Russian software exporters may switch to using crypto to make payments

2022/11/09 10:38

Russian IT companies may be allowed to make payments in cryptocurrency when exporting IT solutions. Such a proposal is contained in the road map of supporting measures for software exports in the country, prepared by Russoft, an association of Russian software developers. The document was sent to the Ministry of Finance, Vedomosti got acquainted with a copy of it, its authenticity was confirmed by a representative of "Russoft". To mitigate the restrictions "with the payment for transactions with foreign customers and reduce the costs of such payments" it is necessary to work out the use of "alternative payment solutions", including the introduction of experimental legislation regimes, the document says. Another measure that could support the IT exports aims to "lift currency control for the IT-companies". Lev Matveev, member of the Board of Russoft, said in a comment to the publication that the "alternative payment solutions" would include settlements in a cryptocurrency. At the same time Matveev assures that currency control is irrelevant in this situation. "IT is different from other industries – for example, most products do not cross the border physically and do not have the commodity nomenclature of foreign economic activity codes. Therefore, for our industry, it is possible to abolish currency control," he added.

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