Russia explores Bitcoin for foreign trade deals
While Russia embraces DFAs for international trade, their use remains prohibited for domestic payments.
Russia is advancing its use of digital financial assets (DFAs), including Bitcoin, to facilitate foreign trade. Finance Minister Anton Siluanov revealed in a recent interview that these transactions are part of an experimental legal framework that began in September 2024. The initiative is seen as a step towards modernising global trade settlements and reducing reliance on the US dollar.
Siluanov highlighted that Russia’s ability to mine Bitcoin domestically supports this effort. “We can pay for goods with digital financial assets, including Bitcoin we mine here,” he said, adding that such practices will be further developed in the coming year. The shift aligns with Russia’s 2021 law recognising DFAs, although their use as domestic payment methods remains prohibited.
While embracing Bitcoin for trade, Siluanov has cautioned against investing in cryptocurrencies, citing their volatility. Despite Bitcoin reaching record highs recently, he advised against viewing it as a secure investment, pointing to safer alternatives. Russia’s push towards DFAs marks a significant shift in its economic strategy, aiming for resilience and innovation in global markets.
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