formation of a regulatory framework for cross-border payments.

Business Ombudsman Boris Titov also noted the difficulty of making payments against the background of banks and SWIFT disconnection. In his opinion, cryptocurrencies are the most transparent means of payment.

Earlier this month, First Deputy Governor of the Bank of Russia Ksenia Yudaeva, said that international settlements in cryptocurrencies carried out under the experimental legal regime (ELR) will have to be conducted through a special organization to ensure compliance with tax regulations.

According to analysts’ estimates, the demand for cryptocurrencies for foreign economic activity (FEA) in Russia could be up to 6% of the total foreign trade turnover and reach $50 billion.