The State Duma, the lower house of the Russian Legislative Assembly, approved regulations on the use of digital financial assets for international payments in the second and third readings.
Laws on currency regulation and currency control and on digital financial assets will be amended as needed.
The amendments make it possible to use digital rights as payment for imports and exports of goods and services within the framework of the law on currency regulation. Russian business entities will now be able to do business with their partners using digital rights.
The document provides for the possibility of performing foreign trade transactions where digital assets are used as the means of payment. Transactions between a resident and a nonresident or between nonresidents on acquisition and divestment of digital assets on legal grounds are recognized as currency transactions. The Bank of Russia will be vested with powers to set out conditions for making individual currency operations with digital assets and banning their performance.