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Russian Logistics Firm Asks Moscow to Legalize Crypto Payments https://cryptonews.com/news/russian-logistics-player-asks-moscow-to-legalize-crypto-payments/

Russian Logistics Firm Asks Moscow to Legalize Crypto Payments

ETE Group, a Russian logistics firm, has asked Prime Minister Mikhail Mishustin to develop a regulatory framework for settlements with foreign suppliers in digital currencies, including cryptocurrency. The company wants the government to make changes to the Russian Civil and Tax Codes and other regulatory legal acts to establish a legal status for cryptoassets.

The firm, which has almost 500 corporate clients and specializes in cargo shipments to countries like China, India, and Turkey, noted that business sector interest in making crypto payments abroad increased by 40% in 2024. ETE suggested that while Russian companies are allowed to make international payments in cryptocurrency, the process carries risks due to the lack of regulation.

The company cited that the use of crypto helps domestic firms solve problems with foreign payments. Russian companies have reportedly started using crypto as a payment tool since the outbreak of war in Ukraine in February 2022, which led to the imposition of sanctions by the US, the EU, and the UK.

ETE noted that official Russian policy allows the use of crypto for cross-border trade through the Central Bank's sandbox program, but many companies are thought to be trading outside the sandbox with Moscow's blessing, causing uncertainty in the sector.