Russoft, a group of Russian software developers, created and forwarded a plan to the Russian Ministry of Digital Development, Communications, and Mass Media to allow Russian information technology (IT) companies to be able to send and receive cryptocurrency payments.
A Russian business daily reported that for the industry group, new payment options, such as cryptocurrencies, are required to reduce the impact of budgetary constraints and costs. The study recommends the creation of test legal systems that would make the adoption of such mechanisms easier.
The association’s members complain that it’s difficult to get funds from abroad because of the rugged sanctions that were put in place as a result of Moscow’s decision to invade Ukraine. It has severely restricted access to the global banking system for Russian enterprises. Additionally, Russoft is urging Russian authorities to loosen foreign exchange restrictions put in place as the war heated up.
Lev Matveev, a member of the organization’s executive board, made the observation that the IT sector differs from many other companies when attempting to explain its interest in digital assets. He went on to explain to a Russian news site that because the majority of the goods produced in this industry do not really cross international borders, they cannot be designated as commodities for international trade, which makes it hard for businesses to get around currency regulations.
For months, Russia has been considering how to handle cryptocurrencies. Most government agencies, led by the central bank, concur that decentralised currencies, such as bitcoin, should not be accepted as a form of payment inside the Russian Federation, but pressure from sanctions has boosted support for the notion of allowing their use in international settlements.
Initially proposing a broad ban on cryptocurrency-related activity, the Bank of Russia later came to an understanding with the Ministry of Finance that the nation must permit cross-border cryptocurrency payments amid heavy sanctions. The government has drafted legislation titled “On Digital Currency” to completely regulate the cryptocurrency industry, but MPs have not yet had a chance to evaluate it. A proposed law on mining that would permit the use of cryptocurrencies in international trade was also submitted to parliament around this time.