The Ministry of Finance will allow the use of cryptocurrencies for payments to foreign partners

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The Ministry of Finance has submitted a finalized bill on the regulation of cryptocurrencies, in which an article appeared on the use of digital assets for payment under foreign trade contracts.

How report Vedomosti, citing a certain federal official, the new document took into account the comments of the Ministry of Economic Development, the Ministry of Internal Affairs, the Ministry of Digital Development, the Federal Tax Service, Rosfinmonitoring and the Center for National Projects of the Analytical Center under the Government of the Russian Federation. In particular, it is proposed to allow payment for goods and services of foreign suppliers using cryptocurrencies. It is interesting that, as Deputy Prime Minister Dmitry Chernyshenko notes, they did not agree on the document with representatives of the Central Bank “due to the negative position of the department on the legislative initiative.”

Maxim Bashkatov, Head of Legal Development at the Center for Strategic Research (CSR), noted that the use of cryptocurrencies for settlements in foreign trade transactions will make it easier for Russian companies to pay for goods and services. In principle, Bashkatov stressed, digital assets can be used to circumvent sanctions. However, such a provision in the draft law cannot be regarded as an unequivocal legalization of the circumvention of Western economic sanctions.

The bill also proposes to ban advertising of cryptocurrency exchanges and exchangers. However, we are only talking about those sites that do not have a license from the regulator. Interestingly, the agency that will regulate the cryptocurrency market in Russia has not yet been determined. Licensed sites will be able to advertise their services, but will be required to cooperate with law enforcement agencies. In addition, the requirement to create a special registry for legal entities and individual entrepreneurs involved in mining has disappeared from the document.

The document should not yet be considered final – there are still discussions and work on the bill by various departments. In particular, a consensus is needed with the Central Bank of Russia.

Earlier, State Duma deputy Konstantin Bakharev said that a bill on cryptocurrencies in Russia would be adopted in the near future.

Source: Bits

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