Russia, which yesterday imposed a 6-year ban on cryptocurrency mining in 10 regions, made a move against Bitcoin (BTC).
According to Reuters, Finance Minister Anton Siluanov said that Russia has started using Bitcoin in foreign trade.
Russian Finance Minister Anton Siluanov said that Russian companies started using Bitcoin and other digital currencies in international payments after the introduction of legal regulations against Western sanctions.
Siluanov told Russia 24 television:
“As part of the experimental phase, it is possible to use Bitcoins mined in Russia in foreign trade transactions.
“Such transactions are already taking place. We believe they need to be expanded and developed further. I am confident that this expansion will happen next year.”
Siluanov said the move was aimed at circumventing Western sanctions and increasing financial independence, adding that Russia would be trading more in digital currencies.
Western sanctions imposed after Russia’s invasion of Ukraine have made it difficult for Russia to trade with major partners such as China or Turkey, as local banks are extremely cautious in dealing with Russia to avoid scrutiny from Western regulators.
*This is not investment advice.