Russia is considering Bitcoin for international trade in 2023: Report

Crypto Update
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Bitcoin for international trade

Bitcoin for international trade

Bitcoin for international trade: above crypto news Out of Russia Say the country is considering accepting bitcoin (BTC/USD) as well as some cryptocurrencies as payment options for international trade in 2023.

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According to local news agency izvestiaRussian government officials from the Ministry of Finance and the State Duma have confirmed the development.

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The media outlet, citing sources, said that tax officials, the Central Bank and the Ministry of Economic Development are also involved in the discussion.

The idea for crypto as an alternative payment method for businesses comes just days after the Ministry of Finance and Russia’s Central Bank highlighted the possibility of such a move.

The feasibility of this proposal is also being discussed within the Federal Tax Service and the Ministry of Economic Development. Part of the debate centers around the classification of bitcoin as an asset and its implications around taxation.

Russia’s alternative to cross-border trade

In particular, Izvestia noted that Ivan Chebeskov, director of the Department of Financial Stability at the Ministry of Finance, spoke about the move to use crypto for cross-border transfers in 2023. Anatoly Aksakov of the State Duma committee reportedly confirmed the timing.

According to Chebeskov, the Department of Financial Markets is working on “.several legislative initiatives“Regarding the use of cryptocurrencies in international trade. However, the plans are not formally presented to the government.

Bitcoin for international trade

But once formally, Chebyskov noted, Russia will give businesses the option to choose whether they want to use it. Bitcoin or other permitted crypto for cross-border trading.

Russia has tinkering with the idea of ​​using bitcoin before this (check here also) and has a roadmap for the regulation of crypto in the country, even though it does not currently allow crypto exchanges to operate in the country. In fact, it is proposed that the use of bitcoin for international trade, if approved, would be controlled through Moscow and the St. Petersburg Stock Exchange.

as before Thrown light on By Invez, a growing number of Russians have reportedly turned to crypto amid the impact of sanctions imposed by the West and the US following Russia’s invasion of Ukraine.

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