Russian companies have started using bitcoin and other digital currencies for international payments, following recent legislative changes aimed at circumventing Western sanctions, according to Finance Minister Anton Siluanov.
Because of these sanctions, Russia is finding it harder to trade with key partners such as China and Turkey. Local banks are becoming more careful about dealing with Russian transactions due to pressure from Western authorities.
Earlier this year, Russia made it legal to use cryptocurrencies for international trade and took steps to make bitcoin mining easier. As a result, Russia has become one of the top countries in the world for bitcoin mining.
In an interview with Russia 24 TV, Siluanov explained, “Under the new rules, we can use bitcoins mined in Russia for foreign trade deals. These kinds of transactions are already happening, and we expect them to increase in the future. I am confident this trend will continue next year,” he added. Siluanov further expressed his belief that international payments in digital currencies represent the future.
This action matches what President Vladimir Putin said earlier this month. He blamed the U.S. for weakening the U.S. dollar’s position as the world’s main currency by using it for political goals. Putin highlighted bitcoin as a key alternative, noting its decentralized system and lack of global regulation.
