Russia Finance Minister Confirms Use of Bitcoin for International Trade
Businesses in Russia are now utilizing Bitcoin and other cryptocurrencies for international trade as part of a broader effort to circumvent Western sanctions, according to Finance Minister Anton Siluanov. Siluanov confirmed this development in a statement today, noting that legislative changes this year have enabled the use of cryptocurrencies for foreign payments.
This move comes as Russia faces increasing difficulties in conducting trade with major partners like China due to cautious banks. These financial institutions are reluctant to engage in transactions with Russia out of fear of potential repercussions from Western regulatory bodies.
Legislative changes have paved the way for the use of cryptocurrencies in international trade. In August, Russia legitimized the mining of crypto assets, including Bitcoin. The country has become one of the world’s leading Bitcoin mining nations, providing a solid foundation for this new phase of financial operations.
Siluanov emphasized that Russia has already integrated Bitcoin, along with other cryptocurrencies, into some foreign trade transactions under an experimental regime. He stated, “It is possible to use BTC, which we had mined here in Russia.”
Furthermore, Siluanov expressed confidence that the use of cryptocurrencies in international trade will continue to expand. He stated, “We think they should be further expanded and developed. I am confident this will take place next year.”
Earlier, President Vladimir Putin criticized the U.S. government for using the U.S. dollar as a tool for political leverage, weakening its status as the global reserve currency. He argued that this has prompted many countries to explore alternative assets, citing Bitcoin as an example that remains beyond the control of any government.
In a related development, Russia has banned Bitcoin and cryptocurrency mining in key regions from January 1, 2025, until March 15, 2031. The affected areas include Dagestan, Chechnya, and parts of Donetsk, Lugansk, Zaporizhia, and Kherson. This move aims to address electricity imbalances caused by subsidized energy costs in these regions. While crypto mining remains legal in Russia, miners are required to report earnings to the Federal Tax Service and adhere to energy usage limits.
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