The Russian authorities are actively working on the issue of using digital currencies for settlements on foreign trade transactions, as this can reduce the sanctions pressure, including on small and medium-sized enterprises.
Russia may start making cross-border transfers using cryptocurrencies in 2023, report Izvestia, citing Ivan Chebeskov, director of the Financial Stability Department of the Ministry of Finance, and Anatoly Aksakov, head of the State Duma committee on the financial market.
The head of the Federal Tax Service, Daniil Egorov, added that the taxation of international transactions with cryptocurrency is being developed. Also, at the moment, the Ministry of Economic Development, together with the Ministry of Finance and the Central Bank, are working on the issue of using digital currencies for cross-border settlements in foreign trade transactions.
The Ministry of Economy explained that in the future such transfers can help reduce sanctions pressure, including on small and medium-sized enterprises. The ministry stressed that this method can only be additional.
Last week, the head of the Bank of Russia, Elvira Nabiullina, said that the regulator would actively promote the possibility of cross-border settlements using the digital ruble. In 2023, it is planned to gradually begin to introduce an additional form of the national currency into circulation.
At the same time, the Ministry of Finance plans to begin the settlement of processes related to cross-border payments in cryptocurrencies already in the autumn session of the State Duma. The department explained that now there are no direct obstacles to cross-border payments in cryptocurrency, but it is necessary to legally regulate the transfer of cryptocurrency into fiat money.
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