27 Dec 2022 16:00

MinFin backs cryptocurrency settlements for exporters in pilot mode - Siluanov

MOSCOW. Dec 27 (Interfax) - The Russian Finance Ministry is in favor of any progress with legalizing settlements in cryptocurrencies for exporters under the experimental legal regime, but a mechanism must be developed to quickly exchange digital currencies for fiat, as it is difficult to fix the value of goods due to volatility, Finance Minister Anton Siluanov at his year-end press conference.

"I am only in favor of for any movement in this direction. If the Central Bank agrees to a pilot with exporters, that would be excellent," he said, commenting on the possibility of settlements in cryptocurrency for exporters.

"The risks are only for our exporters, the volatility of crypto-currencies. We need to negate them and do it quickly so that volatility cannot affect the cost of goods. On the other hand, we need tools to convert to fiat from these currencies. And in which currencies - a mechanism will have to be worked out here," Siluanov said.

Central Bank Governor Elvira Nabiullina said on December 16 that the regulator might entertain the use of cryptocurrencies for settlements within Russia, but only as part of the experimental legal regime being developed as a support for exporters. "We believe that it is possible to consider transactions within the country in the framework of the experimental legal regime and through an authorized organization, but for the appropriate law must be adopted," she said.

"The only thing the experimental legal regime, if the law is passed, will be available for is to use crypto assets to support foreign economic activity," Deputy Central Bank Governor Alexei Zabotkin said.

State Duma Financial Market Committee Chairman Anatoly Aksakov told Interfax that it would be possible to sell foreign currency to exporters within the experimental legal regime being created - not for all, but to those who meet certain criteria. "Most likely, we will follow the path of developing some criteria for companies that will work in this experimental legal regime," he said.

Russian Prime Minister Mikhail Mishustin in September gave the relevant ministries and Central Bank until December 19 to coordinate positions on the use of digital currencies in international settlements.

Amendments to the law on experimental legal regimes, which will allow Russian companies to settle for exports in cryptocurrencies, might be adopted before the end of January. The procedure for taxation might be prescribed in the same law when paying for exports in digital currencies, Aksakov said earlier.

The legalization of payments for export deliveries in cryptocurrency requires amendments to the Tax Code so that companies can legally display payments in digital currencies in their tax returns.