Russia is currently using Bitcoin $BTC and other cryptocurrencies for international payments, a move aimed at countering the impact of Western sanctions. Finance Minister Anton Siluanov announced this development, highlighting new laws allowing such transactions.
"Sanctions have disrupted trade with key partners such as China and Turkey, as local banks remain cautious amid scrutiny from Western regulators," Siluanov explained on Russia 24 television channel.
This year, Russia has legalized the use of cryptocurrency in foreign trade activities and introduced regulations on Bitcoin mining. As a leading global Bitcoin mining company, the country is leveraging its resources to facilitate these payments.
"Bitcoin mined in Russia has been used in trade activities, and this will further expand next year," Siluanov stated. He emphasized the potential of digital currency in reshaping international payments.
President Vladimir Putin also criticized the United States for politicizing the dollar, calling it a move that forces countries to seek alternatives. He pointed to Bitcoin as a prime example, emphasizing its decentralized nature and global appeal.
Russia's supportive attitude towards cryptocurrency trading is completely opposite to the country's recent decision to ban Bitcoin mining in 10 domestic regions until 2031.
However, despite the ban, Russia remains the global leader in the cryptocurrency mining industry. By legalizing the use of cryptocurrency in transactions and managing the local impact of mining activities, Russia aims to offset the financial difficulties caused by Western sanctions in response to the conflict in Ukraine.
