As Sanctions Bite Harder, Russia Will Ease Cryptocurrency Asset Taxes

Russia’s PM Hints on Crypto Permits for Imports

  • Iran and Russia have clung to cryptocurrencies to get around US sanctions that crippled their economies.
  • Iran recently made its first import in crypto after authorizing the import of cars worth $10 million.

Russian Prime Minister Mikhail Mishustin has hinted at the country’s plans to follow in Iran’s footsteps in using cryptocurrency for imports. Mikhail made this known while discussing strategies for local economic growth.

With Russia facing several restrictions and sanctions, Prime Minister Mikhail believes digital tokens could help the country navigate these difficult times. Russia’s attack on Ukraine earlier this year led to it facing multiple international sanctions that have attempted to cripple the country’s economy.

Mikhail noted that digital tokens were good options for payments and imports. In his speech, Russia’s Prime Minister remarked that the priority was to ” saturate our economy with sufficient liquidity, ensure the sustainability of our enterprises and entire industries, and save jobs.”

Speaking on the importance of digital assets, Mikhail said,

We need to intensively develop innovative areas, including the adoption of digital assets. This is a safe alternative for all parties that can guarantee uninterrupted payment for the supply of goods from abroad and for export.

This will not be Russia’s first time expressing its admiration of cryptocurrencies. Russian authorities have previously explored using cryptocurrency for foreign payments. Ivan Chebeskov, the director of the Financial Policy Division under the Russian Finance Ministry, stated in May that the organization was looking into the prospect of accepting cryptocurrency payments. The Bank of Russia, the largest government cryptocurrency skeptic in Russia, also backed the idea of accepting crypto for international payments.

Iran Embraces Crypto Payments

Russia’s move to use crypto for imports comes after Iran announced plans to accept cryptocurrencies for both local and international payments. The country’s Ministry of Industry, Mines, and Trade recently permitted the use of crypto for imports. Trade Minister Reza Fatemi Amin revealed that new regulations had legalized using cryptocurrencies for trade and to pay for fuel and power for BTC and crypto miners.

The new laws reportedly specify all issues relating to cryptocurrencies, including how to provide fuel and electricity for them to be mined and how to provide licenses. Iran has embraced the crypto industry to survive the multiple sanctions it faces from the United States.

The new regulations allow items to be brought into Iran and paid for using cryptocurrencies to get around U.S. sanctions that have devalued Iran’s national currency. Iran’s Trade Development Organization recently authorized the import of cars worth $10 million using cryptocurrency as the payment method.

Lawrence Woriji Verified

Lawrence has covered some exciting stories in his career as a journalist, he finds blockchain-related stories very intriguing. He believes Web3 will change the world and wants everyone to be a part of it.

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