YEREVAN (CoinChapter.com) — Russia now uses Bitcoin and digital financial assets (DFAs) for international trade, confirmed Finance Minister Anton Siluanov. Speaking on Dec. 25 during an interview with state channel Russia-24, Siluanov outlined the government’s legal framework supporting these transactions.
The minister emphasized that such transactions are already operational. He stated that the government aims to expand this system, which reduces reliance on the US dollar. This marks a key move in Russia’s trade strategy, allowing the country to navigate global sanctions and improve transaction efficiency.
Russia 24 Interview Anton Siluanov. Source: RIABitcoin Mining Enables Trade Payments
Under an experimental legal regime introduced in September 2024, Russia has legalized using Bitcoin and DFAs for trade payments. Siluanov explained,
“We 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.”
This framework allows the use of Bitcoin mining within Russia to power trade payments. Siluanov noted that the infrastructure is in place and transactions are already ongoing. He stressed the importance of scaling and developing this system further.
Russia had previously legalized Bitcoin mining earlier in 2024. This step facilitates integrating mined Bitcoin into trade operations, supporting the country’s goal to modernize its trade settlement system.
Public Warnings on Bitcoin Investment
While advocating for Bitcoin in trade, Siluanov has discouraged its use as an investment tool. At an educational event on November 6, he warned against speculative investments in cryptocurrencies.
“Some people see cryptocurrency as a source of quick money. I don’t recommend it as a means of investment,”
he said.
At the time, Bitcoin was trading at around $76,000, nearing its historic milestone of $100,000 in the following month. Siluanov emphasized that alternative investment options exist, stating,
“There are plenty of other ways to invest and make good money.”
Bitcoin Price Chart November 2024. Source: CoinGeckoRussia’s Legal Framework for Digital Assets
Russia officially recognized Bitcoin and DFAs as part of its legal system under the “On Digital Financial Assets” law in 2021. This law granted DFAs a legal status but banned their use as payment within the country. However, the new experimental regime allows their use for foreign trade transactions, providing a pathway for international payments.
Russia’s move to use Bitcoin and DFAs aligns with its strategy to diversify trade options and adopt modern systems. Siluanov’s statements highlight the government’s focus on legal compliance and economic practicality in leveraging digital assets.
