Russia's Major Announcement: Opening Up to Bitcoin Payments for International Trade, Next Step to Establish BTC Reserves?

Russian Finance Minister Anton Siluanov stated yesterday (25th) that after Russian legislation was passed to use cryptocurrencies like Bitcoin to counter economic sanctions from Western countries, Russia has now allowed the use of digital assets such as Bitcoin for transactions in international trade. (Background: Russia's proposal to 'include Bitcoin in strategic reserve assets' to counter international economic sanctions) (Additional context: De-dollarization embracing Bitcoin! Russia plans to push BTC as an international trading currency, breaking through SWIFT restrictions) According to (Reuters), Russian Finance Minister Anton Siluanov stated yesterday (25th) that after Russian legislation was passed to use cryptocurrencies like Bitcoin to counter economic sanctions from Western countries, Russia has now allowed the use of digital assets such as Bitcoin for transactions in international trade. International payments in cryptocurrencies represent the future, Siluanov explained, in addition to allowing Bitcoin payments in foreign trade, Russia will also legalize cryptocurrency mining activities this year, demonstrating Russia's recognition of emerging assets like cryptocurrencies. As part of its acceptance of cryptocurrencies, Russia also encourages the use of Bitcoin mined domestically, and Siluanov highly values the role of cryptocurrencies in the payment field: these types of transactions have already become mainstream, and we believe we should further expand and develop them. International payments in digital currencies represent the future. Russian lawmakers propose to establish Bitcoin reserves. Additionally, according to a report from RIA Novosti earlier this month, Anton Tkachev, a member of the Russian State Duma from the 'New People' party, has called on Russian Finance Minister Anton Siluanov through a document to suggest that Russia establish a strategic reserve of Bitcoin. In the document, the lawmaker stated: "Dear Anton Siluanov, I request you to assess the feasibility of establishing a strategic reserve of Bitcoin in Russia, similar to national reserves in traditional currencies. If this initiative is approved, please submit it to the Russian Federal Government for further implementation." For sanctioned countries, in the context of limited access to traditional international payment systems, cryptocurrencies have effectively become the only tool for international trade. The Central Bank of Russia is currently preparing to launch a pilot program for cross-border cryptocurrency settlements. Additionally, Anton Tkachev explained that in the context of geopolitical instability, traditional currency reserves (including the renminbi, dollar, and euro) are susceptible to fluctuations, sanctions, and inflation, posing a threat to the financial stability of the country. The current global challenges require the adoption of not only new payment systems but also alternative reserve tools that do not rely on specific countries. Related reports: Russia mined 54,000 BTC last year, Putin: Russia has become a global leader in cryptocurrency mining. Russia announces a ban on mining in 10 regions until 2031, fearing the power grid will be drained. Accelerating de-dollarization: Russia cooperates with BRICS countries to promote a new payment system 'to replace SWIFT': 159 countries have responded to join. "Russia's major announcement: opening up to Bitcoin payments for international trade, next step to establish BTC reserves?" This article was first published by BlockTempo (the most influential blockchain news media).