Companies in Russia are using Bitcoin and other crypto assets in international trade as part of a broader effort to circumvent Western sanctions.
Finance Minister Anton Siluanov confirmed this development in a statement today. Siluanov noted that changes in the law this year have allowed the use of cryptocurrencies for foreign payments.
The move comes as Russia faces increasing difficulty trading with key partners such as China due to increased caution from banks. These institutions shy away from transactions with Russia because they fear possible repercussions from Western regulators.
Changes in the law open the way for the use of crypto
This year, Russia passed laws allowing the use of cryptocurrencies in international trade. In August, the country legitimized the mining of crypto assets, including Bitcoin. Russia has emerged as one of the world’s leading Bitcoin mining nations, providing a solid foundation for this new phase of financial operations.
Siluanov emphasized that the country has already integrated Bitcoin, along with other crypto assets, into some foreign trade transactions as part of an experimental regime. “It is possible to use BTC that we mined here in Russia.” he explained during a broadcast today.
Additionally, Siluanov expressed confidence that the use of cryptocurrencies in international trade will continue to grow. “We believe they should be further expanded and developed. I am confident that this will happen next year.” he explained.
Previously, President Vladimir Putin criticized the US government for weakening the US dollar’s status as a global reserve currency by using it for political purposes.
