Russian Federal Tax Service proposes allowing Russian companies to settle in cryptocurrencies

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The Federal Tax Service (FTS) of Russia proposed to the Ministry of Finance to allow Russian companies to settle export–import operations in cryptocurrencies. This is reported by «Известия».

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The initiative was outlined by the FTS in comments to the bill ‘On Digital Currency’. Despite numerous disagreements over cryptocurrency regulation, the Ministry of Finance and the Central Bank are in agreement that they cannot be used as a means of settlement.

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The FTS proposes an exception for business and to amend the draft law with the following provision:

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“Legal entities may make payments for goods, works, and services under foreign-trade contracts and receive proceeds from foreign entities in digital currency.”

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Purchasing and selling cryptocurrencies for rubles should be conducted only through exchanges, the FTS stressed.

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In the Ministry of Finance, the initiative was partially supported, noting that it requires further discussion.

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The idea to use cryptocurrencies in settlements with African currencies was raised at the Russian Chamber of Commerce and Industry.

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Recall that the bill ‘On Digital Currency’ provides for conducting operations with cryptocurrencies through Russian banks, the identification of crypto-wallet holders and the division of investors by qualifications.

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In April the Ministry of Finance changed the terminology of the document.

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