December 27, 2024
By Our Correspondent
Russian enterprises have commenced the utilization of bitcoin and other digital currencies for international transactions, following recent legislative amendments that facilitate such practices to mitigate the impact of Western sanctions, as stated by Finance Minister Anton Siluanov on Wednesday.
The imposition of sanctions has complicated Russia’s trade relations with key partners, including China and Turkey, as local financial institutions exercise extreme caution regarding transactions associated with Russia to evade scrutiny from Western regulatory bodies.
This year, Russia has authorized the use of cryptocurrencies in foreign trade and has initiated measures to legalize cryptocurrency mining, including that of bitcoin. The country ranks among the global leaders in bitcoin mining activities.
“In the context of the experimental framework, it is permissible to utilize bitcoins that we have mined domestically for foreign trade transactions,” Siluanov conveyed during an interview with the Russia 24 television channel.
“Such transactions are already taking place. We believe that they should be expanded and further developed. I am confident that this will occur in the coming year,” he remarked, emphasizing that international payments in digital currencies signify the future.
Earlier this month, President Vladimir Putin asserted that the current U.S. administration is undermining the U.S. dollar’s status as the reserve currency by employing it for political ends, thereby compelling numerous countries to seek alternative assets.
He specifically highlighted bitcoin as a prime example of such assets, asserting that no entity globally can regulate bitcoin. Putin’s comments suggest that the Russian leader supports the broader adoption of cryptocurrencies.
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