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🔥🔥 Russia Embraces Bitcoin for International Trade Amid Sanctions 🔥🔥
In a significant shift, Russian companies have begun to utilize bitcoin and other digital currencies for international payments, according to Finance Minister Anton Siluanov. This development follows recent legislative changes designed to mitigate the impact of Western sanctions on Russia's economy.
Siluanov revealed that local businesses are turning to cryptocurrencies to navigate the complexities of trade with major partners like China and Turkey, where local banks maintain a cautious stance on Russia-related transactions to avoid scrutiny from Western regulators. He highlighted that with the legalisation of cryptocurrency use in foreign trade and initiatives to make bitcoin mining legal, Russia aims to strengthen its position in the cryptocurrency space, where it is already one of the global leaders.
"As part of the experimental regime, it is possible to use bitcoins, which we had mined here in Russia, in foreign trade transactions," Siluanov stated in an interview with Russia 24 television. He expressed confidence in the future expansion and development of such transactions, anticipating growth in this area in the coming year.
President Vladimir Putin has also weighed in on the matter, claiming that the current U.S. administration's use of the dollar as a political tool is undermining its status as the world's reserve currency. He pointed to bitcoin as a viable alternative asset, emphasizing its decentralized nature that makes it difficult to regulate.
With these developments, Russia is clearly positioning itself to leverage cryptocurrencies as a countermeasure against sanctions and as a means to facilitate international trade.