Russia is now using bitcoin and other digital currencies in international payments, following legislative changes that allowed such use. Finance Minister Anton Siluanov said Russian companies are beginning to use cryptocurrencies in foreign trade to counter Western sanctions. The move aims to simplify transactions and reduce scrutiny from Western regulators. Russia has permitted the use of cryptocurrencies in foreign trade this year and has taken steps to make it legal to mine cryptocurrencies, including bitcoin.
The country is a global leader in bitcoin mining and international payments in digital currencies are seen as the future. President Vladimir Putin recently stated that he backs the extensive use of cryptocurrencies, citing their potential as an alternative to traditional reserve currencies like the US dollar. As part of this new experimental regime, Russian companies can now use bitcoins in foreign trade transactions.
Source: https://www.reuters.com/markets/currencies/russia-is-using-bitcoin-foreign-trade-finance-minister-says-2024-12-25