According to Moscow labor authorities, Russian companies interested in paying salaries in cryptocurrency face hefty fines. Regulators insist that the ruble remains the only legal currency in the country.
Ban on Cryptocurrency Salaries
Russia's State Labor Inspectorate has declared that employers are prohibited from paying salaries in cryptocurrency, either fully or partially. This statement was made in response to employers' requests for clarification on the matter. The inspectorate's position has been confirmed by the Ministry of Labor, noting that, according to the Labor Code, salaries must be paid exclusively in money. Currently, cryptocurrency is recognized as property in Russia.
Reasons for Growing Interest in Cryptocurrency
The use of digital currencies for wage payments has become relevant since the Russian government legalized cryptocurrency settlements in foreign trade to help companies cope with financial restrictions imposed due to the conflict in Ukraine. Alexander Khaminsky from the Business Russia organization emphasized that cryptocurrency transfers are fast and low-cost, making them attractive for Russian firms working with foreign specialists.
Prospects for Cryptocurrencies in Russia
However, Russian authorities are concerned that the use of cryptocurrencies may undermine the stability of the ruble and allow businesses to evade taxes. Elvira Nabiullina, Governor of the Central Bank of Russia, reiterated that regulators are against the use of cryptocurrencies for domestic payments. Despite growing interest in cryptocurrency salaries in other countries, this option remains illegal in Russia.
Thus, despite the increasing interest from Russian companies in cryptocurrency payments, legislative restrictions and regulators' concerns render this direction highly risky. The future of cryptocurrencies in Russia remains uncertain.
