Russia’s Finance Minister: “Government Already Using Bitcoin for Trade, Plans to Scale Up”

Yo, big news from Russia! The government’s stepping hard into the crypto game, testing out digital financial assets (DFAs) for international trade under their national laws. 🚀

On Dec. 25, Anton Siluanov, Russia’s finance minister, spilled the tea in an interview with state channel Russia-24. He talked about how they’re looking for ways to ditch the U.S. dollar in global trade.

Here’s the scoop:

Siluanov said, “Russia has all the legal tools to use DFAs and Bitcoin for foreign trade. We’ve already passed laws allowing this, and yeah, these transactions are already happening. The plan now? Expand and level up this system.”

He even hyped it up as a practical alternative to the U.S. dollar, calling it a move that leverages modern infrastructure and shakes up the global payment scene. Straight up, he called it “the future.”

Starting September 2024, under a new experimental legal framework, Russia will freely use DFAs and Bitcoin for international trade. Siluanov also mentioned they’re paying for shipments with crypto and even tapping into Bitcoin mined within Russia.

Oh, and did we mention? Russia legalized Bitcoin mining earlier this year. Siluanov confirmed deals using BTC are live and kicking, and he’s confident it’ll go full mainstream by next year.

The takeaway? Russia’s all-in on using crypto to bypass the dollar, and this could be a game-changer for the global crypto space. 🌍💸

Stay tuned, fam. The crypto revolution is heating up.🔥