“Russian Finance: ‘Russian Companies Start Using Bitcoin for Trade Settlements'”

“Bitcoin trade to expand further next year”, ‘Russian companies have started using Bitcoin and digital currencies for international trade payments in response to Western sanctions.’,
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, ‘Anton Siluanov, the Russian Finance Minister, stated on the 25th (local time) on the Russia24 TV channel that “as part of an experimental system, Bitcoin mined in Russia can be used for overseas trade transactions.”‘,
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, ‘Siluanov mentioned, “These transactions are already taking place,” and asserted, “We believe that such transactions should expand and develop further, and we are confident this will happen next year.”‘,
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, ‘Due to Western sanctions, Russia is facing difficulties in trade settlements with major partners like China and Turkey. Local banks are being cautious with related transactions to avoid scrutiny from Western regulatory bodies.’,
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, ‘In July, the Russian government passed a law allowing the use of Bitcoin and other digital currencies in international trade. They also legalized cryptocurrency mining, positioning Russia as a world leader in Bitcoin mining.’,
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, ‘Earlier this month, Russian President Vladimir Putin remarked that the U.S. government is undermining the role of the dollar as a key currency for political purposes, forcing many countries to turn to alternative assets. He cited Bitcoin as an example of such an asset that no one in the world can regulate. These comments suggest that President Putin supports the broad use of cryptocurrencies.’,
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, ‘Donald Trump, who is set to be inaugurated as the U.S. President in January next year, has also presented himself as a “cryptocurrency president,” pledging during his campaign to strategically stockpile Bitcoin similarly to gold or oil.’,
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, ‘According to U.S. cryptocurrency information platform CoinGecko, as of 7 p.m. Eastern time, the price of one Bitcoin is fluctuating around $99,129.’