KEY POINTS Bitcoin payments in Russia are being used by companies under new legislation aimed at countering Western sanctions.
the Kremlin has introduced a legal framework for #cryptocurrency #mining and international trade in an attempt to reduce reliance on the U. S. -dominated financial system. LINE_. BREAK Russia has begun using #bitcoin and other #cryptocurrencies to pay for and receive foreign goods as part of an attempt to reduce the impact of Western sanctions.
Finance Minister Anton Siluanov confirmed that Russian companies are trading bitcoin across the border in accordance with new legislative measures.
Russian bitcoin payments came about after Russia's ability to make international payments was hit hard by a series of sanctions imposed after the invasion of Ukraine in 2022.
Transactions with countries such as China and Turkey, which do not use the U. S. dollar, are becoming increasingly difficult. becoming increasingly difficult. In response, Russia has proposed a law allowing cryptocurrencies to be traded in foreign trade and has also developed plans to regulate bitcoin mining.
Last month, the Kremlin created an experimental legal framework for cryptocurrency mining. This will allow approved organizations to mine cryptocurrencies such as bitcoin and use them for international payments.
President Vladimir Putin accused the U. S. of turning the dollar into a political weapon, which is why many countries are looking for decentralized alternative currencies such as bitcoin. He said that is why he is looking for a decentralized alternative currency such as bitcoin.
However, according to analysts, there are serious obstacles to large-scale bitcoin payments in Russia. Not all countries have clear laws and regulations to facilitate the development of bitcoin payments, and Western financial regulators may use their influence to restrict the use of bitcoin.
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