On Wednesday, December 25 local time, Russian Finance Minister Siluanov stated that Russian enterprises have begun using Bitcoin and other digital currencies in international payments.
Russia has relaxed restrictions on cryptocurrencies this year, allowing not only the use of cryptocurrencies in foreign trade but also legalizing cryptocurrency mining.
Russia proposed a complete ban on cryptocurrencies in 2022, believing that such assets could undermine the stability of financial markets. One of the main reasons for such a significant shift by the country is to respond to Western sanctions.
Western sanctions have made trade between Russia and its main trading partners more complicated, as local banks are very cautious in transactions involving Russia to avoid scrutiny from Western regulators.
Siluanov stated in a media interview on Wednesday: 'Under the experimental regulatory framework, we can use the Bitcoin mined in Russia for foreign trade transactions.'
He added: 'Such transactions are already taking place. We believe this method of transaction should be further expanded and developed. I believe there will be greater progress next year.'
Siluanov also stated that using digital currencies for international payments represents the direction of future development.
Earlier this month, Russian President Putin stated that the current U.S. government uses the dollar for political purposes, undermining the dollar's status as a reserve currency and forcing many countries to turn to other assets.
Putin cited Bitcoin as an example, stating that no one in the world can regulate Bitcoin.
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