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Russian Tax Agency Proposes Use of Crypto in International Trade

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flag of Russia depicted with US dollars and bitcoin coins with graph

The Russian Federal Tax Service has proposed allowing companies to use digital assets to settle international transactions.

Source: Cointelegraph

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FTS reportedly commented on a crypto bill by the Ministry of Finance that corporations could pay for their goods and services and receive revenue from foreign entities in crypto.

The announcement comes as a contradiction to the clause in the current draft that bans the use of cryptocurrencies as payment in the most sanctioned nation.

The agency has vowed to work on the reservation to expand the payment options available for companies in Russia as the economy begins to feel the impact of global sanctions.

The Russian Ministry of Finance notes that the proposal, which has also recommended that the companies use regulated wallets and exchanges, needs more consideration. The ministry completed the draft bill titled ‘On Digital Currency’ and submitted for approval.

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