Russia takes steps to increase the use of digital currencies in international trade following a ban on cryptocurrency mining and heightened Western sanctions.
Ban on Mining and New Direction
Yesterday, Russia imposed a six-year ban on cryptocurrency mining in ten regions. This move is part of a broader strategy in the digital economy sector.
Bitcoin's Role in International Trade
Russian Finance Minister Anton Siluanov stated that Russian companies have started using Bitcoin and other digital currencies for international payments. Siluanov mentioned that, during the experimental phase, Bitcoins mined in Russia are already being used in trade transactions. He is confident that this expansion will occur next year.
Sanctions and Their Impact on Economic Ties
Western sanctions imposed after the invasion of Ukraine have made it difficult for Russia to trade with major partners such as China and Turkey. Local banks are extremely cautious when dealing with Russian companies to avoid scrutiny from Western regulators.
The use of cryptocurrency in international trade could become not only a way to circumvent sanctions but also strengthen Russia's financial independence. However, this shift in the digital currency sector requires further development of legal frameworks and business adaptation.
