“Russia started using bitcoin in foreign trade to bypass sanctions Russian companies officially started using cryptocurrencies for international payments after legislative changes. The Minister of Finance of the Russian Federation confirmed the transactions and announced the expansion of the practice in the next year.”, — write on: unn.ua
Details
It is noted that this was announced by the Minister of Finance of Russia, Anton Siluanov.
Reuters writes that the sanctions have made life difficult for Russia with its main partners, such as China and Turkey, as local banks are wary of dealings with Russia. This helps avoid scrutiny by Western regulatory bodies.
At the same time, this year Russia allowed the use of cryptocurrencies in foreign trade and took steps to legalize the mining of cryptocurrencies, including Bitcoin. The aggressor country is one of the world leaders in bitcoin mining.
within the framework of the experimental regime, it is possible to use (in foreign trade operations – 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’m sure it 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 uses 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 statements showed that the Russian leader supports the widespread use of cryptocurrencies,” Reuters summarized.
We will remind
Russian companies facing difficulties in trading with China due to Western sanctions are increasingly using cryptocurrencies such as Tether and barter agreements to circumvent financial restrictions.