Russia adopts cryptocurrency in international payments to counter Western sanctions and foster economic resilience.
Bitcoin in Foreign Trade
Russia has started using Bitcoin and other cryptocurrencies for international payments following legislative changes enabling such transactions. The move aims to navigate Western sanctions restricting traditional trade channels.
Finance Minister’s Statement
Finance Minister Anton Siluanov confirmed on Russia 24 that transactions using domestically mined Bitcoin are already taking place. He emphasized plans to expand cryptocurrency-based trade in the coming year, viewing digital currencies as the future of international payments.
Sanctions Prompt Adaptation
Sanctions from Western countries have created challenges for Russia’s trade with partners like China and Turkey. Local banks remain cautious about Russia-linked transactions, prompting a shift toward alternative financial systems such as cryptocurrencies.
Legislative Changes Support Crypto Use
In 2024, Russia legalized the use of cryptocurrencies in foreign trade and introduced measures to regulate crypto mining. As one of the leading Bitcoin mining nations, Russia now leverages its resources to facilitate global trade.
Putin Endorses Cryptocurrencies
President Vladimir Putin criticized the U.S. dollar’s role as a reserve currency, citing its politicization by the U.S. administration. He pointed to Bitcoin as a key alternative asset, endorsing its increased use in international financial systems.
Future Prospects
Russia’s embrace of Bitcoin in foreign trade reflects broader global trends toward decentralized financial systems. Experts anticipate the use of digital currencies to grow in the coming years as geopolitical dynamics evolve.
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