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CryptoIntelligence 2024-12-25 22:18:28

Russia Advances Use of Bitcoin, Other Digital Financial Assets in Foreign Trade

Russia is actively experimenting with digital financial assets (DFAs) in foreign trade, as per its new legislation, a senior government official revealed. Russian Finance Minister Anton Siluanov spoke about alternatives to the US dollar for international trade during an interview on Russia-24 on Dec. 25. Siluanov highlighted that the government has authorized foreign trade transactions using DFAs and Bitcoin, adding that such methods are already in practice and set for expansion. “We Can Use Mined Bitcoin” Siluanov emphasized that adopting DFAs in foreign trade is a logical step under current circumstances, enabling the use of modern infrastructure. He described this approach as an innovation in global settlement systems, stating, “That is the future.” Russia is leveraging its experimental legal framework, effective since September 2024, to integrate DFAs — including Bitcoin — into international trade. Siluanov explained, “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.” Russia Legalizes Mining and Scales DFA Use The minister noted that Russia legalized Bitcoin mining earlier in 2024, paving the way for such transactions. He added, “We say that they need to be developed and expanded, and I am sure that next year, it will be a reality.” Siluanov Cautions Against Crypto Investment Amid Bitcoin Highs While advocating for DFA use in trade, Siluanov has warned against viewing cryptocurrency as an investment vehicle. In a speech on Nov. 6, he stated, “Some people see cryptocurrency as a source of quick money. I don’t recommend it as a means of investment.” His remarks underline the dual approach of promoting DFAs in trade while cautioning against speculative risks for individual investors.