Russia uses Bitcoin to deal with Western sanctions

Russian Finance Minister Anton Siluanov announced on December 25 that Russian companies have started using Bitcoin and other digital currencies in international payments.

Minister Siluanov announced the move following changes to legislation that allow Russian companies to use digital currencies to circumvent Western sanctions, according to Reuters.

Russian President Vladimir Putin recently said that no one in the world can manage Bitcoin.

Western sanctions have complicated Russia's trade with major partners such as China and Türkiye, as banks in these two countries are extremely cautious about transactions involving Russia to avoid scrutiny from Western regulators.

This year, Russia allowed the use of digital currencies in foreign trade and has taken steps to legalize the mining of these currencies, including Bitcoin. Russia is one of the global leaders in Bitcoin mining.

“As part of the experimental regime, it is possible to use Bitcoin, which we have mined in Russia,” Minister Siluanov told Russia’s Russia 24 TV channel about using Bitcoin in foreign trade transactions.

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"Such transactions have already taken place. We believe that such transactions should be expanded and developed further. I believe this will happen next year," said Mr. Siluanov, predicting that international payments using digital currencies will develop in the future.

This month, Russian President Vladimir Putin suggested that the current US administration is undermining the role of the USD as a reserve currency by using the USD for political purposes, forcing many countries to turn to alternative assets.

Putin used Bitcoin as an example of assets that could replace the US dollar, saying that no one in the world could manage Bitcoin. Putin's remarks showed that the Russian leader supported the widespread use of digital currencies, according to Reuters.

Source: https://thanhnien.vn/nga-dung-bitcoin-de-doi-pho-lenh-cam-van-cua-phuong-tay-185241225201259867.htm