27 августа 2024 — 14:18
Starting in September, businesses will be able to make cross-border payments in digital currency within the framework of experimental legal regimes (EPR). This will help solve the problem of blocking payments by foreign banks and speed up the settlement process with counterparties, Rossiyskaya Gazeta writes, citing the opinion of experts.
Digital currencies exist in three main types: cryptocurrency, stablecoins and the digital currency of central banks. Their use in the framework of foreign trade activities will help to stabilize the relationship of participants in transactions and simplify calculations through the implementation of instant transactions with a minimum commission, says Svetlana Frumina, Head of the Department of Global Financial Markets and Fintech at Plekhanov Russian University of Economics.
"Today, active work is underway to overcome the difficulties associated with differences in legislation, taxation and other aspects of settlements between participants in foreign economic activity. However, "the road will be mastered by the walking one," and the launch of the process from September 1 will allow us to begin adapting to new realities," she noted.
Difficulties in calculations related to sanctions are currently hindering the supply of goods
The initiative is aimed at helping the economy with the implementation, first of all, of foreign economic settlements, which suffer significantly under the conditions of sanctions restrictions, according to Sergey Elin, an expert at the Moscow branch of OPORA Russia on financial and legal business security. The creation of alternative payment formats, in his opinion, makes it possible to circumvent sanctions restrictions in mutual settlements and provides more flexible tools in terms of exchange and payment transactions.
Today it is already clear that cryptocurrencies will develop all over the world, he added. Those countries that will have a faster growth rate in this matter will eventually fine-tune a clear regulatory system and gain advantages. It is more effective for the state system to build clear rules so that there are no gaps in regulatory regulation. "It is not by chance that it is indicated that this is done in the format of an experiment, because there are a lot of aspects that need to be taken into account. Of course, there will be some adjustments in the process. But the beginning has been made," he is sure.
The initiative was also supported by Yuri Shilov, a member of the General Council of Delovaya Rossiya. According to him, the business is waiting for the launch of the experiment, as payment delays complicate the timely delivery of goods. "We are currently two months behind schedule in a number of deliveries, specifically due to delayed payments. We really hope that the new regime will help us solve this problem," he concluded.