Finance Minister Siluanov: Russia is Using Bitcoin in Foreign Trade

Forex - Russian Finance Minister Anton Siluanov stated that Russian companies have started using bitcoin and other digital currencies for international payments following legal changes that allow such uses to counter Western sanctions. This year, Russia has permitted the use of cryptocurrencies in foreign trade and has taken steps to legalize bitcoin mining. Russia is one of the global leaders in bitcoin mining.

"As part of an experimental regime, it is possible to use the bitcoins we mine here in Russia for foreign trade transactions," Siluanov said, adding, "Such transactions are already taking place. We believe they need to be expanded and developed further. I am confident this will happen in the next year," and noted that international payments using digital currencies represent the future.