The Ministry of Finance “partially supported” the proposition, adding that it needs further thought.
Russia's Federal Tax Service (FTS) has joined the debate around crypto regulation in Russia with an unexpectedly blunt proposition — to let Russian firms use digital currencies as a payment method once transacting internationally.
On Wednesday, native newspaper Izvestia reported that the FTS left its official feedback on the draft of the crypto bill ready by the Ministry of Finance. In its remarks, the fiscal agency planned to let Russian firms use crypto for certain operations:
“To let corporate entities pay for goods and services according to foreign trade contracts and to receive revenue from foreign entities in digital currency.”
The initiative could fundamentally alter the spirit of the projected framework, that antecedently excluded the other role for digital currencies than that of investment assets. As Izvestia noted, the present draft contains a clause in keeping with that the ban on mistreatment crypto as a payment technique is in result “in all cases wherever this law doesn't specify otherwise.”
The FTS proposed to act on this reservation to diversify payment choices out there to Russian firms engaged in international trade amid severe money sanctions obligatory on the country.
The FTS conjointly reportedly given that firms would be needed to shop for and sell digital currencies via regulated crypto wallets and exchange platforms.
( David Attlee, Cointelegraph, 2022 )