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Russian companies have started using Bitcoin and other digital currencies for cross-border payments following new laws enabling such transactions.   Finance Minister Anton Siluanov announced this on Wednesday on National Television.  Russia is Changing its Crypto Regulations According to Reuters reports, this shift comes as Western sanctions complicate trade with key partners like China and Turkey. International banks have become increasingly hesitant to process Russia-related transactions to avoid regulatory scrutiny. Putin’s government considers Bitcoin a valid instrument for avoiding sanctions and engaging in real-time cross-border trading. This year, the country has already legalized cryptocurrency usage in foreign trade and introduced measures to support 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,” said Finance Minister Anton Siluanov. Meanwhile, Russia is already one of the world’s top Bitcoin mining countries. Siluanov highlighted that Bitcoin mined domestically is now being used in trade under a pilot framework. He expressed optimism about expanding this practice, calling digital currency payments the future of international trade. Recently, President Vladimir Putin also criticized the US dollar’s political use, stating it drives countries to seek alternative financial instruments.  Speaking earlier this month, he pointed to Bitcoin as an unregulated global asset and endorsed its broader adoption. Only days after his statement, BTC reached its $100,000 milestone earlier in December.  Adding to this momentum, Russian lawmaker Anton Tkachev proposed creating a Bitcoin reserve to enhance the country’s financial resilience. “Who needs the US dollar? Russian companies are now using Bitcoin and other cryptocurrencies for international trade. Thanks to new laws, Russia can now use its locally mined bitcoin to work around…

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Filed under: News - @ December 25, 2024 3:18 pm