Russian companies have begun leveraging Bitcoin and other digital currencies for international payments, following legislative changes aimed at countering the impact of Western sanctions. Finance Minister Anton Siluanov confirmed this development during an interview with the Russia 24 television channel on Wednesday.
The sanctions, imposed by Western countries, have significantly disrupted Russia’s trade with major partners like China and Turkey. Local banks, wary of Western scrutiny, have adopted a cautious approach to Russia-related transactions, prompting the country to explore alternative payment systems.
This year, Russia legalized the use of cryptocurrencies for foreign trade and initiated measures to regulate cryptocurrency mining. As one of the global leaders in Bitcoin mining, the country is well-positioned to integrate mined cryptocurrencies into its international trade operations.
“As part of the experimental regime, it is possible to use bitcoins, which we have mined here in Russia, in foreign trade transactions,” Siluanov explained.
These developments mark a significant shift in Russia’s economic strategy, as the nation leverages digital currencies to navigate the challenges posed by global financial restrictions.
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