On Wednesday (December 25th) local time, Russian Finance Minister Siluanov said that Russian companies have begun to use Bitcoin and other digital currencies in international payments.
Russia has eased restrictions on cryptocurrencies this year, not only allowing the use of cryptocurrencies in foreign trade but also legalizing cryptocurrency mining. Russia had proposed a total ban on cryptocurrencies in 2022, arguing that such assets could undermine the stability of financial markets. One of the main reasons the country made such a big shift was to deal with Western sanctions. Western sanctions have made Russia's trade with its major trading partners more complicated, as local banks are very cautious in transactions involving Russia to avoid scrutiny from Western regulators.
“Within the framework of an experimental system, it is possible to conduct foreign trade transactions using bitcoins that we mine in Russia,” Siluanov told the media on Wednesday, adding: “Such transactions are already taking place.
We believe that this way of trading should be further expanded and developed. I believe there will be greater progress next year. "Siluanov also said that the use of digital currency for international payments represents the future direction of development. Earlier this month, Russian President Vladimir Putin said that the current US government uses the dollar for political purposes, weakening the dollar's status as a reserve currency and forcing many countries to turn to other assets. Putin cited Bitcoin as an example, saying that no one in the world can regulate Bitcoin. $BTC