The Russian Deputy Finance Minister Alexei Moiseev says you can use crypto cards to pay for goods and services. Moiseev told the local media that the transactions are legal as the businesses receive money in Russian rubles.
The minister highlighted an incident whereby a person was prosecuted for paying his cafe bill with a crypto card. Moiseev said the transaction was legal as the cryptocurrency was converted to dollars and then to rubles. “The cafe eventually got the money in Russian currency which is in full compliance with the Russian law.” Moiseev, however, said that one shouldn’t maintain a foreign account without informing the tax authorities.
What are Crypto Cards?
Crypto cards are like regular debit cards but with a difference. A normal debit or credit card is connected to your bank account. The crypto card is connected to your cryptocurrency (digital money) wallet. According to Darico Ecosystem Coin the card converts the cryptocurrency into fiat (regular) currency and the service provider (vendor) is paid in the currency of their choice. “The converted amount is taken from the crypto wallet and the total amount is updated, and is subjected to varying conversion rates.” Moreover, the crypto debit cards have the same features as that of an ordinary bank card. “It includes a 16-digit card number, the card holder’s name and a security code.” says Darico.
Furthermore, with crypto cards, one doesn’t have to worry about exchange rates. Crypto enthusiasts say you can buy anything, be it pizza, a cup of coffee or medicine and pay the bill without pre-converting the cryptocurrency at the exchange. Conversion is invisible. The advantage with cryptocurrencies is that its borderless and there is no central authority. And the good thing is that now, more people and businesses and merchants worldwide are adopting cryptocurrency.
All in all, you can save on additional chargers and processing fees. You can move money faster and at ease.