Russia is promoting the use of digital financial assets (DFA) for foreign trade. The country is ready to take advantage of the new legislation to experiment with innovative payment systems.
Finance Minister Anton Siluanov confirmed in an interview on December 25, 2024 on Russia-24 that DFA and Bitcoin are used in international trade under the country’s experimental legal framework, which came into force in September 2024.
These measures aim to provide alternatives to the US dollar in global agreements. Siluanov described the move as “the future” of trade.
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Russian Minister Says Bitcoin Can Be Used for International Payments
The minister highlighted the benefits of DFAs in enabling modern infrastructure for international transactions. “We can pay for the delivery of goods with digital financial resources,” he noted. He said that Bitcoin, mined in Russia, can also be used in an experimental regime.
This is in line with the government’s legalization of cryptocurrency mining earlier this year, setting the stage for wider use of digital assets in trade. Siluanov expressed confidence that DFA-based transactions will see significant development and scaling in the coming year.
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Russia uses Bitcoin in foreign trade, says Finance Minister.
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Despite adopting DFAs for trading, Siluanov remains cautious about cryptocurrency as an investment.
Speaking at an educational event in November, he warned the public against viewing cryptocurrencies as a quick-money schemeunderlining other investment avenues deemed more reliable.
His comments came as Bitcoin climbed to all-time highs above $76,000, eventually surpassing the $100,000 mark in a month.
Russia’s experimentation with DFAs marks a significant shift in its approach to digital assets. Although the country officially recognized Bitcoin as a digital financial asset in 2021 through the “On Digital Financial Assets” bill, the law prohibits the use of cryptocurrencies as payment within its borders.
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Russia Approves Crypto Mining Ban in 10 Regions
Recently, the Russian government a ban passed on cryptocurrency mining in 10 regions from January 1, 2025 to March 15, 2031, citing concerns about energy consumption and the risk of power outages.
The decree includes seasonal restrictions in energy-stressed areas, reflecting a broader effort to regulate the energy-intensive cryptocurrency mining industry.
The ban will apply to regions such as Dagestan, Chechnya and North Ossetia, as well as the Donetsk and Lugansk People’s Republicsamong others.
Some areas, Pleases parts of the Irkutsk region, Buryatia and Zabaikalsky Krai, will face temporary restrictions during periods of peak energy consumption.
It is worth noting that the decision to impose mining restrictions came a few weeks later the legalization of cryptocurrency mining in Russia. The country expects to collect up to 200 billion rubles ($2 billion) a year from recently introduced mining taxes.
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