Russian Finance Minister Anton Siluanov said that Russian companies have started using bitcoin and other cryptocurrencies in international settlements. This was made possible by changes in legislation aimed at circumventing Western sanctions.
Economic restrictions have made it difficult to trade with key partners such as China and Turkey, as local banks avoid transactions with Russia for fear of sanctions. In response, Russia allowed the use of cryptocurrencies in international trade and took steps to legalize their mining, including bitcoin mining.
«As part of the experimental regime, bitcoins mined in Russia can be used for international trade operations,» Siluanov said on the Rossiya 24 TV channel. He stressed that such transactions are already taking place, and expressed confidence in their further expansion in 2025. The minister called international payments using digital currencies an important step into the future.
President Vladimir Putin noted earlier in December that the actions of the US administration undermine the dollar’s role as a reserve currency, forcing countries to look for alternative assets. He singled out bitcoin as an example of a tool that cannot be controlled by any country in the world.