Key Takeaways
- Russia adopts bitcoin for international trade to bypass Western sanctions, following new legislation allowing cryptocurrency use.
- Finance Minister Anton Siluanov confirms that such bitcoin transactions are underway and anticipates further expansion in the future.
- President Vladimir Putin supports Bitcoin and crypto as alternatives to the US dollar.
Russia Embraces Bitcoin for Foreign Trade Amid Sanctions
Russian companies are now using bitcoin and crypto for international payments to sidestep Western sanctions.
Finance Minister Anton Siluanov announced that this move follows recent legislative changes allowing such transactions.
Sanctions have made trade with major partners like China and Turkey challenging, prompting this shift.
Bitcoin Mining and Its Role in Russia's Economy
Russia has legalized Bitcoin and crypto mining, particularly bitcoin, establishing itself as a global leader in this sector.
Siluanov highlighted that Russia is currently mining bitcoin which can be used in foreign trade under an experimental regime.
He predicts that these practices will expand significantly in the coming year.
Putin's Support for Cryptocurrencies as Alternatives to the US Dollar
President Vladimir Putin has criticized the US administration for using the dollar politically, leading to a decline in its status as a reserve currency.
He has previously made a statement that no-one in the world can regulate bitcoin.
His support suggests a broader acceptance of Bitcoin and crypto within Russia's economic strategy.