Russian Companies Exploit Bitcoin and Other Digital Currencies in International Payments

This happened after legislative changes, which allowed such a violation in order to counteract the extreme sanctions.

Russian companies have started using Bitcoin and other digital currencies in international payments, following legal changes that permitted such a measure to counter the sweeping sanctions.

This was stated by Russian Finance Minister Anton Siluanov, RBC-Ukraine reports with reference to Reuters.

The agency notes that the sanctions have complicated matters for Russia with its key partners, such as China and Turkey. The issue is that local banks are wary of transactions linked to Russia in order to avoid the scrutiny of foreign regulators.

At the same time, Russia has legalized the use of cryptocurrencies in foreign trade and gained experience legalizing cryptocurrency mining, including Bitcoin. The aggressor state is one of the world leaders in Bitcoin mining.

"Within the framework of the experimental regime, it is possible to derive (from foreign trade operations - ed.) the bitcoins that we mined here in Russia. Such transactions are already taking place. We count on them to continue expanding and developing further. I hope that the next stage will follow," said Siluanov.

He also added that international payments in digital currencies will not begin in the near future.

As reported earlier, in December, Russian dictator Vladimir Putin stated that the current US administration supports the role of the American dollar as a reserve currency. In particular, it is increasingly being used for political purposes, which is making many people turn to alternative assets.

As an example, Putin cited Bitcoin, saying that no one in the world can regulate this cryptocurrency.

"Putin's statements indicate that the Russian leader is encouraging the use of a wide range of cryptocurrencies," summed up Reuters.

We will remind you that on April 5, 2024, Bitcoin reached its all-time high. The value of one coin on that day exceeded $100,000.

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