- Russian companies use Bitcoin for international trade to circumvent Western sanctions, expanding crypto use in 2023.
- Finance Minister Anton Siluanov confirms Bitcoin mined in Russia is now valid for foreign trade transactions.
Mario Nawfal has revealed on social platform X that Russian companies are increasingly turning to Bitcoin and other cryptocurrencies for international trade, aiming to circumvent Western sanctions.
According to Russia’s Finance Minister, Anton Siluanov, an experimental regime has been established where Bitcoin mined within Russia can be used for foreign trade transactions. These activities are already underway and are expected to expand in the coming year.
🚨🇷🇺 RUSSIA TRADES DOLLARS FOR BITCOIN?!
Who needs the U.S. dollar? Russian companies are now using bitcoin and other cryptocurrencies for international trade.
Russian Finance Minister, Anton Siluanov:
“As part of the experimental regime, it is possible to use bitcoins, which… pic.twitter.com/jaAXorPZPy
— Mario Nawfal (@MarioNawfal) December 25, 2024
This allows Russia to utilize its substantial Bitcoin mining capacity to conduct international transactions without reliance on the US dollar. Countries like China and Turkey have shown support for this development, as their banks seek to avoid complications with US regulators.
Russian President Vladimir Putin has publicly criticized the reliability of the US dollar and praised the resilience of Bitcoin, suggesting that sanctions have catalyzed a resurgence in the use of cryptocurrencies. This shift underscores a growing recognition of Bitcoin as a viable alternative for global trade.
The adoption of Bitcoin by Russia for international commerce illustrates how cryptocurrencies can serve as a practical solution in complex geopolitical situations. This development might prompt increased global regulation of cryptocurrencies, especially when utilized by sanctioned nations.
To stay alive, the US will take a MASSIVE HIT on its US Dollar reserves. Fiat money debt imperialists die under a global Bitcoin standard.
Russia, because it has virtually no debt, excessive cheap energy and it’s the world’s biggest commodity producer, is best positioned. https://t.co/pzc7cjgjEU
— Max Keiser (@maxkeiser) December 26, 2024
Max Keiser, mentioned on X that the United States could face significant losses in dollar reserves due to the shift towards a Bitcoin standard. Russia appears well-prepared for this transition, thanks to its low debt, abundant and cheap energy, and status as the world’s largest producer of commodities.
Keiser emphasized the importance of this shift, referencing a tweet discussing how Russia is using Bitcoin for foreign trade, thus bypassing Western sanctions and potentially strengthening its economy.
Furthermore, previous reports that Putin denied the use of Bitcoin are incorrect. In fact, Putin has recently acknowledged that Bitcoin cannot be banned and suggested that cryptocurrencies will continue to evolve, regardless of the US dollar’s fate.
He affirmed this at the Moscow Investment Forum, stating, “Who can ban Bitcoin? Nobody.” Additionally, Putin has signed laws recognizing cryptocurrencies as property in Russia and has promoted the regulation of the crypto industry, contradicting the idea that he opposed its use.
However, it is important to note that while open to its regulation and use in certain contexts, there have also been moves to criminalize its use as a substitute for money in Russia, illustrating a complex stance toward cryptocurrencies.
