Russian tax authority proposes to use crypto as an international means of payment

Russian tax authority proposes to use crypto as an international means of payment

Russia’s Federal Tax Service (FTS) has allowed Russian companies to use digital currencies as a payment method for international transactions.

The local press Izvestia published on Wednesday. to the news According to FTS, the FTS has given its official feedback on the draft crypto bill prepared by the Ministry of Finance. In a statement, the tax authority proposed allowing Russian companies to use crypto for certain transactions:

“Allowing legal entities to pay for goods and services according to foreign trade agreements and earning income from foreign entities in digital currency.”

Izvestia also noted that the current draft includes a clause stating that the ban on using crypto as a payment method only applies in all cases where this law does not specify otherwise.

FTS took this step to diversify the payment options offered to Russian companies engaged in international trade amid the heavy financial sanctions imposed on the country.

The tax authority also informed that companies must buy and sell digital coins through regulated crypto wallets or exchange platforms.

In response to the FTS’s feedback note, the Ministry of Finance indicated that the issue needed further consideration and discussion.

On April 8, the Russian finance ministry completed the draft law called ‘On Digital Currency’ and sent it to the government for approval. About a week later, the director of the Russian Chamber of Commerce and Industry called on the government to make international payments with cryptocurrencies and CBDCs.

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