Russian Finance Minister Anton Siluanov has stated that Russia can legally use Bitcoin and digital financial assets (DFAs) for international trading purposes. According to Siluanov, Russia has already passed legislation allowing transactions in DFAs and Bitcoin in foreign trade, and the country has started to scale up this use.
Legal basis for Bitcoin in foreign trade
During an interview on state channel Russia-24 on December 25, Siluanov indicated that the use of DFAs in international trade offers a logical alternative to the US dollar. He highlighted that Russia has already started transacting in DFAs and Bitcoin under an experimental legal regime in place since September 2024.
Siluanov explained that Bitcoin, which is mined in Russia, can be used to pay for goods deliveries. “This is an innovation in the global settlement system. That is the future,” he said. Russia has already legalized Bitcoin mining this year, which Siluanov says has been an important step in the development of this new payment system.
Expansion in 2025
The minister indicated that the current experimental phase is intended to further develop and expand transactions with Bitcoin and DFAs. He is convinced that this will become a reality on a larger scale next year.
“The transactions are already underway,” Siluanov said. “We say they need to be developed and expanded, and I am confident that will be a reality next year.”
Warning against crypto investments
Despite his support for the use of Bitcoin in international trade, Siluanov warned the public in November to be cautious about investing in cryptocurrencies. He called crypto “not a reliable investment option” and advised citizens to look for other ways to make money. This warning came at a time when Bitcoin was approaching its historic milestone of $100,000.
Legal status of Bitcoin in Russia
Although Russia officially recognized Bitcoin as a digital financial asset back in 2021, the law prohibits its use as a means of payment within the country. However, with the recent legislation surrounding mining and foreign trade, Russia is taking a clear step towards broader adoption of crypto in specific economic sectors.
With these developments, Russia appears to be increasingly positioning itself as a pioneer in the use of Bitcoin and DFAs for international trade, while at the same time maintaining domestic restrictions on the use of crypto as a means of payment.
Claim €10 free today and pay no trading fees on the first €10,000!
Grab this unique opportunity with Newsbit and Bitvavo by creating an account now via the button below. Deposit just €10 and immediately receive €10 free. In addition, you can trade your first €10,000 in trades for 7 days without any fees. Start today and benefit immediately from the growing popularity of crypto!
Create your account and claim your €10 free.
Don’t miss this opportunity to benefit directly from the growing popularity of Crypto!
Source: https://newsbit.nl/rusland-zet-bitcoin-in-voor-buitenlandse-handel-bevestigt-minister-van-financien/
