According to recent announcements, Russia has authorized using Bitcoin and other digital currencies for international payments.
Russian Finance Minister Anton Siluanov revealed on Wednesday that Russian companies have begun utilizing Bitcoin and other digital currencies for international transactions. This move follows legislative changes permitting their use as a countermeasure to Western sanctions.
Russia took steps to legalize the use of cryptocurrencies in foreign trade and officially sanctioned cryptocurrency mining, including Bitcoin, earlier this year. The country has established itself as one of the global leaders in Bitcoin mining operations.
Russia’s pivot to digital currencies comes as transactions with major partners like China and Turkey have become increasingly complex. This complexity stems from local banks exercising extreme caution in handling Russia-related transactions to avoid scrutiny from Western regulators.
During this experimental phase, Siluanov explained that Bitcoin mined within Russia can now be used for foreign trade transactions.
“Such transactions are already occurring. We believe they should be expanded and developed further.,” Siluanov stated, emphasizing that international payments facilitated by digital currencies represent the future of global finance.
Russian President Vladimir Putin accused the current U.S. administration of undermining the dollar’s status as a reserve currency by weaponizing it for political purposes earlier this month.
Putin argued that this approach is compelling many countries to seek alternative assets.
Putin’s remarks suggest the Russian leadership’s growing endorsement of widespread cryptocurrency adoption.
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