The Ministry of Finance of the Russian Federation advocated the legalization of payments in cryptocurrency

The Ministry of Finance advocated the legalization of payments in cryptocurrency for exporters as part of an experimental legal regime. Finance Minister Anton Siluanov said that his department supports the initiative to create an experimental legal regime and legalize payments in cryptocurrencies for exporters: “I am for any movement in this direction. If the Central Bank agrees to a pilot with exporters, it will be great. Only our exporters have risks due to the volatility of cryptocurrencies. We need to level them and develop a mechanism for the rapid exchange of digital currencies for fiat so that volatility cannot affect the cost of goods.” Earlier, Deputy Chairman of the Central Bank Alexei Zabotkin said that “the only thing for which an experimental legal regime will be available, if such a law is adopted, is the use of crypto assets to support foreign economic activity.” The legalization of payments for exports in cryptocurrencies will require amendments to the Tax Code, which will allow companies engaged in foreign economic activity to display payments in digital currencies in their tax returns. Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Market, specified that amendments to the law on experimental legal regimes, which will allow Russian companies to pay for exports in cryptocurrencies, can be adopted before the end of January 2023.