The State Duma will consider amendments to the law on settlements in digital financial services

The State Duma Committee on Financial Markets approved amendments to the bill on the use of digital financial assets in international trade. The document is included in the plan for the meeting of the lower house of the Russian parliament on February 27.

The bill makes it possible to conduct foreign trade transactions using digital assets as a means of payment. The document prescribes the procedure for using DFA as a counter representation under foreign trade agreements and contracts concluded between tax residents of the Russian Federation and non-residents.

Additionally, the bill includes a clarification according to which operations for the transfer of utilitarian digital rights, DFAs or hybrid DFAs are subject to mandatory control if carried out within the framework of foreign trade contracts. The Bank of Russia will have the right to request from the person who issued the DFA and from the operator of the issue information about all ultimate owners of the asset.

Chairman of the State Duma Committee on Financial Markets Anatoly Aksakov assures that some foreign partners have repeatedly expressed interest in Russian digital financial markets, and invites his colleagues to adopt the bill in the second reading.

“Currently, the use of digital rights in foreign trade activities is not subject to either currency control or regulation of foreign trade activities. With the amendments, we propose to establish the possibility of using digital rights as payment for the import and export of goods and services within the framework of the law on currency regulation. That is, we enable our economic structures to carry out financial interaction with partners using digital rights,” the parliamentarian wrote.

Acting Director of the Financial Policy Department of the Ministry of Finance of Russia Alexey Yakovlev supported the committee’s initiative on behalf of his department and the Bank of Russia. Financial regulators are discussing whether to consider not only Russian but also foreign DFAs as a payment method, the official announced.

Earlier, the head of the State Duma committee, Anatoly Aksakov, said that already this year the digital ruble will be tested for budget payments.