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Russia Leverages Bitcoin for Foreign Trade: Finance Minister Explains
In a significant development, Russia has announced that it will leverage Bitcoin and digital financial assets (DFAs) for international trade. This decision was confirmed by Anton Siluanov, the country’s finance minister, during an interview with state channel Russia-24.
Under an experimental legal regime introduced in September 2024, Russia has legalized the use of Bitcoin and DFAs for trade payments. According to Siluanov, this framework allows the use of Bitcoin mining within Russia to power trade payments. He emphasized that the infrastructure is already in place, and transactions are currently underway.
The finance minister noted that the government aims to expand this system, which would reduce reliance on the US dollar. This move marks a significant shift in Russia’s trade strategy, enabling the country to navigate global sanctions more effectively while also improving transaction efficiency.
Siluanov highlighted the importance of scaling and developing this system further. He stressed that the use of Bitcoin and DFAs for international transactions is already operational, and the government intends to build upon this foundation.
In a separate warning, Siluanov cautioned against speculative investments in cryptocurrencies like Bitcoin. During an educational event on November 6, he advised individuals not to treat cryptocurrency as a means of quick money, instead suggesting alternative investment options.
Russia’s decision to leverage Bitcoin for foreign trade is significant, as it aligns with the country’s goal to modernize its trade settlement system and diversify trade options. The government’s focus on legal compliance and economic practicality in leveraging digital assets underscores the importance of this development.
It remains to be seen how this shift will impact global cryptocurrency markets and international trade dynamics.
Source: coinchapter.com
