Russia eyes Bitcoin for international trade in 2023 – Bitcoin Magazine
Russia may start accepting bitcoin and some cryptocurrencies as payment for international trade in 2023, according to a report by local media company Izvestia.
The announcement of a timeline for using the alternative payment method for cross-border payments comes a week after the Russian central bank and finance ministry agreed the move would be necessary.
Ivan Chebeskov, director of the financial stability market for the Russian Finance Ministry, was cited in the Izvestia report as the source of the timeline, which was reportedly confirmed by Anatoly Aksakov, the head of the State Duma Committee – Russia’s legislative governing body. .
“We have a number of legislative initiatives that we are working out into working order, but which have not yet been formally submitted to the government,” Chebeskov said.
According to Chebeskov, Russia will enable businesses to choose whether to use bitcoin or any cryptocurrencies allowed by the state. The operation of this procedure is expected to be facilitated by the stock exchanges in Moscow and St. Petersburg.
“That’s why there can be different options for how [international payments] can be implemented,” Chebeskov explained.
Chebeskov noted his confidence in the government’s approval as there is growing support among lawmakers hoping to approve the process of using digital assets for international trade.
“I also know that there are deputies of the State Duma who are actively engaged in this topic, maybe it will be their initiative,” said Chebeskov. “There are like-minded people in this direction.”
In the same spirit, the energy minister stated in the report that the use of digital assets can help reduce the pressure from sanctions by allowing small and medium-sized companies to trade internationally.
Daniil Egorov, the head of the Federal Tax Service, assured that talks on taxation for the process of international trading of bitcoin are also being discussed.
“After consultation with the central bank, this decision will be made,” Egorov said.
There are also cross-departmental debates about whether bitcoin and some cryptocurrencies should be classified as property, according to the report. This designation will also affect the way these transactions are taxed.
Indeed, Russia has ebbed and flowed from lockstep to contemptuous deliberations about bitcoin and its use for international payments. The Bank of Russia at one point discussed a ban, leading Russian President Vladimir Putin to announce his support for bitcoin mining.
Then, earlier this year, a bill was proposed by the Russian government on the regulation of digital assets, which was followed by a proposal from the Ministry of Finance.
