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Russia Pushes Toward Bitcoin and Other Cryptocurrency for Global Trade Following Sanctions
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![Amira_barkhush]( "Amira Barkhush")
Russian companies have started using Bitcoin and other digital currencies for international transactions. This shift follows legislative changes allowing such practices to counter introduced Western sanctions.
This was reported by Reuters, citing a statement made by Russia's Minister of Finance, Anton Siluanov, during an interview with Russia 24 on December 25.
The agency notes that sanctions have complicated Russia's dealings with key partners like China and Turkey.
In the summer of 2024, the Russian State Duma approved legislation to legalize cryptocurrency and crypto mining. Russia is one of 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]," Siluanov said.
"Such transactions are already occurring. We believe they should be expanded and developed further. I am confident this will happen next year," he explained, adding that international payments in digital currencies represent the future.
Previously, at the beginning of December, Vladimir Putin stated that the current US administration is undermining the role of the dollar as the global reserve currency by using it for political purposes, which is prompting many countries to seek alternative assets, including cryptocurrencies.
"Take Bitcoin, for example — who can ban it? No one," said Putin. He added that the development of new payment technologies is inevitable due to their lower cost and greater reliability.
At the same time, the Russian government implemented restrictions on cryptocurrency mining in temporarily occupied Ukrainian territories starting January 1, 2025, as part of a broader initiative to tackle energy shortages.
