Russian businesses have started utilizing Bitcoin and other cryptocurrencies for international transactions, a move that follows recent legislative adjustments aimed at circumventing Western sanctions, Finance Minister Anton Siluanov confirmed on Wednesday.
The ongoing sanctions have significantly disrupted Russia’s trade relations, particularly with key partners like China and Turkey. Local banks, wary of attracting attention from Western regulators, have become increasingly cautious in processing transactions linked to Russia.
In response to these challenges, Russia has sanctioned the use of digital currencies in foreign trade and has enacted policies to legalize cryptocurrency mining, with Bitcoin being a central focus. Russia ranks among the top global leaders in Bitcoin mining.
“Under the experimental framework we’ve implemented, businesses are now able to use Bitcoin mined within Russia for foreign trade transactions,” Siluanov told Russia 24 TV. “These transactions are already taking place, and we are optimistic about their expansion and further development in the near future. I’m confident that this trend will intensify next year,” he added, emphasizing that digital currency-based international payments represent the future of global trade.
This announcement follows comments earlier this month from President Vladimir Putin, who accused the United States of weakening the role of the U.S. dollar as the world’s reserve currency by weaponizing it for political purposes. Putin pointed to Bitcoin as a prime alternative asset, stressing that its decentralized nature makes it ungovernable by any single entity. These remarks indicate the Russian government’s growing support for the broader adoption of cryptocurrencies in both domestic and international economic activities.
As Russia navigates the complexities of international trade under sanctions, the use of cryptocurrencies like Bitcoin is increasingly seen as a strategic tool for overcoming financial barriers and reducing dependence on traditional banking systems.
Related Topics:
Major Banks Back Financing for Robbiki Leather City Factories
Hedge Funds Cut Nuclear Technology Exposure After ‘Hard’ Rally
