The request from the Russian logistics firm ETE Group to Prime Minister Mikhail Mishustin to allow domestic firms to use crypto as a payments tool in overseas trade deals reflects a growing trend in the industry. ETE has urged the government to develop a regulatory framework for settlements with foreign suppliers in digital currencies, including cryptocurrency. The company, which is based in Moscow and Vladivostok and serves almost 500 corporate clients, specializes in cargo shipments to countries like China, India, Türkiye, and Southeast Asian nations.
In its letter to the Prime Minister, ETE emphasized the need for changes to the Russian Civil and Tax Codes, as well as other regulatory legal acts, to facilitate the use of crypto in international trade transactions. The company also called for the establishment of a legal status for cryptoassets and the creation of formal protocols for their issuance, circulation, and accounting. Additionally, ETE requested clarity on regulations concerning crypto exchanges and the designation of a state body to oversee crypto transactions.
The increasing interest in making crypto payments abroad among Russian businesses, with a reported 40% rise in 2024, has prompted ETE to push for regulatory reforms. While Russian companies are currently allowed to make international payments in cryptocurrency, the lack of a regulatory framework poses risks for businesses. ETE believes that enabling crypto payments can help domestic firms address challenges associated with foreign transactions.
The use of crypto as a payment tool by Russian trade firms gained traction in the aftermath of the conflict in Ukraine in 2022. Sanctions imposed by the US, the EU, and the UK on Russian trading companies and banks, along with their disconnection from the SWIFT network, have prompted companies to explore alternative payment options. While Russian trade firms are required to use the Central Bank’s sandbox program for cross-border trade in crypto, many are believed to be operating outside the sandbox with tacit approval from Moscow.
However, the lack of clear regulations has created uncertainty in the sector, leading some companies to be cautious about using crypto for international transactions. With the EU drafting new sanctions against Russia and discussions of further sanctions by Washington, more Russian companies are seeking dollar-free trade alternatives. ETE highlighted that sanctions against Russian financial institutions have impeded settlements with foreign suppliers, resulting in delays in payments between firms in Russia and countries like China and Kazakhstan.
The complexities of international trade transactions, exacerbated by sanctions and regulatory uncertainties, underscore the need for a clear legal framework for crypto payments. ETE’s request to legalize crypto payments reflects a growing trend in the industry, as more companies seek innovative solutions to navigate the challenges of global trade. As Russia and other countries explore the use of crypto for cross-border transactions, establishing clear regulations and oversight mechanisms will be essential to ensure the smooth and secure operation of crypto payments in the international trade landscape. title: The Benefits of Outdoor Exercise
Exercise is essential for maintaining good physical and mental health. While many people choose to work out in a gym or at home, outdoor exercise offers a unique set of benefits that can enhance your overall well-being. In this article, we will explore the numerous advantages of taking your workout routine outside.
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