Russian Finance Minister: Use of Bitcoin and Other Cryptocurrencies in Foreign Trade Settlements

Russia has announced that it is utilizing cryptocurrencies, including Bitcoin (BTC), for foreign trade settlements in response to Western sanctions.

On the 25th (local time), Reuters reported that Anton Siluanov, the Russian Finance Minister, stated on the Russia24 television channel, "Initially in a pilot form, Bitcoin mined in Russia can be used for foreign trade transactions, and such transactions are already occurring. In the future, cross-border settlements using digital currencies will increase."

Earlier this month, Russian President Vladimir Putin mentioned that the role of the dollar as a key currency has been undermined because the current U.S. administration uses the dollar for political purposes, and more countries will attempt to switch to alternative assets. Putin cited Bitcoin as an example of an asset that cannot be regulated and expressed support for the widespread use of cryptocurrencies.