Russia Starts Using Bitcoin - Russian companies conduct international transactions with cryptocurrencies
Russian companies have started using bitcoin and other digital currencies in international payments. This follows legislative changes that allowed the use of cryptocurrencies to counter Western sanctions, the Ministry of Finance announced.
The sanctions have complicated Russia's trade with its main partners such as China and Turkey, as local banks are very careful with Russian-related transactions to avoid scrutiny by Western regulators.
This year, Russia allowed the use of cryptocurrencies in foreign trade and has taken steps to legalize the creation of cryptocurrencies, including bitcoin.
“As part of the experimental regime, it is possible to use bitcoins, which we had created here in Russia, in foreign trade transactions. Such transactions are already happening. We believe that they should be expanded and developed further. I am confident that this will happen next year," official sources said, adding that international payments with digital currencies represent the future.
Earlier this month, President Vladimir Putin said the current US administration was undermining the US dollar's role as a reserve currency by using it for political purposes, forcing many countries to seek alternative assets.
He singled out bitcoin as an example of such assets, saying that no one in the world can limit it. The Russian leader's remarks indicated that he supports the widespread use of cryptocurrencies.
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