Russia Greenlights Bitcoin for Cross-Border Payments

Crypto News DeFi

Digital Revolution: Russia Greenlights Bitcoin for Cross-Border Payments

Written by Aaron S.,

Editor-In-Chief

Last Updated: December 26, 2024

Key Takeaways

Russia legalizes digital financial assets, including Bitcoin, for foreign trade under a new experimental framework;
Cryptocurrency mining is now legal in Russia, supporting the use of Bitcoin for international payments;
Finance Minister Siluanov sees DFAs as the future of trade, aiming to reduce reliance on the US dollar in global transactions.

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Digital Revolution: Russia Greenlights Bitcoin for Cross-Border Payments

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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 BTC $86,712.02 , 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 ETH $2,803.08 easier to access. How did the bank accomplish that? Read the full story.