War in Ukraine: in the face of sanctions, Russia prefers crypto payments

Cryptos, yes but not just anyhow – The Russia walking on eggshells right now. Banned from part of the International communityit is looking for new economic partners such as we saw it recently in Africa. The government is even ready to use the cryptocurrencies to facilitate trade with “friendly” countries. The problem ? With whom to use them? Where to store them? How to control flows? Many questions and few answers so far. Freedom inherent to crypto is also a weakness in the eyes of a government that would like to control everything. We tell you all about the current Russian dilemma.

Russian authorities want to enjoy the benefits of cryptocurrency…

L’relative isolation of Russia on the international scene obliges it to turn to new economic players and to abandon its old allies. Part of its production seeks outlets while its industry needs raw materials. This is why she decided a few days ago to strengthen her cooperation with southern countries. And the theme of using cryptocurrencies for exchanges is at the center of concerns.

the Russian Federal Tax Service (FTS) and the Ministry of Finance are at the helm of these regulatory and diplomatic advances. On April 8, the Ministry published a bill favorable to the use of cryptos under certain conditions. And this news echoed the statements of Pavel Zavalnypresident of the Energy Commission of the Duma. The latter had panicked the “cryptosphere” by announcing that friendly countries could now pay for oil in bitcoins among other currencies.

The FTS has this time expressed its desire to:

“Let legal persons pay for goods and services in accordance with foreign trade contracts and receive income from foreign entities in digital currency. »

Cryptocurrencies to open new economic markets? Yes, but

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…but do not suffer the inconveniences!

Of course with legal texts, he makes it possible to read between the lines. Indeed, the original text of the ministry recalled ” the prohibition of using crypto as a method of payment in all cases where this law does not provide otherwise”. The FTS therefore proposes to use digital currencies wheneverno alternatives is not possible to collect or make payments abroad, ” this within the framework of the lawof course. The Minister’s services responded favorably, specifying however the need ” further examination and discussion“.

Indeed, the use of cryptos is not without “risks” for the Russian government which recalls – through his ministry – that all flows must be centralized to platforms that will ensure the legality of the exchanges. In an interview with the Russian media Izvestia, a member of the government specifies that they will also monitor these same platforms to avoid capital flight and fake contracts. The use of cryptos will simplify exchanges but seriously in complicate administrative follow-up for an administration that wants to be omniscient.

So it will be a yes but with a lot of precautions. Yes to the use of cryptocurrencies with countries that already use them and yes with those who have no choice. In fact, Russia want more and/or not can more accept payments in dollars or euros, hence its interest in digital currencies. But Russia wants them good sides of crypto by eliminating Wrong. She wants to be able to use cryptos freely and at the same time prevent its people from doing the same. Hard, hard, learning decentralization.

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