Russian companies start using cryptocurrencies to counter economic sanctions
Following legal changes allowing the use of virtual currencies to counter Western sanctions, Russian companies have begun using Bitcoin and other cryptocurrencies in international financial transactions.
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Russia is using bitcoin in foreign trade, finance minister says | Reuters
https://www.reuters.com/markets/currencies/russia-is-using-bitcoin-foreign-trade-finance-minister-says-2024-12-25/
Russia says it's using bitcoin to evade sanctions
https://www.axios.com/2024/12/25/russia-bitcoin-evade-sanctions-crypto
According to Russian Finance Minister Anton Siluanov, Russia has taken steps to allow the use of virtual currencies in foreign trade and legalize the mining of various virtual currencies, including Bitcoin. This allows approved organizations to use virtual currencies in international transactions, and companies are beginning to transact in virtual currencies.
Russian President Putin signs bill to legalize cryptocurrency mining - GIGAZINE
'As part of an experimental regime, we have allowed Bitcoin mined in Russia to be used in foreign trade. We believe that such transactions are already taking place and should be further expanded and developed. We are confident that this will happen next year,' Siluanov said.
Western sanctions, imposed in part over Russia's invasion of Ukraine, have made it difficult for the country to send money internationally to key partners such as China and Turkey, as local banks are extremely cautious about any Russia-related transactions to avoid scrutiny from Western regulators.
The aim of allowing cryptocurrency transactions is believed to be to provide options that are not bound by existing frameworks. However, foreign media Axios pointed out that 'just because Russian companies are allowed by the Russian government to trade in cryptocurrencies does not mean that all other countries will accept it. There is pressure from their own laws and Western financial regulators,' expressing the view that this may not be the best countermeasure against sanctions.
In early December 2024, US President Vladimir Putin said, 'The Biden administration is undermining the role of the US dollar as a reserve currency by using it for political purposes, forcing many countries to turn to alternative assets. One example of such an asset is Bitcoin, and no one in the world can regulate Bitcoin,' supporting the widespread use of virtual currencies.
Russia has also banned cryptocurrency mining in some regions for six years in order to 'control energy consumption.'
Russian government bans mining in several regions until 2031 - GIGAZINE
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