The Russian Federal Tax Service (RFB) has put forward a surprising idea in its discussion of cryptography in Russia. Allowing businesses to make international payments in cryptocurrencies is a good idea, according to the RFB. Local newspaper Izvestia reports that the RFB submitted this as an official feedback on the cryptocurrency law on Wednesday.
“[…] It enables businesses to pay foreign parties for goods and services and receive payments in digital currency.” The RFB said in response to the first draft of the cryptocurrency bill in Russia: It could be a way to nullify sanctions from the West. If the proposal reaches the final stage, it means that the price of the Russian cryptocurrency will change significantly.
Cryptocurrency as a way out
As noted above, the RFB’s proposal has the potential to completely overturn the spirit of the current bill. As it stands, the proposal sees no role for cryptocurrencies other than as an investment vehicle. Izvestia writes that the preliminary version contains a clause banning cryptocurrency payments. In any case, for all points for which this law does not make specific exceptions.
Therefore, an exception may be included in the law for international payments to businesses. In any case, that is what the RFB has now put forward the proposal. According to Izvestia, the RFB made the offer to create a diverse palette of payment options to support Russian companies during this tough sanctions period.
Additionally, the RFB wrote that businesses should be given the opportunity to buy and sell cryptocurrencies through regulated cryptocurrency wallets and exchange platforms. In that regard, it remains to be seen what this will look like. Many international stock exchange platforms are probably not allowed to participate in this. about it.
Bitcoin geopolitical moment
Bitcoin started in 2009 as an attic project for cypherpunks and computer geeks. I wonder if Satoshi Nakamoto ever saw the potential that Bitcoin is starting to realize now. Not before. We are now at a point where politicians at the highest level regularly discuss Bitcoin.
In line with the country’s leading political ideology, China has declared a total ban on bitcoin and bitcoin mining. Meanwhile, the US seems to be opening up more and more to mining Bitcoin, especially in Texas where the industry is currently thriving. Russia sees bitcoin and bitcoin mining as a potential solution to evading Western sanctions.
Apart from the big three, there is of course El Salvador, the first country to convert Bitcoin to legal tender. Bitcoin has shown to be a powerful currency tool that everyone can use in different ways. Some benefit from absolute scarcity, while others benefit from being uncontrollable by centralized power.
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