Russia will open up to cryptocurrencies

The sanctions imposed on Russia by the United States, the European Union and other nations have accelerated the project to launch the digital Ruble and the Central Bank of that country announces that it will have it ready in a year.

In addition, the Russian Tax Agency is open to the possibility of accepting Bitcoins as a form of payment, so that companies involved in cross-border trade will accept it and thus be able to pay exporters with cryptoassets.

The Federal Tax Service (FNS) has suggested that a legal exception be made to a key provision of the Cryptocurrency Bill, introduced by the Ministry of Finance, where the use of cryptos to pay for goods and services would be prohibited, so that companies would be exempted from it, adding the following clause "Legal entities shall be allowed to pay for goods, works and services under foreign trade contracts and receive income from foreign entities in digital currencies".

This would allow normal companies to bypass the Swift system and the traditional banking system.

The FNS likewise suggests regulating the industry, limiting annual spending by retail crypto investors and monitoring in addition to taxing miners.

The opening of crypto in Russia would give crypto a huge boost and open up the possibility for the price of crypto to rise, as the handling of large amounts of crypto would actively move the market for buying and selling crypto.

The conflict in Ukraine may end up being a driver of this market not only in the Russian Federation but also in its satellite countries.

hello @joseph1956,
It is interesting to see how this type of government understands that cryptocurrencies can give freedom to its economy, but like any government that likes to control its citizens this freedom is only offered to the powerful class of the country, i.e. while it is beneficial for companies to have the freedom to make transactions in cryptocurrencies for the citizen that freedom is restricted so they must do it in a clandestine way.

Gradually these chains will be broken when they understand that crypto has the ability to firmly establish itself with the trust of the people.

Hi @joseph1956/

Good point, let Russia legalize their cryptocurrency transactions this would allow normal companies to bypass the Swift system that does so much harm to the states.

Best regards, be well.

Let's hope this happens as soon as possible

Your post was upvoted and resteemed on @crypto.defrag

I don't think these countries really need crypto. They just need multiple streams of income to finance the war. Even Ukraine will shut off crypto when the war ends.

When it comes to crypto investments created in Russia, I prefer to be cautious and reserve, the largest number of scams were born in Russia.

The whole crypto world has to be treated with caution, as it is something new and gradually the bad guys manage to swindle the good guys.