Estimated burden: the authorities declared the inadmissibility of salaries in cryptocurrency

Russian companies cannot even partially pay salaries in cryptocurrency — this position was indicated by the State Labor Inspectorate in response to a business request and confirmed by the Ministry of Labor. According to the Labor Code, salaries can only be in cash. But since 2024, an experiment began to operate that allows cross-border operations in the crypt. And some employers regarded this as an opportunity to pay salaries according to this scheme. Moreover, there is a demand for this method of payment with employees, primarily with those who are abroad. But in this way, organizations can avoid taxes, which is why the State Duma is discussing tougher penalties in the industry.

Is it possible to receive a salary in the crypt

Russian organizations cannot even pay part of their salaries in cryptocurrency. This position is reflected in a letter from the head of the State Labor Inspectorate in the Orel region, Sergey Avdeev. It was posted in June in the ConsultantPlus help system in response to a request from an unnamed company. The official refers to the legislative framework.

According to current legislation, cryptocurrency in Russia is recognized as a "digital asset", but cannot be a means of payment, the press service of the Ministry of Labor confirmed to Izvestia. This means that an employer registered in our country is not entitled to pay salaries in whole or in part in the crypt to employees who are tax residents of the Russian Federation. Labor legislation provides for the payment of wages in the currency of the Russian Federation, that is, in rubles, the department summarized.

Photo: IZVESTIA/Anna Selina

At the same time, in some cases, settlement in foreign currency is also legal, Elena Gladysheva, managing partner of the RI-Consulting law firm, told Izvestia. We are talking about working outside the Russian Federation, that is, on a business trip. This also applies to representative offices and branches of foreign companies.

Companies have questions about this topic due to the convenience of international payments in the crypt, the speed of transactions and cost reduction, especially when working with foreign specialists, explained Alexander Khaminsky, a member of the Moscow regional branch of Delovaya Rossiya. In addition, the scheme has become relevant against the background of the launch of an experimental regime for cross-border payments in cryptocurrency from 2024: selected companies can make foreign trade payments through licensed platforms without affecting the domestic ruble turnover. Therefore, employers might think that salaries can now be transferred in this form.

Money on the stop: real wages began to grow twice as slowly

Where are the salaries being raised the fastest, and who has their salaries cut altogether

However, there are currently no exceptions to legally pay salaries in digital assets, said Maxim Barashev, managing partner of BBNP law firm.

Photo: IZVESTIA/Dmitry Korotaev

As a result, payments in the crypt carry legal risks for the employer, concluded Alexander Khaminsky. Currently, fines for companies amount to 50 thousand rubles. However, the punishment may be increased. The State Duma is considering a bill that increases (up to 1 million rubles) fines for using cryptocurrencies for payments within the country, and also involves the confiscation of such assets.

Why do companies want to Pay in Bitcoin

Against the background of the increasing use of cryptocurrencies in the world and changes in legislation in different countries, including Russia, there is a growing interest in the topic of payments in an alternative form. In particular, the Russian Federation is actively working on the introduction of the digital ruble. However, the third form of the national currency is not a crypt and its direct exchange into bitcoin is not provided, said Vladimir Krasnikov, head of the IT department of the PRIX Club.

Another reason for the interest in this topic is that after 2022, Russian companies have more relocated and completely remote employees. Payments through traditional channels abroad are burdensome for many for a number of reasons: exchange losses and commissions eat up 4-6% of the payroll, there are sanctions risks, transactions in euros and dollars may freeze and not go through at all, said a partner at the Agency for Economic Transformation and Development (APRE) Victoria Pavlushina.

Photo: IZVESTIA/Sergey Lantyukhov

The model of international settlements that is beginning to "take shape" indicates the inevitability of introducing cryptocurrencies into the Russian economy, agrees Damir Kudryakov, an expert at the RUDN University Faculty of Economics. Businesses are increasingly looking for alternatives to classic banking instruments, he added.

Hype blinders: memcoins can deprive Russians of 100 billion rubles

More than half of the projects on the market are scams, and even drug dealers issue their coins.

However, if the experiment with the digital ruble proves successful, it would be appropriate to launch a legal opportunity to convert another form of national currency into a crypt, Vladimir Krasnikov believes. According to him, such a scenario is presented as a compromise between the strict letter of the law and market demand.

Is it legal to pay with cryptocurrency in Russia

However, there are also negative aspects of payments in cryptocurrency, which is why the authorities are in no hurry to legalize it. For example, such operations may be an attempt to "optimize" taxes for non-residents: if an employee is physically abroad for more than 183 days, then an increased personal income tax rate of 30% applies to him, said Victoria Pavlushina from ATRE. Some companies hope that if the settlement goes through the blockchain, they will not have to withhold personal income tax and insurance premiums, the expert added.

Photo: IZVESTIA/Eduard Kornienko

In addition, cryptocurrency remains a highly volatile asset, deprived of legal payment status, Victoria Pavlushina noted. A massive switch to it threatens the loss of personal income tax and insurance premiums, as well as a decrease in the role of the ruble, she concluded. The issue of security and transaction tracking is also important, added Yulia Kovalenko, Associate professor of the Basic Department of Financial Control, Analysis and Audit at the Main Control Department of Moscow Plekhanov Russian University of Economics.

At the Financial Congress on July 3, the head of the Central Bank, Elvira Nabiullina, once again confirmed the position of the regulator, which opposes the use of cryptocurrencies. It is important for the central Bank to maintain control over money circulation and financial stability.

Our shelf of profit: bitcoin investments have become the most profitable in 2024

Which assets are predicted to grow the most in the coming year

"We are still against cryptocurrencies being used in payments within the country. For foreign economic activity, yes. For highly qualified [investors] as an investment object, yes. But we are against it being used as a means of payment," Elvira Nabiullina said.

Photo: IZVESTIA/Eduard Kornienko

Meanwhile, in some countries, salaries can already be paid in the crypt. In the United States, employers are required to take into account its market value at the time of payment and withhold the appropriate taxes. The situation is similar in Japan, Switzerland, and Portugal.