Russia Eyes Bitcoin For International Trade In 2023: Report

Russian media reported that multiple government officials were considering accepting cryptocurrency and other crypto currencies in payment for international trade in 2023.

According to a report by Izvestia, Russia could accept bitcoins and other cryptocurrencies in payment for international trade starting in 2023.

A week after the Russian Central Bank (and Ministry of Finance) agreed to the move, the announcement of the timeline for the use of the alternative payment method for cross border payments comes just weeks after the announcement.

Ivan Chebeskov was the director of the Russian Ministry of Finance's financial stability market. He was mentioned in the Izvestia Report as the source of the timeline. This was apparently confirmed by Anatoly Ashakov, head of Russia's legislative governing board, State Duma Committee.

Chebeskov stated that although we have a variety of legislative initiatives in working order, they have not yet been submitted to the government.

According to Chebeskov Russia will allow businesses to decide whether to use Bitcoin or other cryptocurrencies that are allowed by the government. This procedure will be made easier by the St. Petersburg and Moscow stock exchanges.

Chebeskov stated that there could be many options to implement international payments.

Chebeskov expressed his confidence in government approval, as there is increasing support from legislators for the use of digital assets for international commerce.

Chebeskov stated, "Also I know that there is a State Duma deputies who are actively involved in this topic. Perhaps it will be their initiative." "There are people who share the same interests in this direction."

The Minister of Energy also stated that digital assets could help to reduce sanctions pressure by allowing small- and medium-sized companies to transact internationally.

Daniil Egorov is the head of Federal Tax Service and assured that discussions about taxation in international trade with Bitcoin are being had.

Egorov stated that the Central Bank will consult with him to make this decision.

According to the report, there are also interdepartmental discussions about whether to classify some cryptocurrencies and bitcoin as property. This would affect how these transactions are taxed.

Russia has been a lagging country in its discussion of bitcoin and its use for international payment. One time, the Bank of Russia was considering a ban. This led to Vladimir Putin, Russian President, declaring his support for bitcoin mining.

The Russian government proposed a bill earlier in the year to regulate digital assets. This was followed by a proposal by the Ministry of Finance.

By: Shawn Amick
Title: Russia Eyes Bitcoin For International Trade In 2023: Report
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Published Date: Tue, 13 Sep 2022 14:22:43 GMT

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