Russia’s Federal Taxation Service has advocated international settlements in cryptocurrencies

The FTS’s initiative is under discussion at the Ministry of Finance

20.04.2022 - 09:40

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What’s new? The Federal Taxation Service (FTS) of Russia has proposed a number of additions to the Finance Ministry’s draft law “On Digital Currency.” In particular, Russian companies may be allowed to make settlements in cryptocurrency when carrying out export-import operations, Izvestia reports.

News on the Izvestia website

What else is known about the FTS’s initiative? The Federal Taxation Service has proposed adding the following provision to the draft law: “Legal entities are allowed to make payments for goods, works and services under foreign trade contracts and receive proceeds from foreign persons in digital currency.” At the same time, companies will be able to buy and sell cryptocurrency for export-import operations only for rubles, with crypto wallets and exchanges.

The adoption of the amendments will allow Russia to intensify trade with friendly countries that recognize digital currencies as a means of payment.

What had happened before? The Ministry of Finance supplemented its draft law “On Digital Currency,” which proposes to recognize cryptocurrencies as a means of payment that is not a monetary unit of the Russian Federation, as well as investments. In addition, 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.

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