Russian logistics company ETE Group calls on the government to allow the use of cryptocurrency payments in overseas trade

According to Cryptonews, Russian logistics company ETE Group has asked Prime Minister Mikhail Mishustin to allow domestic companies to use cryptocurrency for payments in overseas trade. ETE is calling for a regulatory framework for settling with foreign suppliers in digital currency and hopes the government will amend relevant laws, including the "Russian Civil Code" and "Tax Code", as well as foreign exchange control laws. ETE pointed out that interest in foreign cryptocurrency payments in the business sector will increase by 40% by 2024, but the lack of a regulatory framework poses risks. The company believes that cryptocurrency payments can help solve problems with overseas payments.

ETE also mentioned that sanctions on Russian financial institutions have hindered settlements with foreign suppliers. Payments between businesses in Russia and countries like China and Kazakhstan often face delays, which are extended whenever new sanctions are introduced. Russian law stipulates that cryptocurrencies cannot be used to pay for goods costs; only ruble is recognized as official currency.