Official announcements from international bodies or governments imposing sanctions

Russia Begins Using Bitcoin for International Payments, Finance Minister Siluanov Confirms Transactions Already Occurring, Expansion Planned for 2025

Dec 25, 2024, 02:00 PM

Russian companies have commenced using 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 transactions involving Bitcoin are already taking place and expressed confidence that such practices will be expanded in the coming year. The move marks a significant pivot in Russia's approach to international trade, allowing for greater flexibility in financial transactions amid ongoing sanctions. The use of Bitcoin is part of an experimental regime that the Russian government is implementing to facilitate foreign trade, particularly with partner countries such as China and Turkey.