Russia is Considering Bitcoin for International Trade in 2023: Report

Major cryptocurrency news from Russia says the country is considering accepting Bitcoin (BTC / USD) and some cryptocurrencies as a payment option for international trade in 2023.

As per local news agency IzvestiaRussian government officials from the Ministry of Finance and the State Duma confirmed the development.

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Tax authorities, the Central Bank and the Ministry of Economic Development also involved in the discussions, the media said, citing sources.

Consideration for cryptocurrencies as an alternative payment method for businesses comes just days after the Ministry of Finance and the Russian Central Bank highlighted the likelihood of such a move being made.

There are also discussions on the feasibility of this proposal within the Federal Tax Service and the Ministry of Economic Development. Part of the debates are about the classification of bitcoins as property and the implications of this for taxation.

Russia’s option for cross-border trade

Specifically, Izvestia says that Ivan Chebeskov, Director of the Financial Stability Department of the Finance Ministry, spoke about the move to use cryptocurrencies for cross-border transfers in 2023. Anatoly Aksakov of the State Duma Committee reportedly confirmed the chronology.

According to Chebeskov, the financial markets department is working on “numerous legislative initiatives“Related to the use of cryptocurrencies in international trade. However, the plans are not formally presented to the government.

But once formalized, Chebeskov noted, Russia will allow companies to choose whether they want to use Bitcoin or other permitted cryptocurrencies for cross-border trade.

Russia has tinkered with the idea of ​​using bitcoin previously (check here too) and has a roadmap for regulating cryptocurrencies in the country, although it does not currently allow cryptocurrency exchanges to operate in the country. In fact, it is proposed that the use of bitcoin for international trade, if given a mention, will be managed through the Moscow and St. Petersburg stock exchanges.

As previously highlighted by Invezz, an increasing number of Russians have reportedly turned to cryptocurrencies in the impact of the sanctions imposed by the West and the United States following the Russian invasion of Ukraine.

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