Russia has been making strides in adopting digital financial assets (DFAs) for international trade, adhering to the country’s legal framework, according to a high-ranking official.
Anton Siluanov, Russia’s Finance Minister, shared insights on alternatives to the US dollar in global trade during an interview on the state-run news channel Russia-24 on December 25.
Siluanov highlighted that the Russian government has enacted legislation allowing the use of DFAs and Bitcoin for foreign trade transactions.
Expanding the Use of Digital Assets
The minister revealed that such transactions are already in operation and emphasized plans to expand their implementation further. “We are capable of utilizing Bitcoin that has been mined within the country,” Siluanov stated.
He explained that employing DFAs in international trade is a logical step under current circumstances, as it provides a modern alternative to traditional financial systems. “This is the direction the world is heading in,” he noted, describing it as a forward-looking innovation in global settlements.
Experimental Framework for Bitcoin Use
Siluanov also noted that Russia’s experimental legal regime, which became effective in September 2024, permits the use of digital financial assets, including Bitcoin, for trade. He elaborated, “We can settle payments for goods using DFAs. Additionally, Bitcoin mined in Russia can be utilized under this experimental framework.”
Earlier this year, Russia passed laws legalizing cryptocurrency mining, further enabling the development of these initiatives. “We are already seeing such transactions taking place, and it’s clear that this trend will grow. By next year, we expect these practices to become commonplace,” Siluanov added.
A Cautious Approach to Crypto Investments
Despite Russia’s embrace of DFAs and Bitcoin for trade, Siluanov has warned citizens against speculative investments in cryptocurrency. Speaking at an educational event in November, he advised against viewing crypto as a quick way to make money.
“Cryptocurrencies can be very volatile. I do not recommend them as a means of investment,” Siluanov cautioned, suggesting that there are safer and more reliable investment opportunities available.
His warning came at a time when Bitcoin was experiencing record-breaking highs, surpassing $76,000, and edging closer to the $100,000 mark—a milestone it reached within weeks.
Russia’s Evolving Stance on Digital Assets
Russia officially recognized Bitcoin as a digital financial asset in 2021 through the law “On Digital Financial Assets.” While this legislation granted legal status to DFAs, it prohibited their use as a domestic payment method.
The country’s recent steps to incorporate digital assets into international trade underscore a growing recognition of the role these technologies can play in the global economy.
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