The Russian government has been actively discussing alternatives to the US dollar in foreign trade. A senior government official recently disclosed that the country is open to using Bitcoin in foreign transactions.
The country’s finance minister, Anton Siluanov, revealed in a recent interview with local media that the Russian state has approved the use of Bitcoin (BTC) and digital financial assets (DFAs) in international trades.
Russia Embraces Bitcoin for Trade but Warns Against Crypto Investments
The new rule means Russian companies can use BTC for trade, helping them bypass Western sanctions. These sanctions have made foreign trade difficult for Russian companies.
Beyond allowing the use of BTC in foreign trades, Russia has made major pro-crypto moves this year. This includes making it legal to mine Bitcoin. Interestingly, Finance Minister Siluanov states that Russia supports the use of Bitcoin mined in Russia for settlement.
RUSSIA TO INCREASE BITCOIN USE IN 2025
Finance Minister: It is possible to use bitcoins, which we had mined here in Russia, Siluanov told Russia 24 TV.
“Such transactions are already occurring. We believe they should be expanded and developed further. I am confident this will… pic.twitter.com/kHsC6R7mVz
— Bitcoin Archive (@BTC_Archive) December 25, 2024
He said, “We can pay for the delivery of goods with digital financial assets. It is also possible to use Bitcoin, which we mined here in the Russian Federation, within the experimental regime.”
Despite welcoming Bitcoin settlements, Russia remains cold to crypto investments. Siluanov recently warned the public against crypto investments, describing them as risky. Amid Bitcoin’s ascent to an all-time high, the Russian finance minister urged the public to explore other less risky options for making money.
Can Bitcoin Unseat the USD in Global Trade?
For decades, the US dollar has dominated global trade, providing significant economic leverage for the U.S. However, many advocates see BTC as a viable alternative for countries seeking to bypass this monopoly. Russia, for example, sees Bitcoin as a way to boycott economic restrictions. The use of Bitcoin in this way shows its potential as a tool of geopolitical importance.
This trend will accelerate further in 2024 across all crypto assets.
“Share of daily Bitcoin trading against the dollar occurring in US hours has climbed to about 53% from 40% in 2021” pic.twitter.com/OGmI46zBGB
— ariel seidman (@aseidman) December 24, 2024
Unlike fiat currencies, Bitcoin operates on a transparent blockchain, making it resistant to centralized control and censorship. Its liquidity and decentralized nature offer countries a way to participate in global trade without relying on the traditional USD system, which often ties them to US policies and restrictions.
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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