International payments are offered to be carried out in digital currency

Currently, cryptocurrencies are becoming more and more popular. They
represent a new payment method that has many advantages, including transaction
speed and low fees. Their use will contribute to reducing the dependence of
economic turnover participants on global financial institutions. Russian
legislators are developing a legislative framework for mining digital
currencies and using them to make payments.

The Russian government has announced plans to create a national
cryptocurrency platform for accounting and licensing of digital currency
operators. With the help of this service, participants in foreign economic
activity (VED) will be able to make settlements with counterparties in digital
currency.

To be able to pay using digital currencies, companies will need to
contact a national operator to gain access to the platform. Also, crypto
exchanges and crypto exchanges that carry out operations with cryptocurrencies
for foreign trade participants can apply for access to the platform.

To use cryptocurrency for international payments, it is also important
to consider the following factors:

• Choosing a cryptocurrency

Given the variety of cryptocurrencies that have appeared, it is necessary
to initially establish in which cryptocurrency it is planned to carry out
calculations. Companies can choose between popular digital currencies but
having relatively high fees and a long time to confirm transactions, or less
popular, but having an advantage in the speed of transaction processing.

• Cryptocurrency exchange rate

Since the cryptocurrency market is still quite young, at times it can be
quite volatile and the exchange rate can change dramatically in short periods
of time. Therefore, when choosing a digital currency, it is important to
determine the one that has a more stable exchange rate.

The bill also provides for the introduction of a new classifier of
economic activity (OKVED) for miners for both individuals and legal entities.
This will make it possible to carry out mining at the official level and
establish a base for mining taxation.

In general, the use of cryptocurrencies for international payments has
many advantages. However, before using this payment method, it is necessary to
carefully study all the pros and cons so you can get the maximum benefit from
it.