Russia Embraces Bitcoin for Foreign Trade, Says Finance Minister

Legal Framework for Digital Financial Assets

Russia has established the legal tools to use Bitcoin and other digital financial assets (DFAs) in foreign trade, according to Finance Minister Anton Siluanov. Speaking on Russia-24, Siluanov highlighted that the country has already started using DFAs in international transactions and plans to expand their use.

Bitcoin as an Alternative to the US Dollar

Siluanov described Bitcoin and DFAs as modern alternatives to the US dollar for global trade. He noted that these digital tools offer innovative infrastructure for payments, calling them “the future” of international settlements.

Mined Bitcoin in Foreign Trade

Under Russia’s experimental legal regime, implemented in September 2024, Bitcoin mined domestically can be used for foreign trade. Siluanov explained that goods can now be paid for using digital assets, emphasizing the government’s commitment to scaling these transactions.

Crypto Mining Legalization

Russia legalized crypto mining earlier this year, enabling the use of mined Bitcoin in foreign trade. Siluanov confirmed that such transactions are already taking place and expressed confidence in their growth throughout the next year.

Caution Against Crypto Investment

Despite the push for DFAs in trade, Siluanov warned against investing in cryptocurrencies. Speaking in November, he discouraged viewing crypto as a quick money-making tool, especially as Bitcoin reached record highs above $76,000 and later surpassed $100,000.

Background on Russia’s Crypto Laws

In 2021, Russia recognized Bitcoin as a digital financial asset under the “On Digital Financial Assets” law. While DFAs gained legal status, their use as a domestic payment method remains prohibited.