Russia Bitcoin Embrace: The Kremlin Continues to Rely on the Top Coin for Trade Finance

As per the latest Bitcoin news, despite the bitter-sweet relationship with Bitcoin, the Russian government has continued to rely on the top coin

Russia Continues to Use Bitcoin for Trade Finance Despite Complicated Relationship

The Russian government has continued to rely on Bitcoin for trade finance, despite having a bitter-sweet relationship with the top coin. According to a recent report from Reuters, Russia’s Finance Minister, Anton Siluanov, has revealed Bitcoin’s role in international payments.

Russia’s Bitcoin Embrace Amid Western Sanctions

The Kremlin has continued to face strict sanctions from Western nations as a result of the ongoing war in Ukraine. Before the war, the country was proactively planning to ban Bitcoin and other digital currencies. However, the turnaround came as soon as the economy started feeling the impacts of the sanctions.

The country’s legislative arm has had to modify some rules to permit using Bitcoin in foreign transactions. As confirmed by Siluanov, these flexible regulations have helped the country counter Western Sanctions on international payments.

The Finance Minister said some of the crypto transactions it has completed involved the Bitcoin it mines in Russia. He said, speaking in an interview with Russia 24 TV Channel, “Such transactions are already occurring. We believe they should be expanded and developed further. I am confident this will happen next year.”

Siluanov is confident that these crypto-powered transactions are the future of digital payments. Top Russian government officials, including President Vladimir Putin, are changing their stance against Bitcoin. Recently, President Putin validated Bitcoin as an asset that is out of the control of any authority. This statement aligns with the hard sanctions it is facing, fueling the need for alternative financial systems.

Bitcoin News: Gearing Up for Mainstream Adoption

The country is even considering establishing a strategic Bitcoin Reserve, as reported earlier by The Coin Republic. This aligns with similar plans in other nations like the United States and Japan.

In about 15 years since its launch, Bitcoin has now gained traction and acceptance in the mainstream as is evident from the news reported in recent months. Beyond the national strategic reserve plans, corporations are also eyeing Bitcoin exposures like MicroStrategy. Based on the growing evolution around Bitcoin, most countries now have Exchange Traded Fund (ETF) products that can offer investors easy onboarding to the asset.