Reading time: ~2 m
In 2023, Russia may launch International transactions with cryptocurrencies. This was announced by the head of the Department of Financial Stability of the Ministry of Finance of Russia I. Chebeskov. The information was confirmed by the head of the State Duma Committee on the Financial Market A. Aksakov.
Also in Russia, they can fully legalize cryptocurrency. This was stated by Deputy Finance Minister Alexei Moiseev, speaking a few days ago at the Eastern Economic Forum.
In turn, the Central Bank notes that so far talks about the legalization of cryptocurrency as a means of payment, and the permission of crypto-exchanges and crypto exchangers to work within the country are unfounded. But these issues are being worked out together with the Ministry of Finance and the Ministry of Economic Development.
When exactly in 2023 in the Russian Federation can launch international transactions with cryptocurrencies
No agency indicates the exact dates. At the moment, according to the head of the Federal Tax Service D. Egorov, the taxation of international transactions with cryptocurrencies is in development.
In turn, Deputy Head of the Government Of the Russian Federation I. Trunin stressed that first it is necessary to introduce the term “cryptocurrency” into the Civil Code, and then proceed to further steps.
The head of the State Duma Committee on Financial Markets, A. Aksakov, disagrees with his position, believing that the process of amending the Civil Code may take a long time.
And representatives of the Ministry of Economy, together with the Central Bank of the Russian Federation, declare that they are working on the use of digital currencies for cross-border settlements on foreign trade transactions.
The Ministry of Economy supports the use of cryptocurrencies in this industry, as it will help reduce the negative effect of sanctions. Enterprises, especially small and medium-sized businesses, will be able to make payments in virtual assets. But this method should be considered a backup.
What will be the benefit for business
For Russian companies, the use of cryptocurrencies in international transactions will add flexibility and reduce the negative effect of sanctions by unfriendly countries. They will be able to work with foreign counterparties without fear of blocking their accounts. Banks will also benefit from this.
For the banking sector, such operations will also carry fewer risks, in contrast to working with unfriendly currencies. At the same time, banks will have to carefully check customers and their data in order to avoid fraudulent operations with cryptocurrencies. It remains to wait until 2023 and see how the mechanism of international payments in cryptocurrency will begin to work.
Author: Vadim Gruzdev, Analyst Freedman Club Crypto News
#Russia #international #transactions #cryptocurrencies #launched