How Close Are Russians to Getting Paid in Crypto?

Tyler Hromadka

Source: Adobe/blackdiamond67

A business leader and political advisor states that the concept of earning money in cryptocurrencies is still a long method off in Russia– although other experts state some “off the record” crypto payments are being paid to staff members in the nation. And there might be indications that a person group of Russian employees chooses digital tokens to fiat.

Speaking to, Valentina Drofa, the CEO of the Drofa Group and a member of the Advisory Council on Customer Defense and Financial Literacy of the CIS Countries, mentioned there was “definitely no” manner in which crypto would be able to take on fiat “in the next three to five years.”

Drofa, who is likewise a member of the Blockchain Malta Association, declared that the majority of talks of wages being paid in crypto amounted to little more than a promotion stunt.

She mentioned,

” In 2017-2018, in order to get protection in media, it was popular to demonstratively offer property for crypto, or add cryptocurrencies to sites as a way of payment. Of course, given that there was no [legal framework]– and there still isn’t– none it of this took root.”

Drofa added that “There are still companies that, in order to create a ‘wow’ effect, are trying to pay their staff salaries in cryptocurrencies. But these are rare, isolated cases – and these companies are not based in Russia.”

And she mentioned that with card deals still not available in remoter locations of Russia, the concept of crypto payments was alien for numerous.

Another specialist mentioned that crypto pay does exist to some level in Russia, however concurred that an absence of guideline is keeping back wider-scale adoption.

Crypto off the books

” I think that [crypto pay] might end up being possible, however just after policies entersforce The majority of business based in Russia are extremely scared that, one day, crypto will be stated as a prohibited kind of payment, which they will have to handle the law,” Maria Stankevich, the head of advancement at the EXMO exchange, informed

However she added,

“I know for sure that a lot of companies that are related to crypto and are registered in Russia give employees some extra payments in cryptocurrencies. But, of course, they do it off the books.”

One group of people in Russia perhaps actively chooses crypto pay, nevertheless: big city-dwelling, extremely IT-literate freelancers.

The country’s gig economy is establishing fast, and the tech market has actually supplied a fast path out of hardship for numerous young people, a few of whom choose to get work occasionally, instead of deal with a single customer or company. As formerly reported, Russian blockchain designers in specific can frequently anticipate to get sky-high wages for their work, and other crypto-related freelancers can likewise anticipate to accumulate higher-than-average month-to-month profits.

And with more freelancers out there, much of whom work from another location, earning money in bitcoin (BTC) and altcoins can be liberating– in addition to simple and fast.

Moscow-based crypto financial investment consultant Dmitriy Zaikov informed,

“Getting paid in crypto is a very murky world from a tax perspective. It happens more and more these days, and the authorities want to stamp it out. But can they really do so? There is clearly a big demand, and it’s replacing cash-in-hand payments in many instances.”

Zaikov concluded that “There are now quite a few ways to spend BTC online. That’s made crypto pay attractive. I think that even if freelancers were taxed on their tokens, some would still prefer it to fiat – especially younger, tech-savvy folk.”
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