More than a month ago Russia announced to the world its intention to accept cryptocurrencies as payment for the sale of hydrocarbons, specifically oil and gas, today the Russians are back on the scene and this time they are considering the legalization of cryptocurrencies in foreign trade.
I mentioned the above in the title based on the fact that the Russian tax authority proposes to use cryptocurrencies as a payment tool for foreign trade, an element that in one way or another is a new path that Russia has decided to take in its intention to use cryptocurrencies within its economic and financial structures.
Corresponding to the information released by the Russian Federal Tax Service, an interesting debate on the regulation of cryptocurrencies in Russia was generated today with an unexpectedly forceful proposal, which includes allowing Russian companies to use digital currencies as a method of payment when conducting international transactions.
According to what can be read in multiple international digital news portals, Russia's objective is to allow corporate entities to pay for goods and services according to foreign trade contracts and to receive revenues from foreign entities in digital currencies.
It is expected that this new step taken by the Russians in the quest to circumvent the economic and financial sanctions imposed on it by Western states following the outbreak of war with Ukraine, this initiative could fundamentally alter the spirit of the proposed framework and which previously excluded any role for digital currencies other than as investment assets.
SOURCES CONSULTED
Cointelegraph Russian tax authority proposes using crypto as a foreign trade payment tool. Link
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