Russian companies have started to utilize bitcoin and other digital currencies for international transactions following recent legislative changes that permit such practices to mitigate the impact of Western sanctions, according to Finance Minister Anton Siluanov on Wednesday.
These sanctions have complicated Russia’s trade relationships with key partners like China and Turkey, as local banks exercise extreme caution regarding transactions linked to Russia to avoid potential scrutiny from Western regulators.
Earlier in Dec. 2024, President Vladimir Putin remarked that the current U.S. administration is diminishing the U.S. dollar’s status as the reserve currency by leveraging it for political ends, which is prompting many nations to seek alternative assets.
He specifically mentioned bitcoin as an example of these alternatives, asserting that it is beyond the regulation of any entity worldwide. Putin’s comments suggest strong support for the broader adoption of cryptocurrencies.
