Russia is using Bitcoin in foreign trade

(CLO) On December 25, Russian Finance Minister Anton Siluanov announced that Russian companies are increasingly using Bitcoin and other digital currencies in international payment transactions, thanks to new legal changes that legalize the use of cryptocurrencies.

Speaking to Russia 24 TV channel, Mr. Siluanov said that Russia has started using Bitcoin in international trade transactions as part of an experimental regime.

"We can use Bitcoins that we mined in Russia in international trade transactions. These transactions are already taking place and we believe that they will be expanded and developed further. I believe that this will happen next year," he said, adding that international payments using digital currencies will be a trend in the future.

Illustration: Unsplash

This is a Russian strategy to cope with Western sanctions, which have caused great difficulties for Russia's trade activities, especially in dealings with partners such as China and Türkiye.

Western sanctions have created major obstacles for Russia to trade with major partners, as local banks are cautious about handling transactions involving Russia, fearing scrutiny and sanctions from Western regulators.

In this context, Russia has decided to legalize the use of cryptocurrencies in international trade transactions and take measures to legalize cryptocurrency mining, including Bitcoin.

Russia is currently considered one of the leading countries in Bitcoin mining, with companies and individuals actively involved in the industry.

Ngoc Anh (according to TASS, Reuters)

Source: https://www.congluan.vn/nga-dang-su-dung-bitcoin-trong-thuong-mai-nuoc-ngoai-post327600.html