Speaking to Russia 24 television on Wednesday, Siluanov revealed that domestically mined Bitcoin is being used in foreign transactions.
“Such transactions are already occurring. We believe they should be expanded and developed further,” he said.
The announcement follows recent legislative changes permitting cryptocurrency use in foreign trade. Russia, a global leader in Bitcoin mining, has also moved to legalize crypto mining operations.
The shift comes as Western sanctions have complicated Russia’s trade with key partners like China and Turkey, where banks are wary of Russia-related transactions to avoid Western regulatory scrutiny.
President Vladimir Putin recently endorsed cryptocurrency adoption, citing Bitcoin as an example of an alternative to the US dollar that “no-one in the world could regulate.” He argued that the US’ political use of the dollar is undermining its status as a reserve currency.
This development could have significant implications for global finance and sanctions effectiveness, potentially influencing how other nations approach cryptocurrency adoption for international trade.
Disclaimer: The content on this website is for informational purposes only and does not constitute financial, investment, or legal advice. Always consult a qualified professional before making financial decisions.
