Reports from Russian Finance Ministry or cryptocurrency transaction data

Russia Begins Using Bitcoin for International Payments, Says Finance Minister Anton Siluanov; Expansion Planned in 2025

Dec 25, 2024, 12:20 PM

Russia has commenced the use of Bitcoin and other digital currencies for international payments, as confirmed by Finance Minister Anton Siluanov. This shift follows recent legislative changes aimed at countering Western sanctions. Siluanov noted that such transactions are already taking place and expressed confidence that their use will expand in 2025. The move marks a significant pivot for Russian companies, allowing them to bypass traditional financial systems that are increasingly restricted due to sanctions. The government is also taking steps to legalize cryptocurrency mining within the country, further integrating digital currencies into its economic framework.