Russian businesses have begun using Bitcoin and other cryptocurrencies to make international payments, a move facilitated by legislative changes in the country aimed at countering sanctions imposed by the West.
This year, Russia has allowed the use of cryptocurrencies in external commercial transactions and legalized Bitcoin mining. The nation's president, Vladimir Putin, sees Bitcoin as an alternative to the US dollar, backing its widespread adoption.
In recent statements, Russian Finance Minister Anton Siluanov stressed that the government has allowed the use of cryptocurrencies such as Bitcoin in foreign trade and has taken steps to legalize crypto mining as part of an experimental regime with which it seeks to overcome the Western sanctions policy and advance towards the technological and digital future.
In an interview with the Russia 24 TV channel, Siluanov stated that as part of this experimental regime, companies can Using Bitcoins to Conduct Foreign Trade TransactionsSiluanov was referring to bitcoins mined within the country.
“These types of transactions are already taking place. We believe they should be expanded and developed further.”, the minister said, stressing that the nation is preparing for Expand Bitcoin Adoption and Use Next Year.
With these statements, Siluanov emphasized that international payments in cryptocurrencies represent the future. He said that this approach not only seeks to diversify payment options, but also to reduce dependence on the US dollar, which has been used as a political tool by the US administration. Thus, the Expansion of foreign trade transactions with Bitcoin in 2025 It is seen as a crucial step towards strengthening Russia's economic position on the global stage.
Real-life use case: Bitcoin as an alternative to the US dollar
Russia sees Bitcoin as an alternative asset to the US dollar, saying the US administration is undermining the role of its fiat currency in the global market by using it as a political tool to carry out its sanctions.
Reuters reviewed that earlier this month, Russian President Vladimir Putin claimed that the current US administration was weakening the dollar's role as a global reserve currency and that it was forcing many countries to seek alternative assets like bitcoin, which is presented as a quite viable and attractive option to overcome the political and economic sanctions imposed.
Putin also stated that No one in the world can control or ban Bitcoin, reinforcing his idea that this cryptocurrency is a powerful tool for the economic sovereignty of nations.
In line with the above, several experts agree that the adoption of Bitcoin as a payment instrument for trade between nations is changing the world monetary orderBitcoin's decentralization and autonomy make it an attractive asset for countries seeking to evade sanctions and reduce their dependence on fiat currencies like the dollar. According to experts, this trend could have significant implications for the global economy, redefining trade and financial relations between nations.
Putin: Nobody can control or ban Bitcoin
Putin's statements about Bitcoin, such as a decentralized technology that does not depend on any government or central entity, underline Russia’s stance on cryptocurrency adoption. With these statements, the Russian president has expressed his support for the extensive use of Bitcoin, indicating that Russia is willing to explore and take advantage of the opportunities offered by cryptocurrency and blockchain technology.
Furthermore, this stance towards the adoption and extensive use of Bitcoin in international business transactions not only reflects Russia's willingness to adapt to new financial technologies, but also its determination to challenge the status quo for all Economic commitment As mentioned, the adoption of Bitcoin as an alternative to the US dollar could have significant geopolitical implications, reconfiguring economic and financial power in the world.
In conclusion, Russia’s adoption of Bitcoin for international trade is a strategic move that seeks to counter Western sanctions, strengthen its economic position and, why not, transform the global monetary order.
