Key Points
- Russia’s Finance Minister confirms the country’s legal framework now supports using Bitcoin and digital financial assets for international trade settlements, marking a significant shift from traditional dollar-based transactions.
- The Russian government plans to leverage domestically mined Bitcoin for foreign trade payments, building on their recent legalization of cryptocurrency mining.
Legal Framework Established
Russia has officially greenlit the use of digital financial assets (DFAs) and Bitcoin in foreign trade, according to Finance Minister Anton Siluanov. Speaking to state-owned Russia-24 on December 25, Siluanov revealed that the country has already implemented the necessary legislation to facilitate these transactions, with an experimental legal regime taking effect in September 2024.
Bitcoin Mining Integration
The finance minister emphasized the potential of utilizing domestically mined Bitcoin for international trade settlements. “We can use Bitcoin, which we mined here in the Russian Federation, within the experimental regime,” Siluanov stated. This development follows Russia’s earlier decision to legalize cryptocurrency mining in 2024, though it’s worth noting that mining restrictions remain in place across 10 regions of the country.
Strategic Move Away from Dollar
Siluanov characterized the implementation of DFAs in foreign trade as “quite understandable” given the current global circumstances. The minister positioned this shift as an innovation in the global settlement system, declaring it “the future” of international trade. The move appears to be part of Russia’s broader strategy to reduce its dependence on the US dollar in international transactions.
The government plans to expand these digital payment mechanisms throughout the coming year, with Siluanov expressing confidence that such transactions will become a “reality” in the near future. These developments represent a significant evolution in Russia’s approach to cryptocurrency and international trade settlements.
