Russia could 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 timetable for the use of the alternative payment method for cross-border payments comes a week after the Russian Central Bank and the Ministry of Finance agreed that this decision would be necessary.
Ivan Chebeskov, Director of the Financial Stability Market for the Russian Ministry of Finance, 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 – – the legislative body governing Russia. .
“We have a number of legislative initiatives that we are working on in working order, but which have not yet been officially submitted to the government,” Chebeskov said.
According to Chebeskov, Russia will allow companies to choose whether they want to use bitcoin or certain state-authorized cryptocurrencies. The operations of this procedure should be facilitated by the Moscow and St. Petersburg stock exchanges.
“Therefore, there may 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 for using digital assets for international trade.
“In addition, I know that there are State Duma deputies who are actively engaged in this topic, perhaps it will be their initiative,” Chebeskov said. “There are like-minded people in this direction.”
Along the same lines, the Minister of Energy said in the report that the use of digital assets can help reduce sanctions pressure by enabling small and medium-sized businesses to transact internationally.
Daniil Egorov, the head of the Federal Tax Service, assured that conversations on taxation for the process of international trade with bitcoin are also being discussed.
“After consultation with the Central Bank, this decision will be taken,” Egorov said.
There are also interdepartmental debates over whether or not to classify bitcoin and some cryptocurrencies as property, according to the report. This designation would also affect how these transactions are taxed.
Indeed, Russia has had its ups and downs, moving from a lockdown stage to contemptuous deliberation regarding bitcoin and its use for international payments. At one point, the Bank of Russia was discussing a ban, which led Russian President Vladimir Putin to announce his support for bitcoin mining.
Then, a bill was proposed earlier this year by the Russian government regarding the regulation of digital assets, which was followed by a proposal from the Ministry of Finance.