Russia Announces Plans to Begin International Trade with Crypto
- According to reports, a number of Russian government representatives are considering allowing bitcoin and other cryptocurrencies as a form of payment for cross-border trade in 2023.
- The Federation is getting ready to make foreign trade settlements using digital assets legally, and this might happen soon.
Multiple government representatives are reportedly considering allowing bitcoin and other cryptocurrencies as payment for international trade in 2023, according to a Russian news source.
The Duma and other Russian state institutions have been officially urged by the Russian Prime Minister to develop coordinated measures to control the issuance and circulation of cryptocurrencies in the nation.
In accordance with the directive, the Bank of Russia, Rosfinmonitoring, the Federal Tax Service, and the FSB must work with the Russian Ministry of Finance to “draft federal legislation” that regulates the issue, mining, and usage of cryptocurrencies for international payments.
“We have a number of legislative measures that we are working on in working order, but which have not yet been formally submitted to the government,” noted Ivan Chebeskov, director of the financial stability market for the Russian Ministry of Finance.
The Ministry of Finance and the Bank of Russia would also need to submit suggestions for how the administration may use its digital ruble in the budget.
Daniil Egorov, the head of the Federal Tax Service, told Izvestia that plans are being made to tax cross-border cryptocurrency transactions. Anatoly Aksakov disagrees with Ilya Trunin, deputy head of the government apparatus, and argues that more time should be invested before the idea of cryptocurrency is incorporated into the Civil Code.
The assertion made by Dmitry Kirillov, a teacher at the Moscow Digital School, was also mentioned in the article.
Cryptocurrency, in Kirillov’s opinion, can be included in the Civil Code either individually or with other types of property, without being equated with any already-existing things.
However, Aksakov stressed that Russia must develop its own cryptocurrency structure, emphasizing that users should only access the market through it and under stringent regulatory oversight.
He also acknowledged that there is now a lack of this infrastructure in the nation and asserted that the stock markets in Moscow and Saint Petersburg are prepared to fill the gap.
He further anticipates that international cryptocurrency transactions may start the following year.
There are also internal discussions about whether or not to categorize bitcoin and other cryptocurrencies as property. The taxation of these transactions would also be impacted by this categorization.
In fact, Russia’s position on bitcoin and its usage for foreign payments has ebbed and flowed from unanimity to disdain.
At one point, the Bank of Russia was considering a ban, which prompted Vladimir Putin, the president of Russia, to declare his support for bitcoin mining.