Russian Finance Minister: Russia Is Using Bitcoin for International Trade

BlockBeats News, December 25th, Russian Finance Minister Anton Siluanov said on Wednesday that Russian companies have started using Bitcoin and other digital currencies in international payments, a result of legislation changes allowing such usage to counter Western sanctions.

This year, Russia allowed the use of cryptocurrency in foreign trade and took steps to legalize cryptocurrency mining (including Bitcoin). Russia is one of the global leaders in Bitcoin mining. Siluanov said in an interview with Russia 24 TV: "As part of a pilot project, we can use the Bitcoin mined in Russia in foreign trade transactions."

Russian lawmaker Anton Tkachev, in a formal appeal to Siluanov, suggested the establishment of a Bitcoin reserve similar to traditional foreign exchange reserves. He believes that cryptocurrency has unique advantages in mitigating risks associated with sanctions, inflation, and currency fluctuations. (Jinse)