Finance Minister Anton Siluanov said on Wednesday that Russian companies have started using Bitcoin and other digital currencies to use legislative changes in international payments to deal with Western sanctions, Anton Siluanov ( Anton Siluanov) said Wednesday.
Sanctions complicated Russia’s trade with major partners such as China or Turkey, as local banks are extremely cautious about deals related to Russia to avoid scrutiny of Western regulators.
This year, Russia has allowed the use of cryptocurrencies in foreign trade and has taken steps to make cryptocurrencies including Bitcoin legal. Russia is one of the global leaders in Bitcoin mining.
“Bitcoin can be used as part of the experimental system, which we mine in Russia (in diplomatic transactions) in Russia,” Siruyanov told Russia 24 TV Channel.
“Transactions like this have happened. We believe they should be expanded and developed further. I believe this will happen next year,” he said, adding that international payments for digital currencies represent the future.
Earlier this month, President Vladimir Putin said the current U.S. government forced many countries to turn to alternative assets by using it for political purposes.
He took Bitcoin as an example to show that no one in the world can regulate Bitcoin. Putin’s speech shows that Russian leaders support the widespread use of cryptocurrencies.
©Thomson Reuters 2024
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