Russia has started using Bitcoin and other cryptocurrencies for international payments to ease the impact of Western sanctions. Finance Minister Anton Siluanov announced new legislation supporting such transactions.
New Opportunities for International Payments
Russia has legalized the use of cryptocurrencies in foreign trade, introducing regulations for Bitcoin mining. As a leading global miner, the country plans to expand crypto usage in trade next year.
Legislative Changes and the Crypto Market
Anton Siluanov stated that sanctions have disrupted trade with key partners like China and Turkey, as local banks remain cautious of Western regulators. The new legislation enables using cryptocurrencies for international transactions.
Russia's Stance on Cryptocurrencies and Sanctions
President Vladimir Putin criticized the US for politicizing the dollar, urging countries to seek alternatives. He highlighted Bitcoin for its decentralized nature and global appeal. Despite banning mining in 10 regions, Russia remains a leader in the cryptocurrency industry.
Russia continues to use cryptocurrencies as a tool to bypass Western sanctions, adjusting its legislation and strengthening its position in international trade.
