Russia’s Federal Tax Service (FTS) has reportedly shifted its focus to crypto in Russia, via generating a proposition of allowing local firms to support crypto as a medium of payment during global transactions. 

Specifically, the FTS reportedly made official comments regarding the draft of the crypto bill prepared by the Ministry of Finance. Within which, the fiscal agency proposed to let Russian establishments use crypto for particular affairs. 

“To let corporate entities pay for goods and services according to foreign trade contracts and to receive revenue from foreign entities in digital currency.”

The proposed idea could reportedly have the potential to make profound changes to the spirit of the proposed framework, which previously did not cover any other role for digital currencies beyond as investment assets.

The existing draft reportedly includes a clause, detailing that the barring on using crypto as a payment measure is in effect “in all cases where this law does not specify otherwise.”

The FTS reportedly put up a proposal to act on this reservation, in an effort to bring about diversification to payment mediums available to Russia-based firms, currently having engagement in global trade during severe financial sanctions imposed on the nation.

The FTS additionally offers clarification that it would be made mandatory for companies to purchase and sell digital currencies facilitated by regulated crypto wallets and exchange platforms.

In response to the FTS’ feedback note, the Ministry of Finance left the “partially support” mark, elaborating that the issue requires further consideration and discussion.

On April 8, the Russian Ministry of Finance reportedly put in finalizing notes to the draft legislation, going by the name “On Digital Currency” (also known as the “crypto bill”), and transfer it to the authority for approval.