Yesterday, Russia, which imposed a 6-year ban on cryptocurrency mining in 10 regions, made a move on Bitcoin (BTC).
According to Reuters, Finance Minister Anton Siluanov said that Russia has started using Bitcoin in foreign trade.
Russian Finance Minister Anton Siluanov said that after the implementation of legal regulations against Western sanctions, Russian companies have started using Bitcoin and other digital currencies in international payments.
Siluanov said the following in an interview with Russia 24 television:
It is possible to use the Bitcoins we mine in Russia in foreign trade transactions within the scope of the experimental stage.
These kinds of transactions are already happening. We believe that they need to be expanded and further developed. I am sure that this expansion will take place next year.
Siluanov noted that this move aims to bypass Western sanctions and increase financial independence, and added that Russia will conduct more transactions in digital currencies.
The western sanctions imposed following Russia’s occupation of Ukraine are making it difficult for Russia to trade with important partners such as China or Turkey. Local banks are being extremely cautious in transactions related to Russia to avoid scrutiny by Western regulators.
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