Presidential spokesman: Russia to move to payments with cards

MOSCOW, Feb 21 (PRIME) -- Russia will gradually move towards cards from cash payments but the pace will depend on the local realities, presidential spokesman Dmitry Peskov told reporters on Tuesday.

Business daily Vedomosti reported that the Economic Development and the Finance Ministries are considering restrictions on cash payments, such as a prohibition to buy cars, houses and luxury items with cash, introduction of municipal taxes on cash payments or prohibition on payment of salaries in cash.

“This phenomenon (the shadow economy), which all countries in the world face, and Russia, as we know, is a participant of all global conventions and agreements targeted at struggling against criminal income legalization, struggling against money laundering. In this context, of course, many countries practice an absolute minimization of cash transactions, which is why this issue is worth attention,” Peskov said.

“But we must take into account the realities in the country in terms of pay card transactions, in terms of the degree of banking services coverage and so on.”

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