The Ministry of Finance “partially supported” the tax authority’s proposal, but clarified that it needs further analysis.
Last week, the Ministry of Finance of Russia announced that it had its cryptocurrency regulation bill ready. . Now, a few days later, the Federal Tax Service (FTS) of Russia set out its position on the issue and makes an additional proposal: it wants Russian companies to be allowed to use digital currencies as a method of payment when conducting international transactions.
This stance somewhat contradicts previous statements by Russian authorities, including the Central Bank, which have said that cryptocurrencies cannot be used as a way to evade international sanctions against the country after it invaded neighboring Ukraine. Undoubtedly, allowing the use of currencies for transactions with other countries will open this path.
The proposal has a certain closeness to the one made by the Russian Chamber of Commerce a few days ago, which called for cryptocurrencies will be allowed to be used to trade with African countries.
Tax Service Proposal
Today the Russian media Izvestia reported that the Tax Service left its official comments on the draft crypto-draft law prepared by the Ministry of Finance. In its comments, the tax body proposed to allow Russian companies to use cryptocurrencies for certain operations:
“Allow corporate entities to pay for goods and services pursuant to foreign trade contracts and receive revenues from foreign entities in digital digital technologies are these electronic tools that have the ability to generate, store or even process data. currency.”
As he explains Cointelegraph If this proposal is taken into account, it will could fundamentally alter the spirit of the proposed framework, which previously excluded any function of digital currencies other than as investment assets.
In fact, the medium Izvestia explains that the current draft contains a clause according to which the ban on the use of cryptocurrencies as a method of payment is in force. “in all cases not otherwise specified in this law”.
However, the FTS proposed to act on this reserve to diversify the payment options available to Russian companies engaged in international trade amid severe financial sanctions imposed on the country.
The FTS also reportedly specified that the companies will would be required to buy and sell digital currencies through regulated regulation is when something is controlled by a specific set of rules. cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. wallets and exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. platforms.
The Ministry’s response
It is worth noting that the tax agency’s proposal did not remain in the air. In response to it, the Ministry of Finance left the mark of “partial support” explaining that the issue requires further consideration and discussion.
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