“The Russian authorities have begun to transfer trade with China to cryptocurrency.”, — write: www.epravda.com.ua
The Russian authorities have begun to transfer trade with China to cryptocurrency.
About this informs press service of The Moscow Times.
The first group of importers, who were allowed to pay in digital currencies for Chinese goods in an experimental legal regime, included electronics manufacturers, individual members of the Russian Chamber of Commerce and Industry, and several banks
It is noted that, first of all, the authorities selected companies that purchase dual-use goods from China, which can be used not only for peaceful purposes, but also for military purposes.
It was such importers who had the greatest difficulties with payments to banks in China and other countries. The government also selected companies with the largest turnover.
The changes make it possible to conduct exchange trading in cryptocurrency under the supervision of the Central Bank. The Central Bank and the Ministry of Finance are responsible for forming the circle of persons included in the work of the EPR.
It is reported that at the current moment of the Central Bank, representatives of medium-sized businesses cannot get into the EPR.
Even without EPR, Russian legislation does not prohibit buying cryptocurrency and paying with foreign counterparties, but there are still uncertainties and legal risks for companies. An important element of EPR is a simplified procedure for converting crypto-wallets into fiat money through banks.
However, attempts to use cryptocurrency to circumvent sanctions are expected to be quickly detected as all transactions on the blockchain are open to inspection. This will quickly lead the experiment of the Russian authorities to fiasco. Therefore, the EPR should be strictly focused on activities that are not subject to sectoral sanctions and on working with countries that have not imposed restrictions against Russia.
Read also: Russia has legalized cryptocurrencies. Will it help circumvent Western sanctions?
We will remind:
After the local banks of China refused to accept payments from Russia, the number of banks that do not accept Russian money exceeded 98%.
Against the backdrop of major problems with bank payments between Russia and China, Putin asked to organize a meeting with the President of the People’s Republic of China, Xi Jinping.