Russia using bitcoin in foreign trade to counter Western sanctions
Photo: Putin supports the use of cryptocurrencies (Getty Images)
Russian companies have started using Bitcoin and other digital currencies for international payments. This shift follows legislative changes allowing such transactions to counter Western sanctions, reports Reuters, citing Russian Finance Minister Anton Siluanov.
Reuters reports that sanctions have complicated Russia's trade relationships with key partners, including China and Türkiye. Local banks are exercising caution with transactions involving Russia to avoid scrutiny from Western regulators.
This year, Russia authorized the use of cryptocurrencies in foreign trade and took steps to legalize cryptocurrency mining, including Bitcoin. Russia is among the global leaders in Bitcoin mining.
"As part of the experimental regime, it is possible to use bitcoins, which we had mined here in Russia (in foreign trade transactions). Such transactions are already occurring. We believe they should be expanded and developed further. I am confident this will happen next year," Siluanov said.
He also emphasized that international payments in digital currencies represent the future.
Reuters also noted that Russian President Vladimir Putin recently accused the current US administration of undermining the US dollar’s role as a reserve currency. He claimed the dollar is being used for political purposes, prompting many countries to turn to alternative assets.
As an example, Putin highlighted Bitcoin, stating that no one in the world can regulate this cryptocurrency.
"Putin's remarks indicated that the Russian leader backs the extensive use of cryptocurrencies," Reuters concluded.
As a reminder, on the night of December 5, 2024, bitcoin hit an all-time high. The value of one coin exceeded $100,000 that day.
