russia starts using bitcoin in foreign trade to circumvent sanctions

russian companies have started using bitcoin and other digital currencies in international payments. This happened after legislative changes that allowed such use to counter Western sanctions. This was reported by Reuters, according to UNN.

Details

It is noted that this was stated by russian Finance Minister Anton Siluanov. 

Reuters writes that the sanctions have made it difficult for russia to do business with its main partners, such as China and Turkey, as local banks are cautious about deals with russia. This helps avoid scrutiny by Western regulators.

At the same time, this year, russia allowed the use of cryptocurrencies in foreign trade and took steps to legalize cryptocurrency mining, including bitcoin. The aggressor country is one of the world leaders in bitcoin mining.

As part of the experimental regime, it is possible to use (in foreign trade transactions – ed.) bitcoins that we have mined here in russia. Such transactions are already taking place. We believe that they should be expanded and developed further. I am sure that this will happen next year

He also added that international payments in digital currencies are the future.

The publication also recalled that this month, russian dictator vladimir putin said that the current US administration is undermining the role of the US dollar as a reserve currency. In particular, it is using it for political purposes, forcing many countries to turn to alternative assets.

putin singled out bitcoin as an example, saying that no one in the world can regulate this cryptocurrency.

“putin’s remarks showed that the russian leader supports the widespread use of cryptocurrencies,” Reuters summarized.

Recall

russian companiesfacing difficulties in trading with China due to Western sanctions are increasingly using cryptocurrencies such as Tether and barter deals to circumvent financial restrictions.