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During an interview on the Russia-24 channel on December 25, Finance Minister Anton Siluanov explained that Russia had passed laws to permit the use of digital financial assets (DFAs) in foreign trade.
This includes Bitcoin
$95,438.25
, which has become a legal option under the country’s experimental framework.
According to the minister, digital financial assets align well with modern trade infrastructure and represent the future of international settlements.
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The legal framework allowing this shift came into effect in September 2024. It enables Russia to use DFAs and Bitcoin for payments in global trade, including Bitcoin mined within the country.
Siluanov noted:
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.
Siluanov shared that these transactions are already happening, with plans to expand them in the future. He described the decision as an alternative to relying on the US dollar, particularly given current global economic challenges.
Russia also legalized cryptocurrency mining earlier this year, creating a foundation for these types of transactions.
The finance minister expressed confidence that this approach would grow in the coming year, stating, “We say that they need to be developed and expanded, and I am sure that next year, it will be a reality”.
As Russia takes steps to incorporate Bitcoin into its foreign trade, Hong Kong’s ZA Bank recently made Bitcoin and Ethereum
$3,359.12
easier to access. How did the bank accomplish that? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
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