Russian companies have started using bitcoin and other cryptocurrencies for international payments, according to Finance Minister Anton Siluanov. This move follows recent legal changes aimed at mitigating the impact of Western sanctions on the country's economy.
The sanctions have complicated trade relationships between Russia and key partners such as China and Turkey. Local banks, wary of regulatory scrutiny from Western authorities, have been reluctant to handle transactions involving Russia. To address this, Russia has legalized the use of cryptocurrencies for foreign trade and taken steps to formalize cryptocurrency mining, including bitcoin, where the country is a global leader.
Speaking to the Russia 24 television channel, Siluanov explained, "Under the experimental framework, we can use bitcoins mined within Russia for international trade transactions." He confirmed that such transactions are already taking place and emphasized the potential for growth in this area, predicting a significant expansion in the coming year. He also noted that digital currencies are poised to play a central role in global payments in the future.
Earlier this month, Russian President Vladimir Putin criticized the U.S. government's use of the dollar for political leverage, arguing that it undermines the dollar's status as a global reserve currency. He highlighted the growing appeal of alternative assets like bitcoin, emphasizing that its decentralized nature makes it immune to external regulation. Putin’s comments suggest strong support for broader adoption of cryptocurrencies in Russia.
