Home Policy and Regulation Russia activates crypto mode: confirms it will use Bitcoin and other currencies...

Russia activates crypto mode: confirms it will use Bitcoin and other currencies to trade with the world

Russia activates crypto mode: confirms it will use Bitcoin and other currencies to trade with the world

Russia is legalizing the use of cryptocurrencies in foreign trade to circumvent sanctions and strengthen international trade under state supervision.

Russian Finance Minister Anton Siluanov announced that the Ministry of Finance and the country's Central Bank have agreed legalize the use of cryptocurrencies in foreign trade transactionsThe measure seeks to promote the creation of specific legislation that defines a clear regulatory framework for the use of digital assets internationally.

Siluanov stressed that regulators will increase oversight of cryptoasset activity and operations during the implementation of the new system to ensure order and security in the sector.

The announcement came in the context of a strategic session focused on economic efficiency and was reported by local media. According to reports, Russia is determined to adapt its national economy to current global financial trends by providing greater formality and oversight to cryptocurrency transactions in foreign trade.

Create your Bit2Me account and enter the crypto world today.

Russia advances in formal regulation of digital payments

According to statements According to Siluanov, the legalization of cryptocurrency payments for foreign trade responds to the need to regulate an activity that has already been developed under experimental schemes. 

The minister emphasized that legislative regulation is a key step toward formalizing this sector. This way, together with entities such as Rosfinmonitoring and other regulatory bodies, rigorous oversight will be guaranteed, which not only seeks to regulate the market but also to prevent cryptocurrencies from being used for illicit activities, ensuring that all transactions are traceable and transparent.

Rosfinmonitoring, Russia's Federal Financial Monitoring Service, will be instrumental in this task, being responsible for implementing specific rules to curb illegal operations. Minister Siluanov stressed that this work is essential to strengthen confidence in the legitimate use of cryptocurrencies within foreign trade.

From the experimental phase to the official regulation of digital assets

The new regulatory framework proposed by Siluanov is based on a law in force since September, which authorized the use of cryptocurrencies in commercial transactions and cross-border settlements under a supervised experimental scheme. 

Within this system, the Central Bank of Russia has the authority to designate the trading platforms involved, while the implemented programs must be approved by Rosfinmonitoring, the Federal Security Service (FSB), and the Ministry of Finance.

Now, the transition from this experimental regime to formal regulation represents a strategic step forward in the integration of digital assets into the Russian economy. This change will not only provide greater legal certainty but will also position Russia to take advantage of the opportunities of global digital commerce in a more secure and regulated environment.

Access Bit2Me and make global payments with digital assets

Cryptocurrencies: an effective tool for international trade 

The inclusion of cryptocurrencies in foreign trade represents a strategic step within the financial modernization that Russia is promoting for diversify your international payment methods. Given the limitations in accessing traditional financial systems, cryptocurrencies and digital assets appear as a efficient solution to strengthen business relationships with key countries such as China, India and Türkiye.

To date, several Russian companies have already used digital currencies such as Bitcoin, Ethereum, and stablecoins in oil export transactions to China and India. These transactions, which were carried out under an experimental scheme, will now be consolidated with the official regulations that the country's authorities have agreed to establish. 

According to Siluanov, payments using digital assets facilitate both the transfer of funds and the conduct of international transactions, which is essential for circumventing the financial restrictions facing Russia.

It should be noted that this regulation focuses exclusively on international transactions. The use of cryptocurrencies for payments within Russia remains prohibited, with the clear intention of preserving the stability of the ruble. Authorities insist that, although this measure seeks to make commercial processes abroad more agile and efficient, controlling the risks associated with digital assets remains a priority.

The regulatory push that challenges traditional financial systems

Anton Siluanov's announcement to regulate cryptocurrencies for use in foreign trade transactions marks a turning point in Russian economic policy regarding cryptoassets.

By legalizing the use of digital currencies in foreign trade, Russia seeks to establish an alternative mechanism for international payments that will circumvent the restrictions imposed by Western sanctions. Furthermore, the creation of a specific legal framework for cryptoassets and active oversight by entities such as Rosfinmonitoring ensure that strict standards of risk control and prevention are met.

For experts, this progress in Russia reflects a global trend toward the growing adoption of digital currencies in international trade. The combination of legalization and regulatory oversight not only legitimizes its use, but also challenges the traditional dominance of traditional financial systems. Thus, cryptocurrencies are beginning to play a more significant role in global transactions, opening a new chapter in the global economy.

Manage your crypto with security and confidence. Click here.
Take home €400 in Bitcoin! 🔥 Participate with your next purchase and find out if you're the lucky one. Sign up and buy!
bitcoin
Bitcoin (BTC) 95.507,73 2,89%
Ethereum
Ethereum (ETH) 3.358,15 2,47%
xrp
XRP (XRP) 2,08 1,68%
Solana
Left (LEFT) 165,26 6,09%
chainlink
Chainlink (LINK) 15,18 2,50%
stellar
Stellar (XLM) 0,272024 2,20%
unitedwap
Uni swap (UNI) 5,46 4,02%
tron
TRON (TRX) 0,271995 1,28%
etena
Athena (ENA) 0,397815 7,07%
bittensor
Bittensor (TAO) 334,28 0,21%
Cosmos
Cosmos Hub (ATOM) 2,77 3,03%
render-token
Render (RENDER) 2,15 3,14%
worldcoin-wld
Worldcoin (WLD) 0,737278 0,11%
radium
Radium (RAY) 1,54 4,61%
qubic-network
Qubic (QUBIC) 0,000001 0,02%