Russia’s Finance Minister, Anton Siluanov, has confirmed that the country is actively using Bitcoin in foreign trade transactions. This follows the recent passage of legislation that permits businesses to utilize cryptocurrencies for international commerce.
Siluanov stated that Bitcoin transactions are already underway, with the government planning to expand the use of digital currencies in foreign trade further. He emphasized that this move is seen as a strategic step to circumvent Western sanctions imposed following the conflict in Ukraine.
The use of cryptocurrencies like Bitcoin offers Russia a potential workaround for traditional financial systems, allowing them to conduct international trade with less reliance on traditional banking channels that may be subject to sanctions.
This development has significant implications for the global cryptocurrency market, highlighting the increasing adoption of digital assets for cross-border transactions, particularly in regions facing geopolitical and economic challenges.
