Russian companies using Bitcoin for international payments to avoid sanctions
According to recent reports, Russian enterprises are exploiting Bitcoin and other digital assets to evade restrictions in international commerce. The Finance Minister also announced the government's intentions to adopt bitcoin for foreign payments.
Russian firms use Bitcoin for international payments
Russia's Finance Minister Anton Siluanov told Reuters that enterprises are adopting Bitcoin and other cryptocurrencies for overseas payments to avoid sanctions.
After this year's legal reforms, the minister told Russia-24 that the government started formally employing these options for foreign commercial transactions:
Bitcoin, mined in Russia, is allowed under the experimental regime.
Russian legislators enacted a measure in July allowing corporations to exchange cryptocurrencies like Bitcoin internationally. The central bank will build a “experimental” crypto payment infrastructure under the September legislation, with the first transactions likely before year-end.
Russian firms, exchanges, and crypto organizations may apply to the central bank for experimental membership. Russian crypto payments remain forbidden.
The study indicates that foreign payments with its main commercial partners have been delayed. China, India, Turkey, and the UAE “are extremely cautious with Russia-related transactions to avoid scrutiny from Western regulators.”
Putin also passed a crypto turnover legislation to increase government control over Bitcoin and crypto mining. Authorities might potentially control mining infrastructure businesses after the revisions.
After these revisions, Russia authorized a six-year restriction on mining in important locations and a seasonal ban in particular territories due to its energy problem, which renders big power capabilities almost unfeasible until 2030.
However, over 150 local mining corporations have sought for a license to operate lawfully in Russia, with more likely shortly.
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