russia starts using bitcoin in foreign trade to circumvent sanctions

The Minister of Finance of the russian federation confirmed cryptocurrency transactions and announced the expansion of the practice next year.

russian companies have started using bitcoin and other digital currencies in international payments. This followed legislative changes that allowed such use to counter Western sanctions.

The sanctions have reportedly made it more difficult for russia to do business with its main partners, such as China and Turkey, as local banks are cautious about transactions involving russia. This helps to avoid control by Western regulators.

At the same time, this year, russia allowed the use of cryptocurrencies in foreign trade and took steps to legalize cryptocurrency mining, including bitcoin. The aggressor country is one of the world leaders in bitcoin mining.

“Within the framework of the experimental regime, it is possible to use (in foreign trade transactions - ed.) bitcoins that we have mined here in russia. Such transactions are already taking place. We believe that they should be expanded and developed further. I am confident that this will happen next year,” - Mr. Siluanov said.

He also added that international payments in digital currencies are the future.

The publication also recalled that this month russian dictator vladimir putin said that the current US administration is undermining the role of the US dollar as a reserve currency. In particular, it is using it for political purposes, forcing many countries to turn to alternative assets.

putin singled out bitcoin as an example, saying that no one in the world can regulate this cryptocurrency.

“putin's remarks showed that the russian leader supports the widespread use of cryptocurrencies.”

Source: Reuters