Developing software solutions for foreign customers Companies are asking Russian authorities to allow them to accept crypto payments. The proposal is part of a series of measures to support IT exports proposed by industry associations to Moscow’s executive branch.
IT businesses urge Russian government to allow cross-border cryptocurrency payments
Russian companies in the information technology (IT) sector I would like to be able to make and receive payments for clients outside Russia. This is according to a roadmap prepared by Russoft, the Russian Association of Software Developers, and sent to the Ministry of Digital Development, Communications and Mass Media.
Industry groups have argued that alternative payment solutions, including cryptocurrencies, are needed to mitigate the impact of financial restrictions and cut costs, Russian daily Vedomosti said Thursday. reported to This document suggests the establishment of an experimental legal regime that would facilitate the adoption of such mechanisms.
Association members complain of difficulties receiving payments from abroad. Russian companies have had to deal with tough sanctions imposed over Moscow’s decision to invade Ukraine, which has severely restricted access to the global financial system. Russoft is also urging Russian authorities to relax foreign exchange controls put in place amid the escalating conflict.
IT is different from many other industries, said Lev Matveev, a member of the organization’s executive committee, who said the focus on digital assets I tried to explain my interest. Russian Crypto News, citing his outlet Bits.media, he said most of the products created in this sector do not physically cross national borders and therefore cannot be classified as foreign trade goods, and companies elaborated that it was impossible to circumvent currency controls.
Russia has been pondering how to regulate cryptocurrencies for months. Most central bank-led government agencies agree that decentralized currencies like Bitcoin should not be accepted as a means of payment within the Russian Federation, but sanctions pressure has forced them to legalize their use in international payments.
In January, the Bank of Russia proposed a broad ban on cryptocurrency activity, but since then the country has been reached an agreement with the Ministry of Finance that The ministry is preparing a bill “On Digital Currencies” to comprehensively regulate the cryptocurrency space, which has yet to be considered by parliamentarians. Meanwhile, a bill on mining was also introduced to parliament to legalize the use of cryptocurrencies in foreign trade.
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