Russian Companies Start Using Bitcoin (BTC) and Other Digital Currencies for International Transactions

Russian companies have started using Bitcoin BTC/USD and other digital currencies for international transactions, said Finance Minister Anton Siluanov on Wednesday.

Russian companies have started using Bitcoin and other digital currencies for international transactions, Finance Minister Anton Siluanov said on Wednesday, according to a Reuters report.

The move comes after legislative changes were implemented to counter the impact of Western sanctions on Russia’s trade with major partners like China and Turkey.

Siluanov told Russia 24 television channel that Bitcoin, which is mined in Russia, can be used in foreign trade transactions as part of the experimental regime.

“Such transactions are already occurring. We believe they should be expanded and developed further. I am confident this will happen next year,” he said, adding that digital currencies will play a significant role in future international payments.

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Earlier this month, President Vladimir Putin said that cryptocurrencies are becoming the only instrument for international trade in countries under sanctions, like Russia.

According to Putin, the U.S. administration is compelling countries to seek alternative assets by using the dollar as a reserve currency for political purposes. He highlighted Bitcoin as an example of such assets, adding that no global authority can regulate Bitcoin.

However, several regions in Russia have banned cryptocurrency mining. The government announced a six-year ban on cryptocurrency mining in ten regions, effective from Jan. 1, 2025, due to concerns over excessive energy consumption.

This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

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