Russia’s finance minister, Anton Siluanov, has announced that the country is actively using Bitcoin and digital financial assets (DFAs) in international trade, with plans to expand their application further. This comes as part of Russia’s push to develop alternatives to the US dollar in global transactions.
Legal Framework Enables Bitcoin Use
In an interview on the state-owned Russia-24 news channel on December 25, Siluanov confirmed that Russia has enacted legislation allowing the use of DFAs, including Bitcoin, for foreign trade. He stated that such transactions are already in operation and will continue to grow under Russia’s experimental legal regime, which was implemented in September 2024.
The minister highlighted the potential of Bitcoin and DFAs to streamline global trade by leveraging modern financial infrastructure. Siluanov called this innovation “the future” of global settlement systems.
Leveraging Mined Bitcoin
Siluanov emphasized that Russia is utilizing Bitcoin mined within the country to facilitate international transactions. The legalization of cryptocurrency mining earlier this year has paved the way for using Bitcoin in trade, despite a nationwide ban on mining in 10 regions due to energy concerns.
“We can pay for the delivery of goods with digital financial assets. It is also possible to use Bitcoin, which we mined here in the Russian Federation, within the experimental regime,” he explained.
Scaling Digital Asset Usage
The finance minister expressed confidence that the use of Bitcoin and DFAs in foreign trade would expand significantly in 2025. “Such transactions are ongoing. We believe they need to be further developed and scaled. I am sure that next year, it will become a widespread reality,” he said.
This development aligns with Russia’s broader strategy to reduce dependence on the US dollar amidst ongoing geopolitical and economic challenges. By leveraging digital assets and blockchain technology, Russia aims to modernize its financial systems and bypass conventional banking infrastructure.
