Russia uses Bitcoin for international payments – Reuters

Russia has allowed the use of Bitcoin and other digital currencies in international payments to counteract Western sanctions. 

Source: Reuters, citing Russian Finance Minister Anton Siluanov, as reported by Mezha Media, a technology and IT news platform within Ukrainska Pravda’s holding company

Details: Russia has experienced difficulties in trade with its main partners, such as China and Türkiye due to the imposition of economic sanctions. Banks in these countries are being cautious about conducting transactions to avoid attention from Western regulators.

In 2024, Russia legalised the use of cryptocurrencies for foreign trade and legalised mining activities. The country is now among the world's leading Bitcoin mining countries.

Quote from Siluanov: "As part of the experimental regime, it is possible to use the bitcoins we have mined here in Russia. Such transactions are already taking place. We believe that they should be expanded and developed further. I am confident that this will happen next year." 

Support UP or become our patron!