War in Ukraine: in the face of sanctions, Russia prefers cryptocurrencies

Cryptos, yes, but not just anyway – That Russia going on eggshells right now. Excluded from part of International communityit is looking for new financial partners such as we saw it recently in Africa. The government is even ready to spend cryptocurrencies to facilitate trade with “friendly” countries. The problem? Who should you use them with? Where should they be stored? How are flows controlled? Many questions and few answers so far. Freedom inherent that crypto is also a weakness in the eyes of a government that wants to control everything. We tell you all about the current Russian dilemma.

Russian authorities want to enjoy the benefits of cryptocurrency …

L ‘relative isolation Russia on the international stage obliges it to turn to new economic actors and to abandon its old allies. Part of its production seeks outlets, while its industry needs raw materials. Therefore, a few days ago, she decided to strengthen her Cooperation with southern countries. And the theme of use cryptocurrencies for exchanges are at the center of the concerns.

that The Russian Federal Tax Service (FTS) and Ministry of Finance is at the forefront of these legislative and diplomatic advances. On April 8, the ministry released a bill that benefits the use of cryptocurrencies under certain conditions. And this news repeated the statements from Pavel ZavalnyChairman of Energy Commission of the Duma. The latter had seized the “cryptosphere” in panic by announcing that friendly countries could now pay for oil in bitcoins among other currencies.

FTS has this time expressed a desire to:

“Let legal persons pay for goods and services in accordance with foreign trade contracts and receive income from foreign entities in digital currency. »

Cryptocurrencies to open new economic markets? But

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… But you do not like the inconvenience!

Of course with legal texts he makes it possible to read between the lines. In fact, the original text of the ministry reminded of ” the prohibition on using crypto as a method of payment in all cases where this law does not provide otherwise “. FTS therefore proposes to use digital currencies at any timeno alternative it is not possible to collect or make payments abroad, ” this within the framework of the lawof course. The Minister’s services responded positively, but specified the need for ” further study and discussion“.

In fact, the use of cryptocurrencies is not without “risks” for the Russian government, which reminds – through his service That all flows must be centralized to platforms that will ensure the legality of the exchanges. In an interview with the Russian media Izvestia, a member of the government specifies that they will also monitor the same platforms to avoid capital flight and fake contracts. The use of cryptocurrencies will simplify exchange but seriously in complicate administrative follow-up for a management that wants to be omniscient.

So it becomes a yes but with a lot precautions. Yes to the use of cryptocurrencies with countries that already use them and yes with those that have no choice. In fact, Russia want more and / or not can more accept payments in dollars or euros, hence its interest in digital currencies. But Russia wants them good sides of crypto by eliminating Wrong. She wants to be able to use cryptocurrencies freely and at the same time prevent its people from doing the same. Hard, hard, learning decentralization.

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