Russia is making progress in its use of digital financial assets (DFA) for foreign trade. The country is ready to take advantage of the new legislation to experiment with innovative payment systems.
Minister of Finance Anton Siluanov confirmed in an interview on December 25, 2024 on Russia-24, that DFA and Bitcoin are used in international trade under the country’s experimental legal framework, which came into force in September 2024.
These measures aim to provide alternatives to the US dollar in global settlements. Siluanov described the move as the “future” of commerce.
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Russian Minister Says Bitcoin Can Be Used for International Payments
The minister highlighted the benefits of DFAs in enabling modern infrastructure for international transactions. “We can pay for the delivery of goods with digital financial assets,” he noted. He said Bitcoin, mined in Russia, could also be used under the experimental regime.
This corresponds with the government’s legalization of cryptocurrency mining earlier in the year, paving the way for increased use of digital assets in commerce. Siluanov expressed confidence that DFA-based transactions would see significant development and scaling in the coming year.
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Russia uses Bitcoin in foreign trade, the finance minister said.
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Russia uses Bitcoin in foreign trade, the finance minister said.Although he has adopted DFAs for trading, Siluanov remains cautious about cryptocurrencies. as an investment.
Speaking at an educational event in November, he warned the public against viewing cryptocurrencies as a quick money scheme.emphasizing other investment avenues as more reliable.
His comments came as Bitcoin surged to record highs above $76,000, eventually crossing the $100,000 mark in a month.
Russia’s DFA experiment marks a significant shift in its approach to digital assets. While the country officially recognized Bitcoin as a digital financial asset in 2021 through the “On Digital Financial Assets” bill, the law prohibits the use of cryptocurrencies as a means of payment within its borders.
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Russia approves ban on cryptocurrency mining in 10 regions
Recently, the Russian government approved a ban on cryptocurrency mining in 10 regions from January 1, 2025 to March 15, 2031, citing concerns over energy consumption and the risk of power outages.
The executive order includes seasonal restrictions in areas with high energy consumption, reflecting a broader effort to regulate the energy-intensive cryptocurrency mining industry.
The ban will apply to regions such as Dagestan, Chechnya and North Ossetia, as well as the Donetsk and Luhansk people’s republics.among others.
Certain areas, as parts of Irkutsk region, Buryatia and Transbaikal Krai confront temporary restrictions during periods of peak energy consumption.
It should be noted that the decision to impose mining restrictions came just weeks after legalization of cryptocurrency mining in Russia. The country hopes to raise up to 200 billion rubles ($2 billion) a year from new mining taxes.
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The post Russia Explores Digital Financial Assets for Foreign Trade, Finance Minister Confirms appeared first on 99Bitcoins.
