- A lot of banks are careful when initiating transactions with Russian bodies, and they fear probable repercussions from Western regulators.
- Siluanov showed confidence regarding the upcoming development phase and stated that these activities will continue to increase. By the coming year, it will be turned into reality.
- Regardless of showing a positive side of using cryptocurrency, he has also alerted the natives against seeing crypto as a source of swift profits.
On December 25, the Finance Minister of Russia, Anton Siluanov, revealed that the country is planning to maximize the use of digital financial assets (DFAs), including Bitcoin, in international trade. The minister gave an interview with Russia-24, a state-owned Russian channel news channel to unveil the news.
The Russian market is moving towards the extensive use of Bitcoin and other cryptocurrencies for international trade. This is driven by a widened effort to avoid Western authorization and finding challenges in global commerce.
Finance Minister’s take on the matter
The Finance Minister accepted the shift on the news channel, quoting the latest legislative changes that permit the use of cryptocurrencies including Bitcoin for foreign transactions. Russia has witnessed increasing difficulties in doing trade with some prominent partners such as China.
A lot of banks are careful when initiating transactions with Russian bodies, and they fear probable repercussions from Western regulators. As a result, Russia has adopted cryptocurrency as an alternative. The minister also mentioned that Russia has passed legislation permitting DFAs and Bitcoin to be used in foreign trade.
He also mentioned that transactions like these are in progress and the government is now planning to ramp up their execution further. Siluanov threw light on using DFAs as an alternative to the U.S. dollar in foreign trade and said that it is practical as well as forward-looking.
He emphasized that it is one more step towards modernizing global settlement systems and this is the future. Also, the experimental legal substructure of Russia for DFAs which was executed in September 2024, allows these practices.
The negative side
He further went on to explain that, we can pay for items using DFAs. It is also feasible to use Bitcoin mined within the boundaries of this system. Siluanov also emphasized that the regulatory preparations are complete and that such transactions are taking place. He showed confidence regarding the upcoming development phase and stated that these activities will continue to increase. By the coming year, it will be turned into reality.
Regardless of showing a positive side of using cryptocurrency, he has also alerted the natives against seeing crypto as a source of swift profits. Showing the negative side, he mentioned that, I do not suggest crypto as a means of investment. There are secure ways to invest and get good returns.
These comments show a dual approach of the government to crypto, backing its use in trade and at the same time warning against personal investments.
