The importer of Ladoga wine may be interested in the possibility of using cryptocurrency after the process of approval and registration of the circulation of such currency by the Bank of Russia is completed. This was announced to Izvestia by the company’s president, Veniamin Grabar, on Thursday, May 26.
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He clarified that “such a financial corridor would undoubtedly simplify settlements with our foreign partners.” In the meantime, the provider will refrain from using crypto.
“While we are working in the old way, payments go through for a long time, and sometimes they do not reach at all, they are returned. We do not face sanctions from foreign sellers themselves. On the contrary, everyone is sympathetic to the current difficulties in carrying out calculations, together we find ways to solve problems,” Grabar said.
Until the Bank of Russia releases all regulatory documents, the company will not consider cryptocurrencies as settlements under foreign contracts. The President of Simple, Maxim Kashirin, is also not yet considering the option with a crypt. Luding did not respond to a request. Food manufacturers and their suppliers do not conduct any payments in cryptocurrency either, Rusprodsoyuz noted.
According to Izvestia, importers of goods are only exploring the possibility of paying with cryptocurrency in the future. As the publication wrote on April 20, the Federal Tax Service proposed to provide for such an opportunity with cryptocurrency. The bill on the circulation of digital currency is being prepared by the Ministry of Finance, according to the document, payments in crypto are limited. But for legal entities, they can make an indulgence, it follows from the initiative of the tax authorities. They offer to buy and sell “digital money” on a crypto exchange.
Izvestia asked the Ministry of Finance to assess the desire of companies to purchase goods for cryptocurrency. The department clarified that “legislatively, this is not regulated in any way.”
“The turnover of cryptocurrency really cannot be called 100% legalized, the Russian regulator, taking into account the current geopolitical tensions and sanctions prohibitions, is loyal to other, alternative methods and schemes for conducting market relations,” Elena Volchek, a lawyer at the RCT company, told Izvestia.
According to her, the transfer of cryptocurrency by a Russian user is not prohibited by law. The ban applies specifically to receiving payment in such a currency. It follows from this that there are no legislative and technical prohibitions on making payments with digital currency.
There is indeed a certain paradox in Russian legislation, Ekaterina Smirnova, a lawyer and partner at D&A Partners, told Izvestia. On the one hand, persons are expressly prohibited from receiving payment for goods, work, services in cryptocurrency. On the other hand, owning a cryptocurrency is not prohibited, judicial practice even knows examples of foreclosure on crypto assets. Further, the general rule applies: everything that is not expressly prohibited by law is permitted. Thus, a person who legally owns the crypto can pay with the supplier.
The expert added that you need to remember about the high volatility of the cryptocurrency. She recalled how in 2010 one of the first crypto enthusiasts, Laszlo Hanich, bought two pizzas, paying 10,000 bitcoins for them. Then its cost was about $25, but at the end of 2021 it changed and rose to $426 million.
At the end of April, the Ministry of Internal Affairs, the Ministry of Economic Development, the Ministry of Digital Transformation, the Ministry of Energy, the Ministry of Justice, the Federal Security Service, the Federal Tax Service and Rosfinmonitoring submitted their comments on the draft law on the regulation of cryptocurrencies developed by the Ministry of Finance. The positions of departments are collected in a table of comments to the document, which Izvestia has read.
The FSB proposed, among other things, to oblige crypto exchanges and crypto wallets to provide information to law enforcement agencies along with the courts, the report says. The Ministry of Internal Affairs noted that the bill does not fully regulate the procedure for the execution by exchanges of a court order on the arrest of cryptocurrency and the creation of a wallet for storing seized or confiscated assets. The Federal Tax Service proposed to tighten the regulation of crypto exchanges and crypto wallets without a license. The tax authorities want to completely ban advertising on the territory of Russia for such organizations.