Tatarstan proposes to solve the problem of foreign transfers with cryptocurrency — RealnoeVremya.com

The idea of ​​​​creating a mining center in the republic begins to acquire details

Photo: Реальное время

Today more than 50% of importers have problems with payments in foreign currency. Basically, Russian businesses complain that foreign banks are not ready to accept payments from Russia, correspondent banks refuse to process them, and domestic banks are disconnected from the SWIFT system. In Tatarstan they want to solve the problem by legalizing international payments with cryptocurrency. The ideologues of the project expect to attract large mining companies to the region by promising them a special legal regime, in exchange for paying for the supply of equipment with “pure cryptocurrency”. Deputies of the Russian State Duma, the regional Ministry of Industry and Trade and the Ministry of Finance participated in the discussion of the project. For more information on alternative international agreements, see Realnoe Vremya’s material.

Failed payments

Last year, more than half (52%) of Russian importers faced problems with cross-border payments in foreign currency. This figure increased by 10 percentage points compared to 2022, according to a survey conducted by the Center for Foreign Trade at the Russian Ministry of Industry and Trade.

The study involved around 200 companies of various sizes, from micro businesses to large ones. The interviewees work in different sectors: a quarter of the companies specialize in mechanical engineering and chemistry, another part produces electrical equipment and metal products. Survey participants indicated the main problems encountered with cross-border payments: a foreign bank is not willing to accept payments from Russia (42%); a correspondent bank refuses to process such payments (17%), a Russian bank is disconnected from SWIFT — 13%.

Last year, more than half (52%) of Russian importers faced problems with cross-border payments in foreign currency. Максим Платонов / realnoevremya.ru

Officially the authorities do not like to comment on such requests. The Ministry of Industry and Trade of the Republic of Tatarstan preferred to refrain from commenting on difficulties with international agreements. The Tatarstan Affairs Ombudsman’s Office also noted that the issue cannot be resolved at the regional level.

“It’s disconcerting”

Artur Nikolaev, the first vice-president of the Tatarstan Chamber of Commerce and Industry, confirmed to Realnoe Vremya that the problem with international payments really exists. “It concerns many companies that carry out economic activities abroad. But to a greater extent, of course, imports, especially imports of high-tech equipment. There are codes, for example OKVED 84, which are subject to sanctions, and here difficulties arise at all stages: logistics, document management and financial component.”

“Business is business about finding ways out of difficult situations. Almost everyone today finds ways and routes to pay. Of course, I don’t want to reveal these options,” Nikolaev commented. “In fact, it’s like a puzzle. There is no magic wand to wave and all decisions are made. Every time you have to solve problems in a new way.”

“Perhaps, as a result, there is an increase in the cost of services, because the work does not go directly, but this does not seriously complicate the business,” adds Nikolaev.

The main directions of Tatarstan are now China and Turkey, and today there are precisely the greatest difficulties. “But there are no dead ends. Although this year has become more difficult”, admits the vice president of the Chamber of Commerce and Industry. “Nevertheless we see that imports are increasing significantly, especially from China. For example, I was at the Canton Fair (China’s Fair of Imported and Exported Goods) and it drew attention to the huge number of Russians who came to pick up equipment or technology.”

We need a cryptocurrency that is not involved in gray schemes

The founder of the cryptopolygon in Tatarstan, Yakov Tenilin, told Realnoe Vremya that the topic of the use of vaults in international settlements is now actively being resolved in Tatarstan. “A working group called Tatarstan Mining Center has been created, and within this working group there is an initiative to create a mining operator on the territory of the republic within the framework of a special legal regime,” he said . The working group includes deputies of the Russian State Duma representing Tatarstan, representatives of the Ministry of Industry and Trade of the Republic of Tatarstan and the Ministry of Finance of the Republic of Tatarstan and representatives of Bogatye Saby, in particular Chief Rais Minnikhanov , listed in Tenilin.

The topic of using crypts in international settlements is currently being actively studied in Tatarstan. Максим Платонов / realnoevremya.ru

The cryptocurrency obtained through mining is, according to him, the purest, not involved in any gray schemes and therefore can be used in international agreements.

According to the ideologists of the project, the tasks of the mining operator will include the development of infrastructure in Tatarstan, monitoring the activities of miners and organizing communication between miners and electricity suppliers. “At the same time, it is planned to create a structure that will accumulate liquidity for the use of cryptocurrencies in international agreements. It will be engaged in the acquisition of cryptocurrencies from miners in exchange for rubles,” explains Tenilin. “Today, within the framework of the federal law, the adoption of which is expected in early autumn, miners can trade cryptocurrency only on exchange platforms This is difficult for mining companies: they have to trade cryptocurrency on a foreign platform, then turn it into fiat currency and import it into Russia. What we offer will make life easier for miners.”

“The mining operator will have the opportunity to sell cryptocurrency to industrial companies and act as their payment agent. When an enterprise purchases equipment, on its behalf the supply of the equipment can be paid for in cryptocurrency,” explains Tenilin. “The industrial enterprise does not initiate any wallets, does not operate with cryptocurrency and reduces the likelihood of further currency control.”

Haram or halal?

The attitude towards cryptocurrencies and mining in the Muslim world is contradictory, it is still discussed whether mining is haram or halal, recalls Maxim Osadchy, head of the analytical department of BKF bank.

‘In particular, Sheikh Haytham al-Haddad opposes mining, as mining involves the creation of money out of thin air, which he considers unacceptable under Sharia law. When Muslims finally classify cryptocurrencies and mining as halal from the point of view of Sharia, then it will be possible to return to the issue of mining in Tatarstan,” the analyst believes.

According to him, one of the banks of Tatarstan is actively participating in the digital ruble test.

Today, Tatarstan’s business uses the vault indirectly, Artur Nikolaev admitted. “For example, in Türkiye all this is legalized. In principle, if a company has such a need, it can send a crypto to Turkey and there a person will exchange it for a lira. There are countries where cryptocurrencies are legalized and to some extent this simplifies interaction for companies. But, on the other hand, we have to consider how risky it is,” he warns. “Companies will probably use these tools more and more. There is a growth trend here.”

At the same time, in his opinion, it will be difficult to legalize the crypt in a single Tatarstan: “The legislation should be uniform.” «It will be difficult to make a ‘pilot’, as, for example, for halal finance. Crypta is a slightly different story and it will be very difficult to identify different regions to test it. There should still be a single space,” Nikolaev believes.

Yulia Garaeva

Tatarstan


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