In a strategic move to circumvent Western sanctions, Russia has initiated the use of Bitcoin $BTC and other digital currencies for international transactions. Finance Minister Anton Siluanov confirmed that Russian companies are now utilizing these digital assets in foreign trade, a development facilitated by recent legislative changes.
This shift includes the legalization of cryptocurrency mining within Russia, positioning the nation as a leading player in the global Bitcoin mining industry. Siluanov highlighted that bitcoins mined in Russia are being employed for foreign trade purposes, with such transactions already underway and expected to grow.
President Vladimir Putin has also weighed in, criticizing the U.S. administration for actions that undermine the dollar's global dominance. He advocates for digital currencies like Bitcoin as viable alternatives, emphasizing their potential immunity from global regulation.
These developments underscore Russia's strategic efforts to adapt to the evolving financial landscape and mitigate the impact of international sanctions through the adoption of digital currencies.
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Source: Reuters, Yahoo Finance, The Economic Times
