Russia Says It Is Using Bitcoin for International Payments.
Russian businesses are using Bitcoin and other digital currencies for international transactions after legal changes aimed at countering Western sanctions, according to Finance Minister Anton Siluanov.
These sanctions have complicated trade with key partners like China and Turkey, as local banks avoid Russia-related transactions to sidestep Western scrutiny.
In response, Russia legalized the use of cryptocurrencies in foreign trade and is taking steps to regulate cryptocurrency mining, with the country being a global leader in Bitcoin mining.
"As part of the experimental regime, it is possible to use bitcoins, which we had mined here in Russia (in foreign trade transactions), Such transactions are already occurring. We believe they should be expanded and developed further. I am confident this will happen next year"
- Anton Siluanov -
Finance Minister of Russia
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