Russia is using bitcoin in foreign trade, finance minister says
In a strategic move to counter Western sanctions, Russia has begun utilizing $BTC and other digital currencies for international trade, as confirmed by Finance Minister Anton Siluanov. Legislative changes this year have legalized cryptocurrency mining and facilitated these transactions, enabling Russia to leverage its substantial Bitcoin mining capabilities. President Vladimir Putin has criticized the U.S. for politicizing the dollar, advocating for digital currencies like Bitcoin as more reliable alternatives immune to global regulation. While this approach aims to mitigate the impact of sanctions, experts question the feasibility of large-scale cryptocurrency use for a G-20 economy, citing market limitations and liquidity concerns. Nonetheless, Russia's adoption of digital assets marks a significant shift in international finance, potentially influencing other nations to explore similar avenues.