Russia mines popular cryptocurrency to address trade issues
Russian companies are finding a clever way to navigate around Western sanctions by turning to cryptocurrency. According to Russia’s finance minister, Anton Siluanov, some businesses have started using bitcoin and other cryptocurrencies to make international payments. This shift comes after recent legislative changes in Russia that have legalized the use of cryptocurrency for international transactions.
In a statement to Russia 24 TV channel, Siluanov mentioned that Russian firms are taking advantage of the experimental regime to use bitcoins that have been mined in Russia. He expressed confidence that this trend will continue to grow and develop in the coming year. This change in approach marks a significant shift from Russia’s previous stance on cryptocurrencies.
The move towards cryptocurrency comes as global banks have started scaling back their transactions with Russia in response to sanctions, leaving Russian companies searching for alternative payment methods. By embracing cryptocurrency, Russian businesses are finding new ways to overcome trade barriers and continue their international operations.
The surge in bitcoin’s popularity this year, particularly in the wake of the US presidential election, has added to the appeal of using cryptocurrencies for international trade. With more businesses exploring the possibilities of cryptocurrency, it will be interesting to see how this trend evolves in the coming months.
