Russian companies begin to use Bitcoin, other digital assets for international payments
Date
12/26/2024 3:02:51 AM
(MENAFN) Russian companies have started to use Bitcoin and other digital assets for international payments, according to the country’s finance minister, Anton Siluanov. In a statement made to the Russian state channel Rossiya-24, Siluanov explained that Bitcoin mined in Russia is now being utilized as part of an experimental process for making international payments. He added that these payments have already begun, marking a significant step toward integrating cryptocurrencies into the country’s financial system for cross-border transactions.
Siluanov emphasized that this new payment method should continue to develop and expand in the future. He indicated that it holds potential for enhancing Russia’s ability to conduct international trade and finance activities, particularly amid ongoing global sanctions and financial restrictions. The finance minister’s comments reflect the government’s interest in exploring the use of digital currencies as part of the country’s broader economic strategy.
While there are no official restrictions on the purchase of cryptocurrencies within Russia, the use of these digital assets as a form of payment within the country remains prohibited. This distinction means that while cryptocurrencies can be bought and held, their use for domestic transactions is still not allowed.
In August 2023, Russian President Vladimir Putin signed a decree that legalized the experimental use of cryptocurrencies for international payments and foreign exchange transactions. This move has opened the door for further experimentation with digital currencies in the global financial arena.
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