Russia Turns to Bitcoin for International Trade Amid Sanctions
by aria-crypto.com
December 27, 2024 at 06:36
Russia Turns to Bitcoin for International Trade Amid Sanctions
Recent reports highlight that Russian companies are now using Bitcoin and other cryptocurrencies to circumvent international sanctions. The country's embrace of digital currencies for international trade follows recent legislative changes that authorize such transactions. Russia's Finance Minister, Anton Siluanov, commented that this shift is part of an "experimental regime" to leverage cryptocurrencies like Bitcoin, which are mined locally. Following the enactment of new laws in July, businesses have been legally permitted to use cryptocurrencies for international transactions since September. The Central Bank of Russia is facilitating an experimental infrastructure for these crypto payments, with the initial transactions expected to roll out imminently. According to Siluanov, these crypto-based international payments are seen as the future and are anticipated to expand significantly next year. Moreover, this move comes as traditional payment channels face significant delays due to heightened scrutiny by international partners. However, Ukraine has responded by promising sanctions aimed at obstructing Russia’s use of cryptocurrencies in bypassing economic barriers. Meanwhile, the Russian government continues to refine its regulatory framework for cryptocurrencies, which includes a six-year ban on crypto mining in certain regions, following an overhaul of laws related to the mining sector and crypto turnover.
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