According to Reuters, Russian Finance Minister Anton Siluanov stated yesterday (25th) that after Russian legislation passed allowing the use of cryptocurrencies like Bitcoin to counter Western economic sanctions, Russia has now permitted the use of digital assets for payment transactions in international trade.
International payments using cryptocurrencies represent the future.
Siluanov further explained that 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 embracing cryptocurrencies, Russia also encourages the use of Bitcoin mined domestically, and Siluanov highly praises the role of cryptocurrencies in the payment field:
Such transactions have become popular, and we believe they should be further expanded and developed.
International payments using digital currencies represent the future.
Russian lawmakers propose to establish Bitcoin reserves
Furthermore, according to a report from RIA Novosti earlier this month, Anton Tkachev, a member of the Russian State Duma's 'New People', has called on Russian Finance Minister Anton Siluanov through a document, proposing to establish a Bitcoin strategic reserve in Russia. The lawmaker stated in the document:
Dear Anton Siluanov, I request you to assess the feasibility of establishing a Bitcoin strategic reserve in Russia, similar to the reserves the country holds in traditional currencies. If this initiative is approved, please submit it to the Government of the Russian Federation for further implementation.
For sanctioned countries, cryptocurrencies have effectively become the only tool for international trade in situations where access to traditional international payment systems is restricted. The Central Bank of Russia is currently preparing to launch a pilot program for cross-border cryptocurrency settlements.
Additionally, Anton Tkachev explained that against the backdrop of geopolitical instability, traditional currency reserves (including the yuan, dollar, and euro) are subject to fluctuations, sanctions, and inflation, posing a threat to the financial stability of nations. Current global challenges require not only new payment systems but also alternative reserve tools that do not rely on specific countries.
