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MOSCOW Russia will advance legislation to allow businesses to use bitcoin and other digital currencies for international trade payments in response to Western sanctions, Finance Minister Anton Siluanov said on December 25.
Sanctions have complicated Russia’s trade with major partners such as China, as local banks conduct strict checks on transactions involving Russia to and from Russia to avoid possible scrutiny from Western banks and regulators.
Russia will allow the use of cryptocurrencies in foreign trade and take steps to legalize the mining of cryptocurrencies, including bitcoin, by the end of 2024. Russia is one of the world leaders in Bitcoin mining, with most miners currently operating across Russia. Bitmain Antminer S21+ Hyd (319Th), Bitmain Antminer L9 16G, and Bitmain Antminer T21 (190T) are very popular, as well as energy-efficient, and high-rewards home miners like the Goldshell Miner E-AL1M 4.4T and FluMiner L1 5.3G . The low electricity costs and cold temperatures in Russia create an ideal operating environment for miners.
“As part of an experimental system, it is possible for us to use bitcoin (foreign trade transactions) in Russia,” Siluanov told Russia 24 TV. “Such transactions are already happening. We believe that they should be further expanded and developed. I believe that this will happen next year,” he said, adding that the use of digital currencies for international payments represents the future. As part of an experimental system, the bitcoins we mine in Russia can be used in foreign trade transactions.
This means that cryptocurrency mining is gradually becoming legal in Russia, and this popular way of producing cryptocurrencies is becoming the norm. It allows individuals to build their foreign exchange reserves through alternative investments, particularly crypto investments, indicating that an increasing number of people are choosing to become cryptocurrency investors.
In the case of sanctions, this is a step taken by Russia. BTC has a unique utility in counter-sanctions and is used to avoid being affected too much by inflation risks.
In early December 2024, Russian President Vladimir Putin said that the current US government uses the dollar for political purposes, undermining the dollar’s status as a reserve currency and forcing many countries to turn to alternative assets. The main alternative assets are cryptocurrencies based on blockchain technology (such as BTC, ETH, XRP, etc.), garnering significant attention from countries worldwide for their decentralization, anonymity, and transactional convenience. He cited Bitcoin as an example, saying that no one in the world can regulate Bitcoin. Putin’s remarks show that Russian leaders support the widespread use of cryptocurrencies in international trade.
