Russia Considers Bitcoin for International Trade in 2023: Report

Top crypto news from Russia says the country is considering accepting Bitcoin (BTC/USD) as well as some cryptocurrencies as a payment option for international trade in 2023.

According to the local news agency IzvestiaRussian government officials from the Ministry of Finance and the State Duma have confirmed the development.

The tax authorities, the central bank and the Ministry of Economic Development are also involved in discussions, the media said citing sources.

The assessment of crypto as an alternative payment method for businesses comes just days after the Finance Ministry and Russia’s Central Bank highlighted the likelihood of such a move being made.

There are also discussions about the viability of this proposal in the Federal Tax Service and the Ministry of Economic Development. Part of the debate revolves around the classification of bitcoin as property and the implications of this for taxation.

Russia’s opportunity for cross-border trade

Izvestia specifically mentions that Ivan Chebeskov, the director of the financial stability department of the Ministry of Finance, talked about the move to have crypto used for cross-border transfers in 2023. Anatoly Aksakov of the State Duma committee reportedly confirmed the timeline.

According to Chebeskov, the financial market department works with “a number of legislative initiatives” related to the use of the cryptocurrencies in international trade. However, the plans have not been formally presented to the government.

But once formalized, Chebeskov noted, Russia will allow businesses the option of choosing whether to use Bitcoin or other permitted crypto for cross-border trade.

Russia has toyed with the idea of ​​using bitcoin before (check here as well) and has a roadmap for regulating crypto in the country, although it currently does not allow crypto exchanges to operate in the country. In fact, it has been suggested that the use of bitcoin for international trade, if given the nod, would be handled via the Moscow and St Petersburg stock exchanges.

As previously highlighted by Invezz, a growing number of Russians have reportedly turned to crypto amid the impact of sanctions imposed by the West and the US following Russia’s invasion of Ukraine.