{"id":52245,"date":"2024-12-26T01:09:00","date_gmt":"2024-12-26T01:09:00","guid":{"rendered":"https:\/\/cointelegraph.com\/news\/russia-digital-financial-assets-bitcoin-foreign-trade"},"modified":"2024-12-26T04:07:23","modified_gmt":"2024-12-26T04:07:23","slug":"russia-is-free-to-use-bitcoin-in-foreign-trade-says-finance-minister","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=52245","title":{"rendered":"Russia is free to use Bitcoin in foreign trade, says finance minister"},"content":{"rendered":"

Russia has been actively experimenting with digital financial assets (DFAs) in foreign trade in line with the country\u2019s legislation, according to a senior government official.<\/p>\n

Russian Finance Minister Anton Siluanov discussed US dollar alternatives for international trade in an interview on the state-owned news channel Russia-24 on Dec. 25.<\/p>\n

Siluanov said the Russian government has passed legislation authorizing foreign trades in DFAs and Bitcoin (BTC).<\/p>\n

According to the minister, such foreign trade transactions have already been in use, and Russia plans to develop and scale that further.<\/p>\n

\u201cWe can use mined Bitcoin\u201d<\/h2>\n

In the interview, Siluanov said that in the present circumstances, implementing DFAs in foreign trade as an alternative to the US dollar is \u201cquite understandable\u201d as it enables the use of modern infrastructure.<\/p>\n

It\u2019s an innovation in the global settlement system, he said, adding, \u201cThat is the future.\u201d<\/p>\n

\"Russia,
Russian Finance Minister Anton Siluanov. Source: RIA News<\/em><\/p>\n<\/figcaption><\/figure>\n

Siluanov said Russia is free to use digital financial assets \u2014 including Bitcoin \u2014 in foreign trade, per its experimental legal regime, which came into force in September 2024.<\/p>\n

He stated:<\/p>\n

\u201cWe can pay for the delivery of goods with digital financial assets. It is also possible to use Bitcoin, which we mined here in the Russian Federation, within the experimental regime.\u201d<\/p><\/blockquote>\n

Related: <\/strong><\/em>Russia bans crypto mining for 6 years in 10 regions<\/strong><\/em><\/p>\n

The finance minister mentioned that Russia legalized mining earlier this year. \u201cThat is why such transactions are going. We say that they need to be developed and expanded, and I am sure that next year, it will be a reality,\u201d he added.<\/p>\n

Siluanov warned against crypto investment amid Bitcoin\u2019s ATHs<\/h2>\n

Siluanov\u2019s latest remarks on DFAs and Bitcoin come a few weeks after the finance minister urged the public to stay away from crypto investment in November.<\/p>\n

\u201cSome people see cryptocurrency as a source of quick money. I don\u2019t recommend it as a means of investment,\u201d the minister stated in a speech at a local educational event on Nov. 6.<\/p>\n

\"Russia,
Bitcoin (BTC) price chart in the past three months. Source: <\/em>CoinGecko<\/em><\/p>\n<\/figcaption><\/figure>\n

\u201cDefinitely not. Today, there are plenty of other ways to invest and make good money,\u201d Siluanov stated.<\/p>\n

At the time of Siluanov\u2019s warning, Bitcoin was hitting all-time highs above $76,000 and was heading toward the historic milestone of $100,000, which was smashed in about 30 days afterward.<\/p>\n

As previously reported, Russia officially recognized Bitcoin as a digital financial asset as part of the bill \u201cOn Digital Financial Assets\u201d in 2021. While providing DFAs with legal status, the law banned their use as a payment within the country.<\/p>\n

Magazine: <\/strong><\/em>13 Christmas gifts that Bitcoin and crypto degens will love<\/strong><\/em><\/p>\n

Check other news for today<\/span> and Please stand by..<\/p>\n

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\"\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Russia has been actively experimenting with digital financial assets (DFAs) in foreign trade in line with the country\u2019s legislation, according to a senior government official. 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