International payments are offered to be carried out in digital currency

May, 03 2023

Currently, cryptocurrencies are becoming more and more popular. They represent a new payment method that has many advantages, including transaction speed and low fees. Their use will contribute to reducing the dependence of economic turnover participants on global financial institutions. Russian legislators are developing a legislative framework for mining digital currencies and using them to make payments.

The Russian government has announced plans to create a national cryptocurrency platform for accounting and licensing of digital currency operators. With the help of this service, participants in foreign economic activity (VED) will be able to make settlements with counterparties in digital currency.

To be able to pay using digital currencies, companies will need to contact a national operator to gain access to the platform. Also, crypto exchanges and crypto exchanges that carry out operations with cryptocurrencies for foreign trade participants can apply for access to the platform.

To use cryptocurrency for international payments, it is also important to consider the following factors:

Choosing a cryptocurrency

Given the variety of cryptocurrencies that have appeared, it is necessary to initially establish in which cryptocurrency it is planned to carry out calculations. Companies can choose between popular digital currencies but having relatively high fees and a long time to confirm transactions, or less popular, but having an advantage in the speed of transaction processing.

Cryptocurrency exchange rate

Since the cryptocurrency market is still quite young, at times it can be quite volatile and the exchange rate can change dramatically in short periods of time. Therefore, when choosing a digital currency, it is important to determine the one that has a more stable exchange rate.

The bill also provides for the introduction of a new classifier of economic activity (OKVED) for miners for both individuals and legal entities. This will make it possible to carry out mining at the official level and establish a base for mining taxation.

In general, the use of cryptocurrencies for international payments has many advantages. However, before using this payment method, it is necessary to carefully study all the pros and cons so you can get the maximum benefit from it.

Author of the article
International payments are offered to be carried out in digital currency
Valentina Khlavich
Managing Partner
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